Getting rid of SBD-tokens from CORE to concentrate capital on STEEM-tokens!

in witness-category •  4 months ago

Instead, you will get higher STEEM+SP Rewards - SBD has failed us for 2 years already.

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We do not know who came up with the idea of SBD, but after two years of watching it fail again, and again. It is time to speak up and say enough is enough.

When HitBITC manipulated the price of SBD the first time, it affected every merchant accepting SBD in their shops. Steem Monster cards became insanely cheap along with a long range of services that use price data from coinmarketcap, worldcoinindex and other places.

It has been discussed before, to get rid of the SBD - remove the SBD equation from the CORE economy and put it back in again as an SMT with no PEG promise, nor part of r_Shares. We think it is at least time to get SBD out of CORE and simply stop producing more SBD.

CONCENTRATE CAPITAL ON STEEM!

It is hard to build up the STEEM economy with SBD functioning as an anchor slowing us down all the time. It has been the topic of most confusion and frustration from users to super-users, witnesses and investors seeing their investments being moved from right to left. Was SBD just a big hoax designed to stagnate STEEM from growing in the marketplace? It certainly looks that way after two years of observing its behavior.

CONVERT YOUR SBD TO STEEM NOW

Thankfully you do not have to sit on a bunch of dead coins, STEEM has an effective system to convert internally all SBD to STEEM so that will not be a problem. People who bought SBD over $1 obviously did a stupid mistake and must take their losses, sorry, that is life.

Also see: https://steemit.com/zappl/@zappl/zappl-com-supports-the-idea-of-getting-rid-of-sbd

Thank you!

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SBD doesn't need to be removed, it needs to be fixed to its 1$ value, having a stable coin on the platform gives a lot of options to business looking to get started, instead of removing it, we should be looking at other stable coins like TUSD and Tether and apply what they do to SBD to make it peg to 1$ instead of trying to remove it, in the long term, removing it will be bad for businesses looking to get established here.

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Agreed. The $1 stable coin is needed. Simple way to solve this is refuse to see your SBd for less than $1 worth of STEEM. There market makes the value.

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hey @lunaticpandora
I agree that SBD do not need to be removed.
I dont see any problem with SBD being allowed to go as high as the market will take it and have not even seen an argument that is even close to persuading me yet. I only see assertions

There has been a lot of rant about this for a while, but I still don't get what the real issue is here.

It seems when referring to HitBTC pump schemes as a problem for shop operators, people accepting SBD should use a different price feed than HitBTC. After all, these same shop owners could also exploit those pumps to make more from their SBD.

Also, simply removing SBD won't do the trick. SBD may not be very liquid on exchanges (yet), but it's very liquid inside the system because it doesn't provide an ROI unlike (powered up) Steem. Therefore, users are much more inclined to spend SBD than Steem, which is the exact reason why everybody is using it as currency.

I'd really love to hear some actual arguments about why SBD is such a problem and what exactly the alternative would look like.

As if navigating the steemit ecosystem wasn't confusing enough with all the dAPPS, block explorers, vote bots, implied rules, unspoken rules, etiquette and whatnot.

Explaining the difference between SBD and SP and STEEM and how each works and payouts to new users is insanely difficult.

Agree we could do without it.

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Confusing to say the least, how about incredibly intimidating! it is truly an honor to read all of the comments from individuals that have high rankings. Do not get me wrong, you see , I dropped every other social media source and went all in on this pilot program. At first I was bullish, not I am a bit bearish.
the last straw was the fact that I was told that I could not use @dlive for submitting openmic contests by @luzcypher and the rest of the fluke sat there and let him embarrass me and drag my name into some blacklist that I am not aware of.....Furthermore, wow if I would of done just abit more research I would of not uploaded to @dtube. I just started following you. From a fellow Harley enthusiast.

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You do realize DTube and dlive have nothing to do with Steem itself right? If you don't like them, fund the creation of something new. Don't just be an entitled user.

I would like the speedy growth of our token)

If more people convert SBD to steem right away it will hold a more realistic value. As for the exchanges manipulating SBD that makes for a good case to not accept it for payments. If you have too small of a market cap, it can be played with like a toy.

Well, of a truth, the token distribution is some sort of confusion but one needs to know what steeminc are really doing about it before they sheepishly sell their SBDs at extreme losses to whales who are waiting for it on the other side.

