Witness Update - SBDs, Meetups, and More!

in witness-category •  6 months ago

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Hello everyone! It’s been over a week since I’ve made a post and much longer since I’ve made a witness update, so I figured it’s about time to let everyone know that I’m still here and what I’ve been up to...

New Price Feed Tool for Witnesses

As most of you probably know, witnesses on the Steem platform are expected to provide a price feed, which means they report and record the current market price of Steem to the blockchain on a regular basis. This allows the blockchain software to calculate post payouts in USD and governs the amount of SBD that are given out as post rewards.

Most witnesses I know (myself included) used the same price feed tool which had the unfortunate tendency to crash regularly. I spent a while fighting with that tool to keep it running and when it didn’t I lost a few witness votes for not keeping my feed up to date, so I finally decided it might be better to try to create my own version.

I did that about a month ago and you can find it here: https://github.com/MattyIce/pricefeed. So far it has been running great for me and also for a number of other witnesses that have mentioned that they are using it. It was a good project for me to learn about how publishing price feeds works under the hood, and also I generally feel it’s good for more tooling options to be available so not everyone is using the same thing.

Reduced Price Feed Bias

Speaking of price feeds - I recently dropped my price feed bias to 50% from 300% to indicate my preference to slow the printing of SBD as the price is dropping closer to the intended peg.

While I very much enjoyed the high SBD prices over the past few months, I firmly believe that it is important for the long-term success of the platform to have a stable token pegged at $1. I support the proposal put forward by some of the top witnesses to allow conversion from STEEM to SBD (like we have currently from SBD to STEEM) in order to create a fully pegged SBD going forward.

Liquid STEEM Post Rewards?!?

Also, regarding the SBD print rate, some more astute Steemians may have noticed that just recently liquid STEEM has been starting to be paid out for author rewards:

This is because the print rate of SBDs is increasing while the price of STEEM is falling which has increased the amount of debt taken on by the system in relation to the value of the STEEM which backs that debt.

The blockchain code has a mechanism to limit the rate that SBDs are printed once the debt ratio goes over 2%, which it just now has for the first time at least since I’ve been on the platform. If the debt ratio continues to increase, a larger percentage of liquid post rewards will start being paid out in STEEM rather than SBD.

Some people have pointed out that creating more STEEM and fewer SBDs is in some ways the opposite of what we want to be doing right now. It could potentially apply some downward pressure on the price of STEEM by creating more supply and upward pressure on the price of SBDs by slowing the rate of supply increase.

I believe some of the top witnesses are considering revisiting the debt ratio thresholds in light of the current situation and I support that as well.

Steem Meetups in Philadelphia

Now for a more fun topic! I’ve recently been working with an excellent Steemian - @hypnopreneur - to organize the first Steem meetups in Philadelphia! We have been holding them every second Tuesday of the month and just had our third meetup last week.

I’ve made presentations at the last two events along with @hypnopreneur and @knircky and the primary focus of my presentations was the distinction between the Steem blockchain platform and steemit.com. I tried to call attention to the other great sites built on the Steem blockchain and let everyone in attendance know about the great opportunities in publishing content on sites like DTube, Utopian, Steepshot, etc instead of on steemit.com.

I also created accounts for anyone in attendance who wanted one, so I would like to take this opportunity to welcome @ginanicole, @idx00art, @crypto-ventures, @twofreedom, @parislg16, @vidyen, and @edgy-ed-morrison to the platform!

Thanks For Your Support!

That’s about it for this update! Thank you very much to everyone who has voted for me and otherwise supported my efforts here - I could not do it without you!

For everyone else, if you liked what you’ve read and you want to help support my work for the Steem platform I would very much appreciate your vote!

Click here to vote for me using SteemConnect or go to https://steemit.com/~witnesses and click the upvote icon next to my name on the list!

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
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Hey Matt, this is Mello. We met Tuesday at the Philly meet-up. It was great chatting with you. I took the story of the event back to my newbie initiative and received some positive feeback.

Thanks for sharing your update. I like how a pre-existing product did not suit your needs so you developed your own. That’s what developers do.

The pricing model is a complex topic. I was just discussing with my teammates about the STEEM price dropping ~75% and SBD ~80% since their peak in January. This is troubling times for those who bought into the platform, but an opportunist time for newbies like me. It will be interest to watch the market these next few weeks.

I voted for you shortly after the meet-up and am hoping as I spread the word about you that you will gain a few more votes from my community.

Keep up the great work.

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Hey, thanks for reaching out! Yes I can understand the price drop can be really difficult for people who bought in over the past couple of months...I can’t say what will happen in the future but I have high hopes, and like you said a dip can potentially be a great buy-in point.

