Steem dollar policy update and warning to converters

in #witness-category7 years ago (edited)

I am in agreement with the thoughts behind abit's comments

With the same goals I will be adopting a similar but slightly different policy, where I do not set the bias automatically, but I will set a high to very high bias as long as SBD is above $1 and SBD new supply is significantly reduced due to the immediate and longer-lasting-than-expected effects of HF18. Unfortunately a developer error in implementing HF18 has had the unintended consequence of destabilizing the SBD market, and these extraordinary measures are now needed to minimize the disruptive impact of that destabilization.

Those considering using the conversion function to obtain STEEM from SBD are advised not to consider not doing so as long as: a) SBD is worth more than $1, and b) a high bias is being used. If you do so you will risk receiving less or potentially even much less STEEM than if you sold or SBD using either the internal market ("Currency Market" in the menu) or receiving less value than if you sold it on an external exchange.

The proposed changes by @steemitblog are supposed to have the effect of helping the reward pool recover from the earlier error more quickly. Assuming those changes are implemented these measures may become unnecessary. We shall see.


The reward of this comment goes 100 % to the author smooth.witness. This is done by setting the beneficiaries of this comment to 100 %.

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@smooth.witness My critical blockchain intel analysis and report on EOS's possible disruption of Steem and Bitcoin. The Steemit Inc 2017 Roadmap and Steem-Dev priorities may need to be rethought and reset to address what appears to be a real threat - unless Ned worked out something with Dan that is going to keep Steem's head above water?

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Thanks for the follow up on Abits article and advice.

This is a great article, 😉 Regards @atjehsteemit

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