What goes up must go down?
Out of all I've read to date, @aggroed seems to have the most balanced, compassionate view: “The conversion is a good idea later when we're bigger. Don't do it now unless the business case lands at our feet.”
A mysterious figure in a dark alley convinced me that the high price of SBDs has sparked a grassroots growth of the platform. It's a completely serendipitous marketing campaign of sorts. This is invaluable, because there hasn't been enough done to promote Steem or maintain a presence on high-traffic channels like FakeBook or Twitter. [Update: More is being done on those fronts, it seems]
It's within the realm of possibility to believe if the price of SBD didn't spike, you'd see only a fraction of the growth we've seen this year.
To quote @fknmayhem:
I’m not sure why they want to kill what is the best possible growth acceleration asset right now.
It’s too early to care about the peg. Besides, it can only erode trust and possibly make the whole chain collapse for some months.
We are nowhere near critical mass nor is there enough SBD either.
LEARN MORE: Further reading
Pro-peg Arguments • Pro-high SBD Arguments
Page dividers by @atopy
Possibly, it's surprising to me how slowly the platform is growing really.
Although the worst thing that could happen IMO is for Steemit to get a deluge of dross from Fakebook & Twatter.
What Steemit needs are the best bloggers, writers, artists, musicians etc. I have no doubt that in time there will be many blockchain social media platforms, my hope it that Steemit is seen as the 'Gold Standard' when it comes to blockchain social media. Everyone is welcome to join but the idiots, shills and spammers that pervade the other platforms eventually give up due to lack of traction and go back to where they do get an audience.
Haha, this is entertaining and true - funny because I was criticised as being accusatory and uncaring because I don't think there's room for spam here... it's important that if someone's not contributing, to get them on track - and if they refuse, chase 'em out with flags or mutes. ☺
Not everyone can create worthwhile blogs, but I'm convinced there are very few who can't make worthwhile comments. It really doesn't take that much. It's not an issue of inability in the majority of cases, it's simple refusal to make the effort.
From my experience, the high SBD prices have been a huge encouragement and help me absorb the posts that can be overlooked - or putting in massive time on a post. I do think that a drop would be like a parasite cleanse.
It's important not to point fingers or shake fists in this debate, but it's a tough one! :D
I completely agree, for those who have never blogged like me before coming here commenting is a good way to see what's what. To learn the ropes, get advice and learn about what YOU want to write about. My earliest stuff was shit I have no problem admitting that, it was watching what the experienced bloggers were doing that turned the corner for me, that and Discord/MSP which is what makes this place so unique, the kindness and support given to those who need it when they need it.
How lucky are we!? What a truly great place this is.
Yup. My first posts were horrendous — totally embarrassing... I'll put it this way. If I ran into someone who posted like I used to post, I'd probably mute them and consider flagging them as well!
Yes my posts are shit at the moment or worse. Reading all of your guy’s stuff has been helping. This comment gives me hope that eventually I’ll find that topic niche that I thrive in.
Trying to force SBD to $1 is market manipulation...
People will lose trust in the platform entirely if interference forces the value down. You know, the only reason SBD is high value is because people buy SBD, so any changes made to lower SBD value is a direct attack on people investing into the platform.
The soft peg we have now is good enough.
I would like to know who is discussing this steem suicide idea so I can give them a hotline number.
Its not market manipulation if SBD goes back to $1. Its a self-regulation of SBD. Here is how the regulation works: https://steemit.com/steem/@sevenseals/why-the-steem-dollar-sbd-will-fall-back-to-1-us-dollar-the-self-regulation-of-the-sbd
It's all most 70% of witnessess who are thinking about it. They want to use SBD directly for buying stuff instead of US dollar. For this they want a stable currency which is always equal to 1 US dollar.
What i personally think is that they are trying to think beyond the limits of crypto. bitcoin tried to be a currency for buying stuff in market, but failing miserably since all last 8 years.
What I say is: Thanks to the speculators for the higher payouts to the authors. :-) In my opinion people speculate on SBD because of its low marketcap and people don't really know what SBD is. People have also take into account that inflation of the SBD rises with its price. And inflation then causes downward pressure.