I really admire your work @yabapmatt! Thanks for all that you do. I just voted for you as a witness. Keep up the great work!

Thanks for the updates, @yabapmatt. I love your approach to things - if it doesn't work (or doesn't exist) then I'll create it. Brilliant! Keep up the awesome work you're doing here for us. Oh btw, I sent you a message on steemit.chat with the URL to my bot API. It's all ready to go! :)

This is very interesting and one of the best posts I've seen explaining how it all works. I don't have time to read the whitepaper, so I was vBtery happy when @mellofello forwarded me this link.

Between your post explanation and the comments and answers, a few light bulbs have been turned on. I am saving it for later tonight to let it sink in more, but I wanted to thank you for taking the time to explain what is happening and how it works @yabapmatt!

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Awesome! Really glad to have helped. Feel free to reach out if you have any questions or need help with anything!

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Thank you very much for taking the time to reply to me, that is very cool of you! Andy and Mello said you were a great guy and you really motivated them!

If you have time and can elaborate on this one section, I would love to understand what you are thinking:

I firmly believe that it is important for the long-term success of the platform to have a stable token pegged at $1. I support the proposal put forward by some of the top witnesses to allow conversion from STEEM to SBD (like we have currently from SBD to STEEM) in order to create a fully pegged SBD going forward.

I think it means that the objective of the witnesses would be to get the SBD price to the $1 mark and I understand how it is possible to push the price down by "adding more SBDs" ie flooding the market. But it appears that you are going the other way and slowing down the rate of excess SBDs coming into the system (from 250% to 50% means less printed, right?) Also will you advocate going back to printing more SBDs if the price of SBDs goes up again?

And when you talk about the conversion of STEEM to SBD... I am aware of the mechanics throught the exchange (which is not affecting the overall supply of either), so does this refer to some mechanism where you would increase SBD and retire STEEM from the market?

I know that is a lot to ask of someone that is very busy, so thank you in advance for any explanation that you can give.

Thanks again and nice to meet you @yabapmatt :)

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Hey Dave and @beeyou.
Glad to see you guys know @yabapmatt as well, he's a top notch guy :D

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I can see that @spiritualmax! I'm learning a lot from him too... I hope you had a good weekend and how is the game going?

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Hey I'm really sorry I didn't respond to this sooner, it got lost in a sea of other things - but better late than never!

But it appears that you are going the other way and slowing down the rate of excess SBDs coming into the system (from 250% to 50% means less printed, right?)

Under normal circumstances the price feed bias should be 0. So I had it set to 300% which is a LOT when SBD prices were off the charts, and now as they are getting closer to the intended peg i've lowered it to 50% which means i still support printing extra, but not so much extra.

Also will you advocate going back to printing more SBDs if the price of SBDs goes up again?

Yes since I believe it's important to try to keep it pegged at $1.

And when you talk about the conversion of STEEM to SBD... I am aware of the mechanics throught the exchange (which is not affecting the overall supply of either), so does this refer to some mechanism where you would increase SBD and retire STEEM from the market?

Yes I'm not talking about the internal market which is just trading STEEM and SBDs among users. There is currently a system in place where you can trade SBDs for $1 worth of STEEM, in which case the SBDs traded are "burned" and removed from the system entirely.

In order to fully peg SBD to $1 USD I support a proposal to also allow "burning" $1 worth of STEEM in return for 1 SBD, with some limits imposed to manage the debt ratio.

Hope that answers your questions!

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First of all thank you very much for taking the time to answer this... And no worries that you almost missed it as I know you are busy. I think I understand, but if you don't mind confirming I got it right that would be great.

You have a mechanism in place that would allow you to buy steem and issue sbd on a 1 sbd to $1 of liquid steem basis. Therefore (if true) you theoretically can increase the supply of sbd to whatever is necessary to keep the price manageable and the consequence will be a reduction in the amount of steem outstanding.

I think I have it right and it makes sense as to how that could manage the price. I appreciate the lesson and the time. Also thank you for your support of #newbieresteemday post by @bashadow... He is a great guy and that was a good thing to see! Take care and have a great week!

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@yabapmattplease i need such assistance, need your help to promote my posts here

Cannot vote for you as witness, it shows some error.
If the value of SBD goes down , won't it decrease post rewards and at the same time if steem goes up it will be even more difficult to power up.
Anyways thanks for all the great work you are doing

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You can always vote at https://steemit.com/~witnesses if the SteemConnect link isn't working.

If the value of SBD goes down , won't it decrease post rewards and at the same time if steem goes up it will be even more difficult to power up.

