Zappl.com supports the idea of Getting rid of (SBD)
This is a post for getting rid of SBD as a form of payments. To start SBD started of as a peg asset that went against Steem. For many reasons the asset never seems to keep the Dollar value because market manipulation and pumps that occur after ambitious announcements that should be occurring to the chain.
Statement:
It should hold a dollar value or around there for the peg, but to some its just useless debt. The external markets for Sbd are all basically dead other than the clear manipulation happening on hitbtc. It's also basically just dumped on the internal market and traded to bots. It's main use now is peer to peer transactions. It holds no other uses other than peer to peer and internal exchange now, its not like steem.
Steem has peer to peer transaction, steempower, steempower delegation and so on. We need to start focusing on steem, when smt's come its pretty clear the main trading pair will be steem. Its likely a good idea to start getting people used to that idea. Also while focusing on fiat pairs we need to shorten the process of them getting their earnings.
Currently its
- SBD -> Steem -> Bitcoin -> Fiat
- SP -> Steem -> Bitcoin -> Fiat
Our goal now should be to get
- Steem -> Fiat
- SP -> Steem -> Fiat
Its as task explaining to people why we need two currencies and many eCommerce sites, Mobile App developers we have talked to who held interest in possibly using steemconnect pay have lost interest.
Businesses are looking for fast quick processes and not wanting to worry that they need to do a whole bunch of extra just to see the main Steem Currency. Most people aren't market makers like our broad user bases.
Pros and Cons of keeping SBD.
| PRO | CON |
|---|---|
| P2P Exchanges | User still has to transfer to Steem |
| Pay Steem bots | This can be done with Steem |
| SBD post payments | Dumped by most users on chain |
| Buy things | Seller still has to transfer to Steem |
More insight on dumping Sbd, the currency because its liquidity is used to pump and dump pretty easy. Also users who get there payments tend to just dump it on the internal market where a few big holders buy it up. There is no real need to have SBD and A internal market anymore until smt's launch.
This post was made out of community concerns and discussion that was had.
Zappl.com got involved because there's more things we think that should be focused on. Like beneficiaries payouts that are 50/50 and not 100% Steempower payouts. SBD has now just become a extra step that is no longer needed.
Steem Market focus only, i think we all hope for $100 steem. Its time that the main market focus is Steem and not an extra currency adding to the confusion of a new concept of social networking.
Please feel free to speak your mind on how you feel about SBD, the markets and progress of the Blockchain in general.
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I agree! It is time for the SBD to stop holding STEEM back. Drop it like the SandBag Dollar it is.
We've discussed the value of a pegged asset for quite some time. Throwing that opportunity away because the peg is broken seems like the wrong approach to me. Why not just fix the peg (see issues 2140 and 1839)? If the future involves mass-adoption of cryptocurrency (I believe it does) and those new users want a stable peg (I believe they do, Tether had $2B in volume in the last 24 hours), then we'll need months/years of demonstrating a stable peg for them to use. We have an opportunity to do this in ways few other blockchains can. Claiming SBD isn't useful while it's still broken isn't the full story. Many of the things it hasn't worked for yet (buying things, etc) might work if we fix it.
Possibly related: What ever happened to the ZAPPL token on BitShares you created? I purchased that, and it now has no market so it's essentially worthless? Do I get anything for my tokens?
SBD is purely a dump token and for two years now it has failed. As we stated the peg is basically dead and has been. These boost are providing false expectation to users that Sbd will be so big.
We see people complaining that they're getting less and less as pump and dumps come down this in turn makes users leave because they get way less than they did before. Were pretty sure a majority of users dump sbd not hold them when they get paid.
Its been such an issue steemit them self had to remove the conversion method on their site because it was causing users would lose a lot of value.
Zappl tokens are to be paid back with profit starts, there was a number of perks that came with the amount each user holds. Verification is going to happen soon we got a list of all the wallets that held tokens 1 week after launch. Even if it has a market or not they have a value because they will be bought back at higher rate then they were issued.
The reason SBD peg is broken is a technical one. We have a technical fix. It's irrational to me to say "Ah, this is broken, we should get rid of it" before we even know what value it could provide when it works as expected. Do you see that perspective? Have you thought about the value a working, stable coin in the STEEM ecosystem could bring?
The conversion was removed because the SBD peg was broken. More people want SBD than the original white paper planned for and the concerns it mentions about a reverse conversion may not apply now that we've reached the STEEM marketcap we have now.
