RE: SBD Potato Day 11: Potatoes Can be Sweet!

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RE: SBD Potato Day 11: Potatoes Can be Sweet!

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jrcornel (81)in #sbdpotato • 5 years ago

Can this do what it is intended to do with the DAO receiving large amounts of SBD per day? The SBD supply is still growing even if you are burning chunks of it via this initiative...

5 years ago in #sbdpotato by jrcornel (81)

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smooth (73) 5 years ago (edited)

To follow up a bit on my reply to your comment on one of the older posts:

Clearly this needs to get a lot bigger to make any real difference, with or without the DAO. There are a few million SBD that needs to get burned to fix the ratio (unless the STEEM price increases). With persistence perhaps that is possible but it won't happen overnight
The DAO is increasing the SBD supply, but not the debt ratio. 9x more STEEM is created per day as compared to SBD. This initiative should at least speed up the reduction in the ratio, even if the effect is small at first (see #1)

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korver (69) 5 years ago

Can this "burn feature" overcome DAO's daily SBD provisions? 1,596 SBDs per day were released to be used to fund projects, which means they're sold. Seeing @sbdpotato's daily earning which will be used to purchase SBD, it isn't enough. There's a big discrepancy?

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thecryptodrive (70) 5 years ago

Remember @sbdpotato recycles the Steem/SBD it receives in a constant conversion and market buy cycle, so the amounts will grow over time. Right now only 100 SBD per day is being released by the DAO, so that is not alot to overcome right now.

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thecryptodrive (70) 5 years ago

Thanks for answering @smooth.

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thecryptodrive (70) 5 years ago

Only really the SBD paid out from dao should count, we might see a patch in the next HF might to only count what has been released. Currently only 100 SBD is being paid out by the DAO.

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jrcornel (81) 5 years ago (edited)

Since it's been created, it should count towards the total outstanding because it could still go out into the market at any time. If/when it's burned it can be subtracted. Why not fund the DAO/SPS in steem instead of SBD?

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