If SBD goes down and STEEM goes up by the same amount then post rewards will remain the same. The system is designed for SBD to be equal to 1 USD, which is very important in my opinion. Since it hasn't been anywhere close to $1 in a while it has caused a lot of problems.

If STEEM goes up in price it will cost more to purchase STEEM to power up, but post rewards will be higher and that's generally the overall goal of this entire platform - to increase the price of STEEM.

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Voted :)
Thanks for the clarification

thanks for this update. I was wondering about the new payout structure I've been seeing today. I'm not sure yet how I feel about it but I now I understand it.

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I'm not sure yet how I feel about it

I don't really think anyone is too sure how to feel about it - it wasn't really designed with this scenario in mind (as far as I know) - where this scenario is highly increased SBD print rates due to the price being so much higher than the intended peg.

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Yea, well I'm happy you're on it lol because it can be daunting to learn all of this stuff. I suppose that the learning curve is tough but I should catch on soon enough. I've converted all my crypto to steem simply so I don't have to learn everything. Posting on social media is no second nature for most of us and it is the best way to participate in the crypto revolution.

I agree with @joelgonz1982. For those with significantly less steem power, especially due to the fact that delegation costs are astronimically higher now than they were 3 months ago, the rewards will be significantly lower if SBD is only a dollar. I understand $1 SBD was the original intent, but still not a fan of that. But hey, who am I...

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It's a complicated topic and while it definitely gives large rewards in the short run, I believe it's ultimately detrimental to the long-term success of the platform - which is what the witnesses really need to be concerned with.

Sure it would be nice to be able to hand out oversized rewards to everyone who posts, but that's not sustainable. The goal is to build real value for the STEEM token and use that to reward holders and posters. Having a stable token pegged to the USD is an important part of the value of the Steem platform.

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Oh I understand that it is necessary, but it still stinks that i've saved my SBD in hopes of flipping it into SP when the value of SBD possibly returned to a respectable number. If it returns to $1, the money I invested now outweighs what I would actually have in Steem 6 to 1. It is what it is. Can't change that. But I digress. Truly, thanks for the work you are doing. It is extremely beneficial to the evolution and growth of Steemit.

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I have no idea what will happen to the price of SBD in the future, however I personally would never invest or hold a token that is designed and intended to be worth $1 when it's trading for over that.

I sell all of my SBD as soon as I get it when it's trading > $1 and am very happy to be able to make that sale since I believe the person on the other side of the sale is getting a very bad deal.

That's just my opinion though, so take it for what it's worth.

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I completely agree with you. I too sell ASAP after getting SBD. For now, I am happy with SP.

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Hi @yabapmatt i send @postpromoter 24 STEEM 2 days nothing have been done, nobody react to my messages ... Can you help me ?? :((
markc.png

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Hi @markcze - I'm very sorry about that, there were issues a couple days ago with the main steemit API node that caused some bids to be missed. I have just refunded your 24 STEEM. Please let me know if there is anything else you need.

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I thought that there was some problem with STEEMIT .. maybe i have tip when this happens you could post a post :D "Things go wrong on dont worry about your STEEM or SBD" ... also STEEMIT can inform us ... but thank you @yabapmatt .. iam going to to vote for you as witness :D

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yes I agree with the witness @yabapmatt

hopefully @yabapmatt also happy to me.

thank you very much @yabapmatt

Thanks you for this update @yabapmatt
I am a new user in steem, you and your friends are a steam promoter. I feel bad when new users like me are introduced to the platform, I give up because they are not recognized and no detail explained. Your team and you do a good job with recognize the user completely and I will be happy to be part of your team.

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Thanks @wiralhokseumawe! There's definitely a LOT to learn for new users, and it can be very difficult to find clear information about how everything works too. I hope that over time that will get better, but in the meantime it's a great opportunity for those of us who stick with it!

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** Success not always owned by the clever, but success will be more owned by a persistent person ** I am trying to find a clear and imformasi this day I found her a little bit of you @yabapmatt
Thank you for this

Hey Matt, its Reese! We met last Tuesday at the Steemit Meet-up. I really appreciate you monitoring the market and sharing your findings in comprehensive/easy to read posts. Over the past week, each day I have been patiently claiming my curation rewards while simultaneously watching the value of my account drop. Unaware as to why, this post just cleared everything up for me! Looking forward to more updates.

As far as the meet-up goes, I work on Tuesday night but may just have to do something about that. It was really nice to meet you all and can't shake the excitement of meeting new people! Until the next meet up!

