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RE: Here's why Steem's witnesses should start paying SBD interest - today
SBD interest rate is a great idea, it will bring back some SBD for sure.
I keep mine on HTX where I've been converting some STEEM to SBD but didn't find any motivation to bring it to Savings at the moment.
No SBD interest on the exchange, so I guess even 10% will bring back some SBD to the chain. That is good in the long run, right?
In my view, it is good if SBD (at the current time) are not converted. If we are above the Haitcut price with the STEEM price, that is a different matter.
Therefore, any SBD that is held (whether in savings or in balance) is good.
One negative aspect of the current logic is that exchanges would receive interest for SBD in customer wallets, but it is not certain that they will forward it to customers. If interests would be payed it is therefore better to hold them in the personal wallet.
Absolutely!
I believe that any price under $1.00 is too low and thus, probably a good long investment. I also think that if SBD savings here starts paying interest, many will deposit and this will in terms also increase the demand on the exchange and increase SBD price.
What needs to be done so SBD Savings starts paying interest?
Witnesses consensus only or any devhours need to be spent?
The witnesses can do it without any code changes/dev hours. If I understand correctly, each witness sets their own parameter (from 0%-100%) and the blockchain sets its interest rate to the median value. I believe that code changes/dev hours would be needed if the community wanted to pay interest only on SBDs that are held in savings.
Thank you for that info. This sounds fair and flexible enough, given there is consensus, probably that is much harder to achieve but then, there is the median value that reflects the witness sentiment.
I think generally SBD interest is paid only if SBD is staked at Savings?
How could regular users see this? Somewhere in the UI?
I believe SBD interest would be paid on all SBDs, regardless of whether or not they're in savings.
If I recall correctly, it used to be visible in the SBD section of the Steemit wallet. Not sure if that's been removed, or if it just disappeared because it's currently set to 0. It's also visible in steemdb.io, as "sbd_interest_rate".
That's interesting, as I was thinking only in Savings would bring interest.
I checked it today, thanks for the resource link, it is zero indeed. Unless it is greater than that and shown in the Wallet UI, it won't matter, I think, as there won't be any mass of accounts keeping SBD there, right?
Probably true for most of us. Most of the SBD is held in the proposal system and on the exchanges.
True too. I keep my SBD on HTX, as I purchase it there and currently there is no incentive to move it back to the chain. Also, I have to spend time to do withdrawal from the exchange and pay some minor fees too. Interest would change that though.