Can I have a list of top 20 witnesses that want to bring SBD price down right now?
Anyone know which witnesses want to bring the price of sbd down right now ? I would appreciate it.
I want to make sure I am not voting for the wrong witnesses.
Anyone know which witnesses want to bring the price of sbd down right now ? I would appreciate it.
I want to make sure I am not voting for the wrong witnesses.
Wow, reading these comments is quite discouraging. Seems many don’t understand all the issues surrounding the SBD peg and the potential for a huge upside for the entire platform if it’s stable at $1 as originally designed (including bloggers who enjoy the rewards pool payouts).
Maybe I’ll do a post or a video trying to explain things a bit more. This isn’t a black and white issue where witness who want a stable peg want to also hurt anyone else. SBD may end up coming back down to $1 on their own. The potential upside in terms of Steem value (which in turn increases the rewards pool) is very real. It’s a complex issue which people should really understand before jumping to a position on it.
Edit: I just posted more complete thoughts on this: Should SBD Be a Pegged Asset? If So, When Should We Peg It?
wow, I want to understand too mr stokes. Im quite confused too, coz as I see it, sbd is just like Gas and other dividend coins(obviously NEO is all I have I just dont know about qsp they said it generates dividends too). Does it damage anything in the platform if the auxilliary coin rises?As I see it, the rise of sbd also contributes on the popularity of steem that leads people to powering up which is of course good for the platform
My longer answer can be found here: Should SBD Be a Pegged Asset? If So, When Should We Peg It?
thanks, really liked the response.
I think you should do the post. In your other comment further below, you also mention how all the witnesses are "reading through thousands and thousands of lines of discussion takes hours, let alone contributing our own perspectives. We're reviewing papers on stable coins, debating macro-economic theories". Why not share some of this?
I would also consider listing the questions that you ask yourself, or that witnesses ask each other, where you feel unsure, rather than just trying to argue your own case. Use the #discussion tag and let people first get a feeling of transparency where they can see what is being discussed and considered, and then voice their opinion on the matter.
It's great to see how many different witnesses have commented on this post. But it would have been better if it was in a setting that invited a conversation.
I finally got my post up. It took many hours to upload and convert the video as I did both a video format and a text format (the video was over 21 minutes long!).
Should SBD Be a Pegged Asset? If So, When Should We Peg It?
No one can (or wants) to bring it down right now. Lead time at least one month to implement a two way conversion, probably more. Thinking the market will crash today introduces unnecessary panik into a discussion that really doesn't need it.
If you want the stance of each witness, best to ask them, many have not yet said anything :)
Edit: Seeing the comments shows exactly that panik destroying every useful discussion
To clarify:
Thanks for being a very active witness and answering a lot of posts/comments about this topic and its one of the reasons I think you are a valuable witness. I think I am inline with the thoughts of most witnesses even if my blog title was a bit leading, I wanted to see what witnesses would sort of come forward and discuss it. Appreciate your measured response, that tells me a lot about you as a witness.
Same here. I don't understand, why do some witnesses want to kill the platform and make bloggers earn less? Karma will get the best of them, if this goes through
This is exactly why most of them are not taking a clear stance on this one. They don't want to loose the votes if they admit that they want it pegged. FUD much.
Let's not jump to conclusions. Witnesses have spent many, many hours discussing this recently (sometimes late into the early morning) in an attempt to have a full understanding of the situation. Even those who some might consider "against" a pegged SBD may actually be completely for it given the right circumstances (such as SBD self-correcting back to $1 on its own in the future as it has done in the past once speculators get bored with it). My main point is, it's a very fresh, recent discussion. Yes, it's been brought up before, but I can confidently say there are no nefarious motives among the witnesses in this case that I've been able to discern based on the discussions I've seen. They truly do want what's best for the platform, and if witnesses aren't currently openly to taking one side or the other it's because this is a very complex situation that requires a lot of education on all sides for people to fully grasp how the system currently works, how its intended to work, and how it could possibly work in the future to provide even more rewards pool post rewards for our users.
Most aren't taking a clear stance yet because it's still being discussed. Reading through thousands and thousands of lines of discussion takes hours, let alone contributing our own perspectives. We're reviewing papers on stable coins, debating macro economic theories, and more trying to position ourselves for the best opportunities for growth for everyone. No one is making any changes right now. No code has even been written for this. We're still really early in the process and working to have a helpful, educational discussion for everyone so we can all move forward with some confidence we're making good decisions.
I really do believe the witnesses want what's best for the platform.
But if you really are looking at "reviewing papers on stable coins, debating macro economic theories" I am sure you are missing the point here completely.
There is not a single comparable situation or asset or whatever to get a good advice from. This can't be solved by looking at theories or what other stable coins do.
You need to decide, if you want a stable coin at 1$, so apps can flourish and possibly bring in new users in the future (might not work like intended), but risking loosing a lot of daily users and witness votes because the payouts will drop hard. And they will drop hard. You know it and I know it. My estimation is a decline of 70%. But nobody is telling this story yet.
OR: You just look at the current growth explosion in daily users and new accounts and have enough faith in the platform that everything is good as is.
It also depends on whether the SBD pump was done on purpose by the STEEMIT core or not. Cause I am 90% sure it was intended like this to push the price of STEEM. Genius move by the way.
I understand that apps cant flourish if there is no stable currency, but other than that, I don't see a single problem with the current developments.
Another factor is that you don't and can't control prices at exchanges. What makes you believe that the "dummies" as some have called them, will not be willing to pay a premium on the price of SBD for speculation, even if it is soft pegged at the STEEMIT platform? You can't control that either.
So many unknowns, so many risks just for the sake of apps. If so, I have to conclude fu.ck apps.
I disagree that we can't learn from other situations to inform are thinking here. We're talking about $1.6B and $50M dollars between STEEM and SBD. That's not something anyone should consider changing without some serious study.
As to the payouts dropping hard, I'm not convinced of that. I think a conversion option from STEEM to SBD when SBD is above $1 could lead to many people buying STEEM to do the conversion which could lead to higher payouts for everyone. I have seen no evidence STEEMIT core is pumping SBD, but if you have evidence of that, I'd like to see it.
You're right in that we can't control what people do on exchanges, but we can all profit from it using a conversion, if we were to implement it and educate people properly about it. That helps everyone devoted to the STEEM ecosystem, not just speculators pumping a random coin.
For me, there's a lot more than goes into it than just apps, including the market potential for a strong pegged asset while people are losing faith in Tether. I did a post today and recorded it to video which ended up being over 21 minutes long. If you really want to dive in, here it is:
Should SBD Be a Pegged Asset? If So, When Should We Peg It?
I'd love your thoughts on it.
I don’t get why lowering the price of SBD is bad?
I like money, by lowering the price of SBD you are lowering the amount of money I can potentially earn = bad
I’m not sure why they want to kill what is the best possible growth acceleration asset right now.
It’s too early to care about the peg. Besides, it can only erode trust and possibly make the whole chain collapse for some months.
We are nowhere near critical mass nor is there enough SBD either.
I'm not sure I want to dignify that with an answer. Sounds like blackmail!
Important to consider. Please share the list once you get it!
Hahahaha
Minnows have rights too!