Users leaving because of expectations being out of alignment has been going on since day one of STEEM. When it was more of a lottery people could be educated easily to reset expectations. Now that we have pure linear curves, it's not so clear. Not all of this is SBD's fault. In fact, a stable, working SBD could fix some of it, IMO.
Thanks for the update on Zappl.
Yeah we can see the argument, but then the issue comes to once sbd is manipulated again and it will be. The conversion will be a problem once again, i fail to see the value honestly. Its dumped a fair bit even by popular big staked people. Which you can find the data on, i do know some big guys funnel it into stake or bots but on a basic user stand point were not sure.
But we will be fair and look over the documentation and discussions you have provided. It's only fair to look at the other sides view point. We just pro push steem forward in any way we can, with the delays we have seen mostly everyone want's some progress to happen.
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!
I totally agree with @diogosantos. All that demand for SBD and those investors that pumped up the currency literally paid for Steemit users and grew Steemit to what it is today. SBD is a huge pipeline for new money into STEEM. Just saying it doesn't suit my fancy today because people want it too much and it is valued too much just doesn't make sense. One might as well argue with their boss and complain that they are getting paid too much. I'm just visioning a "Saturday Night Live" skit where someone threatens their boss that they are going to quit unless their paycheck is reduced.
Ultimately folks need to relax and look at SBD in the long term when the number of Steemit users reaches hundreds of millions. Right now we are not even getting started yet and already want to kill a powerhouse like SBD from even given a chance to mature into what it is intended to be. Everyone calm down... Put your pitchforks and torches down and think of long term benefits. Hell, even current benefits have been phenomenal.
Until you pay your workers to much then drop what they are getting by hundreds of percents. That's basically what happened, it got pumped so high that people joined and because they got less they quit. We seen it before some of these people at the start got thousands of dollars and when the money dried up because new curves they quit.
Then when Steem and Sbd went up they came back. Were giving users to high expectation that they will get rich is little amounts of time, And that had lead to poor user retention.
I hear what you are saying. I just don't see how killing SBD will fix the issue. It would cut the legs out from under STEEM. I would be a huge blow to the STEEM economy.
I'm an engineer and engineers hate fixing anything without properly defining the root cause. It would be like trying to treat Syphilis with a topical cream. It is just not going to work. In defining the root cause, you need to define why the value went sky high and why it plummeted. Simply getting rid of it doesn't address the issue.
By the way @zappl, I don't want to sound like I'm trying to beat you down. I really admire everything you have done, and want to see you succeed. I want to see you legacy succeed. I think it will be huge.
Exactly @socky, I´m not an engineer, but I´m a believer, and if we are having trouble retaining people it isn´t because of SBD´s price fluctuation, STEEM is as volatile as SBDs.
I definitely understand your thinking @zappl, and I have seen some other projects complaining, but the reality is that everybody that is a part of the community suffers with price changes, and if your workers are not ready to sustain some drops in prices, they definitely misjudged what they were getting involved into.
Pretty much what I'm thinking.
I have never seen a pegged asset stay pegged. If it can be traded, and it will be, then there doesn't seem to be a way for it to remain pegged. I have always wanted it gone. Keep it simple. Stick with Steem. Steem is a great asset. I would like to see SBD done away with and more privacy for Steem and it's platforms. Not expecting that to happen though.
I would love to see the ability to trade steem directly to fiat if that is our desire. The multiple moves are a pain and results in up to 6 days of waiting. LAAAAAAME.
I agree with you @zappl. I believe the platform has outgrown sbd. Retaining it is just undermining steem as a cryptocurrency not helping it. Focusing on steem would drive the value up not just in price but also positively affect the steem ecosystem.
Focusing on one thing always brings the best results and so will Steem. SBD tended to be dollar's value but it showed volatility. In some ways, high price made content creators rewarded more but anyway, it consumes Steem's value and make newcomers confused. I agree with this post. Transfer like Steem to Fiat will make huge sense of its simplicity that will attract more people and increase the value of Steem.
My purpose is to have as much influence on this platform as I can get and SBD does not help me as much. I will continue trading my SBD for BCH or Steem Power to use toward that goal.
I agree. I develop the SteemPay wallet and I really think that supporting 1 currency or the other would be ideal. I support this idea and would consider dropping my support of SBD from the wallet
Yeah 3 currencies and dealing with 5 keys is getting pretty hard to explain as more non blockchain users join.
i dont get why they needed both, because it was eventually going to end up with 1