Fellow Witnesses: Should we not have interest for SBD?
Dear fellow Witnesses!
I think we need to strengthen SBD a little bit and account for risk holders are carrying and keep SBD stable as well. Thus I think it is time again for an increase of the interest rate.
I would like to get your take on the matter and maybe start a discussion to set a new interest rate.
I think we need to not be complacent and just keep it because we are used to it.
I think something between 3% and 5% makes sense to me. I think overall it would be good.
What are your thoughts?
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As long as SBD creation rate remains the same, a higher rate on it will not change much.
A higher rate also means that more SBD will have to be created just to sustain the rate, even if all author rewards dropped to zero.
Since you probably want to leave SBD creation rate as it is, a 50%/50% rewards choice with less SBDs and then the power up 100% will also mean less STEEM for authors, since it has to be worth the same, aside from SBD fluctuations compared to USD, and it all means more STEEM for witnesses (?)
You just led me to realize that over time, Steem's witnesses will take more and more for themselves on the expense of the authors, and make it even less beneficial to post, and it is already not beneficial to post here, unless one combines it with other platforms.
Only big authors with a lot of vested Steem and some functioning thought process might prevent it, and my bet is that it will not be prevented.
There is already a higher rate on STEEM (rise in STEEM price of vests) and this is one of the biggest reasons for the down trend of STEEM price.
It took me some time to post as well as multiple corrections and a visit at the toilet to think about it, and it probably still requires some corrections and additions and may lead me to new realizations.
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That would be an interesting prospect for sure but have in mind that the recent decline has given the community the opportunity to now convert SBD to Steem at attractive rate given the internal function. I imagine that witnesses will want to see if that alternative does is intended function first before moving on interest rate. I personally submitted for my conversion and would consider buying SBD to convert if it continues below $1.
By the time I came to Steem, the days of interest for SBD were over. However, based on what I read, I thought it was automatic to push the rates back up to $1.00. After all, what's the point of a stable coin if it's not stable? With the prices of SBD near $1.00, I would think we would want to get the price back there, and then peg it. That's going to be one of the keys to getting businesses to adopt Steem/SBD for their products.
Just look at the Steem Monsters if you want an example. That's a business that's being run on the Steem blockchain. The prices are in dollars, but you pay in Steem. Well, when the price of Steem drops, cards become more expensive. However, if you have a stable coin, then you're more likely to hold it because you know that you can buy the same number of cards/packs tomorrow that you could today.
Now imagine a business that's selling products through Steem. If they're losing even 5% because of a drop in price, that can be a huge difference. If SBD were pegged to $1, then they could know that even if they don't cash out into dollars right away, they'll still have the same dollar value stored. They could use the SBD to purchase supplies from another merchant. It starts with having somethings stable though. Yeah, a bit of a tangent from interest rates. I've just been disappointed to see SBD rates dropping past $1.00 as I see it as a missed opportunity.
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