Here I have a chart where you see the price of SBD versus the inflation:
Its from my weekly steem statistics. https://steemit.com/steem/@sevenseals/steem-statistic-charts-week-03
They are "speculatortactular"!
Is that a falsifiable claim or an opinion? If it's based on hard data instead of subjective perception, can you supply some data to ensure we don't fall into the correlation is not causation trap? Some argue the rise in STEEM was the real driver of adoption because that impacts the entire rewards pool, not just the SBD portion of it.
Okay. How did you come about that belief? What data would you use to convince others of that belief?
That, again, makes a pretty strong claim. What if a stable pegged asset is actually a huge potential avenue for growth (along with an increase in STEEM price to convert into that stable asset)? USDT seems to enjoy quite a bit of use right now. I sure wouldn't mind the STEEM ecosystem taking some of that market.
The argument that SBD is far too small with far too few tokens in distribution at this time is a good one. It's possible any attempts to stabilize this coin could have unintended consequences. It's also possible it could jumpstart more SBD into existence as people convert STEEM to SBD, if that were an option. To me, that argument is more about when this should be done and less about if it should be done. If we could have a stable asset in SBD and a speculative asset in STEEM (which has a larger impact on the total rewards pool), that sounds like the best of both worlds to me.
I'm working on a full post with my thoughts on this.
Well @lukestokes, I'll gladly read it. I'm very opinionated, but maybe not as close-minded as I may seem to be.
Here's my post. Sorry. It's long. I did it in video format also and it's over 21 minutes long.
Should SBD Be a Pegged Asset? If So, When Should We Peg It?
Will check it out first thing in the morning - thank you!
I agree with @aggroed in the fact that we shouldn’t rush to disrupt SBDs rise to hyper inflation!
Giving minnows like myself the ability to really earn from the few $ we might get is huge because it gives us the tools to build our portfolio and take part in the gold rush of our age!
Also I love the sketch haha I’m pretty sure dolphins are my favorite mammal at this point so I’m a little bit sad he’s in danger tho 😂
I know, right? He needs a parachute. And I'd congratulate any dolphin who could fly a fish tank that high without instinctively jumping out ☺
I wonder how this will turn out and how messy the results will be... ?
Hi @Overkillcoin, to say the truth, I care less about the arguments on sbd. I am actually awed by the art. The sketch. It's beautiful and metaphoric. Don't mind my using this word, I am more or less a fiction writer.
Thanks @funmiakinpelu, I think you're among the few that commenting on the drawing itself :)
Hopefully it wasn't overly dramatic, but I wanted to capture people's concerns.
@exyle made a good video about it. And even though I'm new, it makes total sense what he's saying! Keep the price as is, and as more STEEM is generated, the value of SBD will actually naturally go down, so pegging it to $1 won't be disruptive... but I'm still new to all this... so who knows? I just like the current exchange rate - who doesn't?
I need to check that out when I get back from work
High price Sbd helps in growth or promotion of steem
It is too early if they enforce sbd to 1$.
Finally a real person shows up, these spammers were driving me crazzy!!
Best reply I read today, hahahaha
Hahaha..
Price of Sbd does attract investors to steemit . What is max supply of Sbd ?
Not sure, I think it's around 8 million, coinmarketcap.com would know.
that's circulating supply . I heard somewhere that it's infinite .
See, you already knew the answer then! ☺☻☺☻☺☻
i didn't know it was true !
@overkillcoin We want this platform to grow and be successful.But I don't want it to soar abruptly really high then goes down. I am hoping for a steady productive growth. Slowly but surely.
I am glad somebody has finally said this! You are totally correct. I re-engaged in Steemit because of the high SBDs!
Love the art too :)
A few have said it, but I might be the first to actually draw it :)
I made this shortly after SBD hit $10
It really helped make up for a rough summer and fall. I was glad to buy 5 steem per 1 sbd :)
Thanks!
It is a complicated topic actually. I am for the stable pegged SBD, but I also think that it is too early to decide or take any action at this time.
I would like to see more business being done first, the @aggroed explains it better in his article ☺
OK I missed this discussion so far.. This is only a discussion, right? No concrete plans and dates yet? Or should I see my SBD's super quickly? I've been collecting them...