Having SBD well over $1 is a problem, but it has a solution that could benefit all users. I don't understand why, but there is a market for SBD at inflated prices, so lets just feed the market. Increasing the printing rate or an airdrop, it doesnt matter, just mint more SBD and sell it.

I prefer the airdrop method because it puts the SBD into the hands of people who will sell. The whales are already sitting on unused SBD and their hoarding has caused this problem. If there was an airdrop, or a series of regular airdrops, it would have effect of a negative intrest rate in fiat. The crypto marketplace as a whole certainly does not need any stimulus, but apparetly the STEEM market does.

Highly rEsteemed!

may be its the right time to move on and change some algorithms what say steemians

I agree that SBD is unneccessary and only complicates things for the average Steemit user. A reward in Steem would be totally sufficient, of course in the same value of what we get now as Steem/SP/SBD combined. Then everybody can decide what to do with that Steem, like power up or whatever.
May be SBD has a meaning and purpose inside the Steemit company, I dont know. But the Steemit users can live without it.

Are you saying this is what IS going to happen or what you think SHOULD happen?

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should

but i think the post should have been done under 100% steempower to nail the point home ! Not like he has to make a habit of it, and actually i did see him do that recently, i wonder if there are any circumstances where its profitable to do 100% steempower posting right now when sbd is higher than $1

it boggles the mind that the witnesses cant just print more sbd to push the price down but i guess they all dont agree on that,
i forgot how it goes, @timecliff explained it recently in a comment, how and when sbd is printed up and at what percentages

yes, I am of the same opinion

SBD renders useless, Simplify

Thanks for bringing this topic to people's attention and helping to gain opinions from the community on this.

I am really interested in what the communuity thinks about this, and whether or not we need SBD..

I do think having SBD causes alot of confusion.

I am failing to see any merit in your assertions.

what problems does SBD cause exactly?

The most coherent argument I have seen was from transisto being pissed off because some smaller accounts were making more than he was comfortable with

@fyrst-witness I am not that deep into the Economy of SBD but i can say that SBD is affecting many people and most of the Steemians move around the SBD. I am saying this because when i joined this Platform at that point the price of SBD was $15 and everyone was just running here and there with the SBD. And i want to know about more because it's really important to understand the core.

Fortunately or Unfortunately I've never invested in Steem nor SBD and whatever rewards I've received I've powered up into Steem and i think I've done effective thing. And i am really interested to learn about more because that will give me more clarity and i can analyse what is effective for the Steem Blockchain. Thanks for sharing your vision with us.

Wishing you an great day. Stay blessed. 🙂

I disagree that SBD is holding us back, it has shown some problems, but we have to thanks to SBD for giving us our last bull run, it was the biggest responsible. Without the incentive of SBD price above $1 you wouldn't have reached 1 million accounts, not even in the next 5 years. We need it to grow, when we reach the 1B accounts I guess then we will be able to discuss the end of SBD´s.

I understand that it might hurt some projects, but why would we work to protect a project instead of the growth of the community... both important, but a project will never succeed without people to support it!

Every little bit of SBD I have is always immediately converted and used to power up!
Still the cheapest way to grow!
But, yes let's get ride of it. This will also decrease the demands for bot upvotes!
But just wait until after the world cup, because I am paying out the prize pool in SBD :)

Cheers,
Peter

Congrats! This post is featured on today's Steemit News in Chinese, by Joy.


But, correct me if I am wrong, as the SBD/STEEM debt ratio keeps growing we should soon reach a tipping point where the network will stop producing SBD tokens anyway?!

And from there we just need to get that dollar peg working with on-chain conversion both ways and STEEM will have a brilliant new USP... a bloody "stable" tethered value token. Now that's something merchants like!!

Of course we still rely on the witnesses generating a clean STEEM-value feed (without being duped through a single trading platform) and then we need to figure out what we do once the us-dollar has lost all value and needs to be untethered... but we can figure that out when we get there.

And while we're at it, how about some SBD based transaction fees to fuck the spammers over?!... We need to start burning that dept somewhere anyways!

just my 2 cts

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It's not logical to say something that is broken has failed us instead of saying a broken thing should be fixed to not be broken anymore to see if it can work, right? Do you see any potential value in having a working (not broken) pegged asset for the STEEM community?

Missed you on aggroed's show yesterday. I was hoping for some fun conversation from the viking!