Conversion Tracking API
Thanks to the talented developer @stoodkev, we now have an API to track current SBD in conversion as well as total conversions since inception. These values will be included in the Conversion Report of each post. So far, as of this post number 50 @sbdpotao has converted nearly 9000 SBD!!
Support the DAO Proposal
Help fix the peg faster and vote for our proposal:
https://steemit.com/sbdpotato/@thecryptodrive/no-brainer-sbd-potato-top-up-proposal
Conversion Report
Now automated at 10-minute intervals, if there is STEEM present in the account the bot will sell it on the internal market for SBD at a max rate of 300 STEEM per cron interval, this rate can be adjusted in Config Vars.
Thereafter, all available SBD is placed into conversion automatically.
The code repository can be seen on this Github link.
If you would like to see the code in action, donate STEEM directly to @sbdpotato and watch the bot do its thing on https://steemd.com/@sbdpotato.
Feel free to follow the conversion progress via the links below:
Conversions in progress (API): 1,634.297 SBD
Total conversions since inception (API): 8,959.615 SBD
Vote for this post to help fix the Steem Dollar Peg!
In case you missed it; here is THE LINK to the intro post about @sbdpotato.
TLDR, you vote for @sbdpotato's daily posts and the rewards @sbdpotato earns will be used to purchase SBD on the internal market, convert it to STEEM (reducing the SBD supply) and then the converted STEEM will be used in a circular fashion to purchase more SBD - Rinse Repeat! That's basically it!
Today's SBD Price (Spot): 0.583 USD
Current Debt Ratio: 15.97%
Target Debt Ratio: 9.90%
What do you get out of supporting @sbdpotato?
Well firstly by voting this post you will be helping fix SBD to get it pegged to 1 USD again as it was meant to, this could also help bring the STEEM price up with it. There is a theory that the two are circular, a strong SBD gives support to healthier STEEM prices, perhaps due to positive sentiment in the network.
In addition to doing your part to improve the economy of the Steem network, you will also earn SP curation rewards from voting the post that hopefully get decent traction.
You can set the @sbdpotato account on autovote using a service like beta.steemvoter, by creating a stream to autovote the @sbdpotato account at around 4 or 5 minutes as per the screenshot below. There are also other autovoter services you can use if you prefer.
Conclusion and Disclaimer
All images used a royalty-free, courtesy of pixabay.com.
As custodian of this project I, @thecryptodrive, will not derive any monetary value therefrom and undertake this under my duty as Steem consensus witness and ambassador.
When the @sbdpotato funds are no longer required to support the peg, they will be sent to @steem.dao where the community can then decide what they should be used for.
I hope the Steem community will embrace this idea of supporting the SBD peg by voting the @sbdpotato posts regularly, alone we are powerless, together we can bring about change.
Sponsors
If you would like to have your banner featured on the daily posts, simply upload your banner in our comments sections and pledge to vote for @sbdpotato daily and/or include @sbdpotato as a beneficiary of your own posts!
Additional Vote #1
This post earned a total payout of 7.378$ and 5.547$ worth of author reward which was liquified using @likwid. To learn more.
Additional Vote #3
This post earned a total payout of 7.347$ and 5.524$ worth of author reward which was liquified using @likwid. To learn more.
Additional Vote #2
This post earned a total payout of 3.199$ and 2.405$ worth of author reward which was liquified using @likwid. To learn more.
I was setting beneficiary for some of my posts to this project, but can no longer in good conscience as long as these posts are clogging up the trending page.
For the most part, the usual suspects with large votes are voting these. They could apply their large votes to the "Additional Vote" comments and forgo the main post. Let the people with small stake vote the main post if they want to, but if it goes above say $10 I'm downvoting from here on in.
No offense. It's nothing personal, and I don't mind the concept, but I'd be a hypocrite to preach about organic curation, content discovery, and watch shit like this float to the top. It doesn't matter how broken the SBD peg is if the core tenets of this platform are shit on by good intentions.
SBD just needs to be gone by this point.
No it does not. SBD is a critical tool.
sbd is a burden - it should be changed to be kinda like DAI and MAKER
only a burden when it needs to be.
what
Changing the mechanism is possible in a future update/hard fork, but for now we're kind of stuck with it as-is from a practical point of view (development resources, schedule, etc.)
The effort here to somewhat improve the function using a second layer approach is helpful. Not ideal necessarily, but better than nothing for now.
thanks for your opinion
it seems to me like everything is based upon sbd
shouldnt we fix it as fast as possible?
Opinions certainly differ on priorities (not everyone thinks SBD is that important; some do, some don't), but the reality is that there are limited development resources and the SMT work is just about done, so the focus is on getting that finalized and deployed rather than jumping around from one priority to another and never finishing or deploying anything.
Also, understand that @sbdpotato may seem frustratingly slow, but bear in mind that before @thecryptodrive took the initiative to start it, nothing at all was being done. I'll take something (slow) over nothing any day.
Finally, @sbdpotato has a self-accelerating effect since each day's rewards add to the available funds to be used for conversions every 3.5 days. So what I expect to happen is that it appears to be doing not much until the available funds reach some critical threshold (relative to existing market supply and demand), and then SBD movement up to or near $1 may then happen pretty fast.
I don't know when that might be though.
Critical tool my ass.
I think I saw that written under your name at a truck stop!
a critical tool for what exactly, if you don't mind the question.
A critical tool
For what exactly, if you
Don't mind the question.
