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RE: Economic model of steem like blockchains
There is a bug in the current code so it is not possible to create SBD. Try to do it in your blockchain and you will see that it is not possible.
I created an issue and pull request on steemit if you want to test.
- https://github.com/steemit/steem/issues/3258
- https://github.com/steemit/steem/issues/3268
- https://github.com/steemit/steem/pull/3263
Good work! we need more people interested in these topics and bring more ideas to improve the blockchain.
I saw your issue... But i think it is different.
What i say in the post is that there is no way that I know off to tell the blockchain, hey lets print SBDs, they are issued as rewards not minted or mined.
Your bug i think is worked around(somehow) here:
#define STEEM_MIN_FEEDS (STEEM_MAX_WITNESSES/3) /// protects the network from conversions before price has been establishedhttps://github.com/steemit/steem/blob/master/libraries/protocol/include/steem/protocol/config.hpp
Line 245
price min_price( asset( 9 * gpo.current_sbd_supply.amount, SBD_SYMBOL ),What is that 9 in the code?
If I understand it properly, that is to calculate that the minimum price of SBD wont allow for the existance os more SBD than the X% market cap of the STEEM
Meaning that:
If the price ever allowed for SBD to become 11% or more of the ammount of STEEM the price will be adjusted at blockchain level to make it become 10% or whatever the chain setting is.
But I guess that check was not needed on STEEM because that block is from HF14 when there was presumably a lot of SBD in circulation because of the premine and initial STEEM supply that generated since the first reward some SBD...
I don't know, I would need to recompile my blockchain to have post payouts faster to see if SBD's are issued at all or not.
We want that the total SBD be less than 10% of the virtual supply. That is:
Here you see the 9, and this is the definition of the haircut price
Are you sure that should be a hard coded value?
#define STEEM_SBD_STOP_PERCENT_HF20 (10*STEEM_1_PERCENT )Why have a value hardcoded and a setting ?
I understand the difference between the stop printing SBD and lets start forcing prices to avoid becoming a banana economy... But if the print % is modifiable the adjustment should take from that setting.
Or I have it all wrong ?
BTW have you found in the code were are SBDs sent when you use the conversion feature?
Dan implies they are destroyed, but i haven't yet found that part of the code.