It's being discussed by some witnesses. You can check the links at the bottom of my post. May be good to take some profits on SBD just in case... :-/
I really did not know all this...So if they are trying to balance out SBD to $1, is it better to change SBD to STEEM?
I have a few articles at the bottom of my post, the witnesses have been discussing it. I regularly change the SBD to steem :) but it's up to you.
The peg matters. Very much even but not yet. Let’s see again towards end of year, beginning 2019.
If only they'd named it "Steem-based thing" instead of "Steem-based dollar"... it would take the pressure of parity off ☻
Totally just followed @atopy bc of this post from overkill... love your artwork dude! I have tons of character requests if you’re ever bored lol
@atopy does nice graphics/illustration, so you made a wise decision! I'm often bored with my day job, but I can't get away from it... whatta predicament!
hey i have a 9-5 as well. im in the design work of web apps, web and ui... you ?
graphics and motion graphics. like the work, hate the corporate world ☺
I am the same. I’m in the industry here in LA
People shouldn't forget that by voting for certain Witnesses they are voting on how this is resolved. :)
Not actually voting is also a problem, just discussing it isn't enough.
Give me a breakdown of who's for what :)
Actually I'll find it-
https://steemit.com/witness-category/@reggaemuffin/witness-discussion-sbd-price-and-reverse-peg
Reggaemuffin and smooth are for lowering sbd to 1 (from what I understood). Sorry don't remember few others.
There are a lot of new comments that I've not seen. However this was by reggaemuffin when I first saw it
"Thank you for your stance! This is the argument @smooth and I are having, so voting us for witness can support that to happen."
Honestly if they can somehow pull it off without hurting everyone's rewards, then that's kinda cool ☺
I’m not convinced by the argument
If we take that approach it seems to me the time will never come. We’ll have this same conversation in the future, and the same arguments will be trotted out. I don’t understand the system well enough to know all the effects of pegging SBD, but that argument is not very compelling for me.
great talent, there is ups and downs in everything...
Maxcoin is alllllll the way down. To the sewers. It will never return.
good post
Great comment! Extremely intelligent and well thought out!
:) you're probably talking to a bot xx
The word "robot" was first coined by a Czech author. Before, they would have been known as "automatons". ☺
:) Yes, good point, and I happen to know about it since I was born in (Czech-o-)Slovakia. But then again, you don't need to be born there to know about it...
If you'd like to know the etymology of the word - 'robota' in Czech and Slovak means 'work', therefore 'robot' is a thing that works. It's funny how I haven't really thought about it until now though... :)
You some how survived the Velvet Revolution to make it to today. That took courage and determination!
Thanks for the information sir.
Great art....i appreciate your post...Thanks for sharing ...
Wow. Much wowzzzz
My favorite part of your blogs hahaha :D
Just wait till I finish my next spam rant video haha... ☺
Waiting, pop-corns are ready!
Same to you @tamavet...😀😀
@overkillcoin Really?! Hahahah
That don't make no sense, kid. Do you even know what day of the week it is? XD
Yes Sir, you are very valuable. I agree with you completely.
There are various differences in different ways.
Much value. So complete.
Very differences. Wow.
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STOPTalk about popping our ballon!! They're acting like the Federal Reserve... he he he!
My thoughts are bouncing all over, but it just makes me kind of uncomfortable to mess with it right now. People are flooding here and are pretty happy with the current situation. Maybe let it drop naturally before implementing any peggy business... ?
Amen!
Some have said by limiting SBDs, all the profit-y goodness (sorry for lacking the technical term, I'm a cartoonist, not an accountant) would pour into Steem, allowing a larger prize pool (and therefore more powerful upvotes to reward more SBD)...
I'm just trying to be patient and chill and see what both sides are sayin'...
And regardless, it's not like I'm going back to fakebook any time EVER!
My technical analysis: a bird in hand is worth 2 in the bush!
good inf follow now
Please upvote me
Im new on steemit
My message to the people who want to implement drastic changes to the free market Steem and SBD have been released into:
Huge changes like that never end well...
@overkillcoin nice