- ash
I'm a bot. I detect haiku.
lol you triggered the haikubot. It is a critical tool, but I am not going to say what. You have to figure it out.
good conscience? lol
If you have an accusation, make it. Otherwise return to beneath the bridge where you belong.
This is a long time to stay butthurt over a downvote.
lol keep developing that good conscience.
I feel nothing but pity for you, so I'd say I'm off to a good start!
lol
Hey @joshman, I have listened to your concerns check the latest @sbdpotato post for feedback.
That was pretty funny, I have listened to your concerns check the latest @sbdpotato post for feedback.
Good one enjar, I have listened to your concerns check the latest @sbdpotato post for feedback.
It's a good concept to fix the peg but I do have an objection to seeing them taking over the trending page for outsiders to see. Would there be a way to split them down into smaller posts to keep it off the trending page? Just something to think about as i don't think it's a good look.
This is a good suggestion. I vote late to reduce the trending effect, but I'm also going to start voting for the comments instead of the main post.
That said, as with @burnpost, Trending is the symptom, not the cause. Stakeholders are voting for these because they believe they are a better use of reward funds than much of the mediocre to crappy content. Sure there is some content that is really compelling and regularly lands above potato or burnpost on Trending, but not that much. What we really need is more of it, to attract more votes and therefore push these down, not blaming the messenger because you don't like the message.
Sure. I'm with people using their stake in any way that doesn't hurt the system. While the project itself is good for STEEM the visuals aren't and as any major company will tell you, it's all about the visuals. It all about the perception of what you are doing regardless of it being right or wrong.
I'm glad that a few people are taking a look at it and hopefully there is a better way to achieve the same outcome. Even the comments section is a good way to spread the votes and keep the main post at a reasonable level.
Agreed.
We'll I want to see you all flag them!!
Too late, I did already Mr. Irredeemable!
Yeah but you didn't flag them?? Why? Or did u and i missed it?
https://steemit.com/sbdpotato/@epic-fail/do-the-ends-justify-the-means
Hey niallon11, I have listened to your concerns check the latest @sbdpotato post for feedback.
Thanks @thecryptodrive. Good to see you looking into what is happening and seeing if there is a better way to achieve the desired result. Appreciate the feedback.
I agree with those who say this looks bad on trending. See my latest post for my thoughts. Find a better way.
Hey @steevc I have listened to your concerns check the latest @sbdpotato post for feedback.
Cheers. I still wonder if there could be better ways to achieve the same goals. Some of the whales could convert a lot more SBD without these posts.
What do you think about using the prominence of the potato posts to promote other content? There's an opportunity to make Steem look better.
The problem is it would be very time consuming to promote posts manually I’m doing this all pro bono at the moment. The best is if the community votes the dao proposal that’s the easier way.
guys. your spam looks terrible on the trending page
Flag them then! Every flag count!
done. but I need to wait for regeneration
Here is an idea... Why these whales voting this bullshit don't go to the market and buy sbd with their stake to drive the price up?
It would be way more effective.
It's much easier to spend the pool than your own personal stash!
And it is likewise easier to tell someone else to spend their money than to spend your own.
Using reward pool funds is the most logical approach since helping the SBD peg and stable coin work better is mostly a public good. People voting for this think it is a good use of reward funds.
Also, the funds being accumulated by @sbdpotato will be sent to the Steem DAO once the peg is restored, so that's essentially a refund to Steem.
Well put @smooth :)
I agree, it's not realistic to expect individuals to support the price of any coin, let alone a 'stable' one.
Check my other comments... With only 65k STEEM you push the price of sbd to 1 usd
Very temporarily, then it goes right back down. That's not the goal.
So it is this experiment.
You can't beat the market. The price will go the direction the demand happen.
This "experiment" is useless.
@thecryptodrive maybe you can take a look at the comments here and let us know what you think?
Hey, check this out... You only need around 1.02 BTC to get the SBD price to reach 1 USD on bittrex.
Come one... Don't tell me all you whales behind this can't afford 65k STEEM...
It's way easier than making this useless posts again and again...
That will cause a brief spike and then the price will go right back down. Worse, you will be paying a higher price for most of the SBD you are buying (slippage), meaning you end up buying fewer for the same budget.
This is not a good approach.
Doesn't matter. It's the same thing this potato thing is doing.
It's still a pump and dump except it's over a longer time.
Also not sustainable.
We’re done with you and this bit! Quit this bs potatoe sbd thing! Let the market save sbd if ut wants! This little burning doesn’t do anything but clutter the blockchain and feed! Please stop! We all had to get rid if our bots, maybe @themarkymark will flag this crap for us! Time to go potatoe! You can’t even do random potatoes for your post?? why!??? I will put you in my flag voter so i don’t have to think. Today when i get home!!
SBD now .59
No it isn't. The price on coinmarketcap and some other sites is distorted by Upbit, which has a broken wallet. (Oddly, coinmarketcap has a warning icon next to Upbit's listing, but they still, incorrectly IMO, include it the average.) People are willing to sell SBD on Upbit for a lower price because it is the only way to get their money out of the exchange.
If you look at an exchange with a working wallet like Bittrex or the internal market on Steem it is about 65c, which is in line with where it has been for most of the last month.
@sbdpotato is ramping up as it collects rewards gradually so the effect should accelerate over time. If the SPS proposal is approved then it will likely work a lot faster.
how did you earn this money guys :)
Love the api :)
Thanks for the post.
This post earned a total payout of 29.909$ and 22.488$ worth of author reward which was liquified using @likwid. To learn more.
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