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It was great meeting you at the meetup! Glad the post helped clear up some things, feel free to reach out anytime if you have more questions. Hope to see you at future meetups!

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Awesome! And most certainly!

Hi Matt I saw that you attended and met up with your steemians at the Philly meet and greet. That is such a stellar move, to get out in the city and be the embodiment of steem and the success it can bring for those that are current members and those that have just signed up as newbies to the platform. That kind of experience and word of mouth is what it very well may take to get the lid off of what I feel is one the best kept tech secrets today, that being steem/steemit/bitshares. I am quite happy that my first witness vote on steemit was not like votes I had cast in other elections, where I had to plug my nose and pray for the best, lol. I plug you to as many newbies as I can as a very solid witness vote, and tell them the importance of that vote and that it needs to be done to retain top tier talent and give them "golden handcuffs" to continue their great work here on the steemit platform!

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Thanks @cryptkeeper17 - really appreciate the kind words and the support! I will keep doing everything I can to bring new people in and help improve this platform for as long as I am able!

I wanted to say thank you for the vote on a recent post of mine, and then I see you not only voted for me but that a steemit colleague (@beeyou) is the first comment I see on your witness, report here, and I did not know you were a witness, so you now have one more witness voter. Thank you for supporting our team/group of newbieresteemday. We are trying to give a hand or leg up to new users, not just handouts, or kicks in the face for saying the wrong thing as happens so often to new users. Once again thank you for your support.

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Hey @bashadow - you're welcome! I had the pleasure of meeting @mellofello at the most recent Steem Philly meetup and he seems like a great guy and I really like the #newbieresteemday initiative and would like to do what I can to support it!

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Thank you even though I vote a lot, most of my votes got to new users, (except sundays), so not many votes back and that is fine because I know how hard it is to only have ten votes. So I do appreciate your vote.

Maybe next hard fork get that vote slider down to say available at 150 instead of 500SP. But I like voting, and commenting, and helping the new user feel less intimidation. After a bit they do learn that it is okay to comment, That seems to be the biggest fear of new users, and I am not sure that can be solved other than other new users telling them it's okay, so I comment, and other team members comment to let them know. Once again nice to have the support, and thank you.

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Hi @yabapmatt. I appreciate your support to @bashadow and our #newbieresteemday initiative. It is very kind of you to show your support, not many big fishes give us red fishes any mind. So thank you!

Our team @beeyou were hesitant about joining this initiative when @davemccoy approached us, because as like you, we all have full time jobs and not much time for Steemit. I am very glad I learned about the initiative and became a cheerleader for the community. Our Newbie team have some of the most good-hearted, caring, and selfless individuals I’ve met, both on and off steemit. Every one of us volunteer some time to help others and I am so proud of them all.

Thank you again for your support. Both @mellofello and @andykapps were very impressed with you after the meetup and that speaks volume, coming from my two teammates who were originally skeptics of this platform. I’m Paula btw, the one girl of our team of guys 🙂. I couldn’t make it to the last meetup but hope to make it to a future one! It would be great to meet like-minded individuals in our area.

I want to become myanmar votting bot. Can you guide me please.?

I bought SBD and STEEM at Very High cost. I want to know if there is a likelyhood of increase of price.

Thank you for your every effort and your smartwork to maintain and improve the quality of the steemit platform, may philadelphia meeting in successfull and there are no obstacles.

@yabapmatt you have been voted as witness ...enjoy buddy ....
Btw i love the your of steem bot tracker .....that is really helping....you have done a great work....thank you...

You are doing great work. Every time you bring some special info.which is so important for this thank you

To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvote this reply.

I have joined steemit at high rate.now its going down as day passes.please do something fast and smart so that rates goes a little high again.it is the loss to whole system

I agree with your opinion, and the steps you take are very precise, and I support you becoming a witness, I just hope the future will be better again.

I was the dreamer for those who have the power of steem far less, especially because the cost of a higher overall delegation of @joelgonz1982 I am very glad to see you sharing imformasi the obvious, rarely I find a person as good as you @yabapmatt
Thanks for this update

I'm new here on steemit. I have tried to vote you as witness but can't seem to do it. It doesn't go to the next page, there is some error.

Gracias por esta información muy interesante, feliz noche

good jod up!!!

yes I agree with the witness @yababmatt

hopefully @yababmatt also happy to me.

thank you very much @yababmatt

thanks for this update. I was wondering about the new payout structure I've been seeing today. I'm not sure yet how I feel about it but I now I understand it.

hello i got the boat but there is not a vote yet. and the SBD was not returned. please help @yabapmatt
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Hi @oguz57 i have some problem, i send them 24 STEEM ... hope @yabapmatt will help us :(markc.png

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Hi @oguz57 - I am not affiliated with the @edensgarden bot so I can’t help you with that. Please try to get in touch with them directly.

