RE: Should SBD Be a Pegged Asset? If So, When Should We Peg It?
Really enjoyed reading your thoughts on the topic and I hope to hear from more witnesses in this actual thread and hopefully it is upvoted for visability.
I think my concern mimics yours about the timing. Overall I think long term a pegged SBD may be the best course but I am not so certain on that because the use case and it vastly helping steem is speculative. That being said it was the original intent so I lean towards that solution. The thing is, I would like to give things plenty of time to see if the market corrects itself before action is taken. In an ideal world this sort of solution would be done before any of this happened or while the price is back to "normal".
A couple things I do notice is IMO from watching twitter and being active in chat is that it is driving traffic to the website, although that isnt some be all end all factor to me, just a consideration.
Another factor is the SBD price being high gives "normal" posters a chance to power up and get some of that steem easier than if SBD is one dollar. I see that as a chance to spread the Steem around more and I think that is actually beneficial for the system as a whole instead of Steem itself just increasing in price right away.
My thought is to watch it over the course of 4 or 5 months to see what happens to the price before seeing if anything needs to be done. I dont think that will cause Steem to miss out on some super special opportunity and gives SBD time to self correct as more is introduced to the exchanges etc.
I also like the idea of a better STEEM distribution and if people take high valued SBD rewards to buy STEEM and power it up, that could certainly help.
At the same time, a high SBD value may only further encourage those who are taking a massive amount of the rewards for themselves already. Example:
grumpycat transfer 3,014.813 SBD to bittrexSo it goes both ways. The new users could benefit and the entrenched holders could benefit more.
Thanks for chiming in and taking a broad view of the topic. There are costs, benefits, risks, and rewards on all sides of this discussion and it's important for us to understand things as best we can to make decisions which benefit the most number of people.
"a high SBD value may only further encourage those who are taking a massive amount of the rewards"
Oh yeah? ONLY the whales, aye? Have you ever had to worry about money in your life? Let alone do work to survive? I'm sorry to sound harsh, but the incentives are ENORMOUS because of SBD. You really don't need much to survive in this world, which is why I'm asking you if you understand how much the rewards make people happy. Again, sorry. But I had to ask.
$0.36 under this comment, which today is $2.16. Write a few other good comments and you've got a day's worth of salary for many people. Is that not encouragement enough in your view?
Hello Bobby. In answer to your question, yes, I have. When I was in high school, my parents lost the house we lived in and we moved on to a boat. Food was donated to us and money was very tight. You can read the whole story here:
Living on a Boat for Two Years Shaped My Life.
That said, I won't get into a victim scoresheet process where my victimhood grants me a voice in any given discussion. Short-term, "poor" thinking leads to poverty. Long-term, "rich" thinking in terms of investment, time-value of money, compounding interest, understanding probabilities, etc, etc leads to abundance and prosperity.
Have you considered you may be thinking short-term which may actually harm the very people you want to support? If STEEM has gone up 46x and SBD only 7x, why are you pushing for the loser in that race? Why not further incentivize more exponential growth in STEEM which increases the entire rewards pool (both for authors and curators)?
I'm not ignorant about how some people's lives are radically changed here because of simple upvotes. I've tried to delegate my witness earnings to help support important communities here.
I'm all about making people happy and fully recognize how the rewards do that. I'm not willing to automatically assume a high, non-pegged SBD is the best way to increase those rewards and I've spent many hours making my case in the original post.
will vote for witness after this game, XD
I'm with you there about timing. I also don't think we have seen the effects of the current rate of printing due to steem prices rising.
About the influx of traffic, I don't think it's the high SBD. I think it's the visibility of STEEM in general due to both steem and sbd prices pumping. Most people coming here don't even understand how the two work.