Thank you for the clarification on the SBD peg and also the liquid Steem rewards! I was wondering what was going on, but I did like seeing three payment streams coming into my wallet!

So to confirm, if we peg SBD back to $1, will we still get a 50:50 split of reward payouts or will payouts be skewed towards Steem Power?

Hi @yabapmatt i dont know how i can contact with you. I interesting put my account on steembottracker to work like bot for biding. Can you help me with that and explain? I will wait your answer.

You got a 27.30% upvote from @postpromoter courtesy of @postpromoter!

Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!

Am I the only one who noticed the rewards are now being divided into three Steem native tokens namely; STEEM, Steem Dollar and Steem Power?

steem-coin-money.jpg

Hey sir glad you're back.. I see you're dping a great job doing those meet up.. We need somes here in Vzla.. STEEM ON \o/

Cheers

You know we'll always vote for you :P

Gran trabajo @yabapmatt sin duda creas herramientas geniales para la comunidad y sobre todo el apoyo siempre presente.

Great work @yabapmatt certainly create great tools for the community and especially the support always present.

Hello my friend there is a scammer called steem-reporter robbing people's money account details so becareful 👍

hey yabapmatt, I use your price feed for my witness

@justinadams

who's purpose is to create more RPC nodes and seed nodes for the network to prevent issues like we had during the past week. It's one of the biggest fraud deterrents that we have set in place for the blockchain and a great contribution you've made to the network by hooking it up for us. Thanks man, it works fantastic. Haven't had to restart it once using PM2. .. . Please also consider supporting our project too as it benefits everyone as i'm sure you understand. Thanks again for the price feed and being one of the white hats :)

So, i must sell sbd to get steem?
because the price of sbd will back to $1 usd?

please give me advice for that. thanks.

Wow Matt, what you say is very interesting. I'm still a little new on this platform and I'm trying to understand how everything works.
Thank you very much for making such clear and easy to understand post.
By the way, I wanted to invite you to read my second post. I would greatly appreciate it if you saw it and in case you like it, I would appreciate it if you would give me a vote, a comment, or a resteem.
You got my vote and I stay attentive to your next publications. 💋

Thanks for this update @yabapmatt

hi there....I try to do programming as hobbyist.....but I am stuck with node.js...I wanted to install your voting bot postpromoter in Heroku....but it's hard

Thank you. I voted for you.

would you like to do some public welfare through blockchain project. please give me an eye, thanks

would you like to do some public welfare through blockchain project. please give me an eye, thanks
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I gave my witness vote to you because you make very helful tools for steemit..

Good post. I am wondering if it is possible to create additional tokens like BitUSD (strictly controlled) and use the new tokens as a bridge between Steem and SBD.

If the steemdollar goes down to 1 ... the little fish are the most affected, because in this case, our publications are of high quality and are not well rewarded. Hardly we only earn a penny per publication .. since we do not have the approval of no weight healer ..

I have just begun to find out about witnesses here.
There is a lot to get into, but everyone should know what's who helps us and ensures the platform.
is not so much info about the changes on the payment so it's nice and read more about it. make sens in the drop recently

Very good great post bless you

Thanks for sharing valuable post.
I continue follow your post.
I appreciate your contest @yabapmatt

Hi my dear friend , I am happy see you again , thanks u so much sharing a nice article for a amazing information for witness and meetup , the work is very good , really u r wonderful person , I will upvot ur witness becoz u r a good and wonderful person , good luck my dear friend @yabapmatt 👍👍😉
All the best for you 👍😉😊😃

Hey Matt I just voted for you as Witness. I do have a question: I am new to steemit and do not understand the SBD to Steem ratio. Do you know of any article there explains this in simple terms?

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WELDONE SIR...I REALLY WANT TO GET THIS FAR ON STEEMIT ...WHAT CAN I DO

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I would suggest laying off the caps lock...

WELDONE SIR...I REALLY WANT TO GET THIS FAR ON STEEMIT ...WHAT CAN I DO

I had witness upvote

I thought that there was some problem with STEEMIT .. maybe i have tip when this happens you could post a post :D "Things go wrong on dont worry about your STEEM or SBD"

Are you staging a picture every week weeks sir?

my post promoted please

Please can you assist me in promoting my posts.

Thank you for updates

Hello @Matt, thanks for this update. I was wondering about the new payout structure I've been seeing today. I'm not sure yet how I feel about it but I now I understand it.