✴️ SBD IS $0.58! IS STEEM BACK DOLLARS DEAD? ☠️ ☠️ ☠️
What's Up STACKERS!
Holy Moly! The whole Crypto Markets is feeling some major pain of late and people are currently hustlin' out the door, never to come back (maybe). 😳
There are some statistics showing that we are only halfway done with the bear market. If that is the case, be sure to hold on tight because we haven't seen capitulation yet. 😲
In my opinion, it's a possibility that this bear market can last well into the summer of 2019. Only time will tell if I'm right or wrong... at this current point, it doesn't matter lol
So with that being said... A few hours ago, I was looking at the price of SBD and to my surprise... it's currently listed at .58! 🤯
I have yet to see any witnesses address this issue and it seems to me most of them are in hiding. Just Sayin' 🤷🏼♂️
In my own opinion, we should just get rid of SBD. It has major problem staying pegged to the $1 and stable.
I'm no Einstein, but having it just makes no sense to me anymore.
I was going to address this to @ned at the 'Questions and Answers' stream Today but that been postponed til' Tuesday. 😑
What are your thoughts? Should we keep SBD? Why is no one talking about it? Does anyone gives a shit anymore?
I'm just looking for some answers. Keep your heads up peeps! Shit looks awful today and there will be more pain to come.
Keep On STACKIN! 💞
~ Charles Fuchs
For those who's interested in following my "Content" and "Daily" Posts... you can just follow me @stackin to get my updates.
It's not dead unless STEEM is dead too. If STEEM recovers to 40 cents then SBD would be pegged back to $1. This price target for re-pegging declines along with the supply of SBD. It was 41.5 cents several days ago. So even if STEEM just stops dropping, SBD will eventually recover (though in that situation it may take a while).
The SBD system was designed to drop off the peg if STEEM declines too much (in a crash type situation as we have had), but it was also designed to recover, which it is in the process of doing. The latter requires that STEEM not continue to crash though.
All the whales were bitching when the authors were making more money last year with pumped up SBD pricing so they added more supply to SBD and looked what happened...
We need to just remove SBD completely, if it can't hold a peg then it's worthless anyway and it's something people can point at as a weakness to our platform.
Let’s remove it ourselves... do u know how to hack it? Jk 😂
Posted using Partiko iOS
hahhaha, i wish
No change was made to the SBD supply until after its price had already returned to $1. It was discussed but there was never consensus to take action. It was the pump itself which created the oversupply, not the later changes (even with the incremental supply from the code change subtracted out, we are still in the haircut zone now).
Also your theory of pointing fingers at Steem whales doesn't explain why BitUSD reached its 'global settlement' at almost the exactly the same time that SBD reached its 'haircut'. In fact these systems have limits which recent extreme bearish conditions in crypto markets have reached. They are designed (we at least hope) to bend and recover rather than completely break.
There are many things about Steem which don't work well or at all, starting with the flagship feature of rewarding content/contributions. This is all a work in progress, and improvements have been and will continue to be made. Many of us believe that SBD has enormous potential and is deserving of the same sorts of efforts to improve it rather than removing it (for which no known viable method to do so exists anyway).
Why was the SBD supply increasing so fast last year when the prices were high? I was watching the supply go up super fast. I assumed it was the witnesses changing some settings to try and get SBD to go back to 1 by issuing more SBD's.
There's really no need for SBD. We can just use a calculator to calculate the amount of Steem needed for any given transaction, just like all the bitcoin merchants do. Also there are already stable coins that actually hold a peg out there like TrueUSD, why not just use those?
There were no witness setting changes whatsoever. A couple of witnesses did attempt to do so but all witness settings are subject to a vote (or median function in the case of price inputs) and it takes more than two witnesses to make any difference.
The high rate of supply growth was a function of the high price of STEEM (so large reward pool) coupled with SBD being overvalued. Normally (when SBD is priced about $1), there is a dynamic balance bewteen SBD being printed and SBD being destroyed by conversions. However, when SBD is way overvalued no sane person does conversions so the supply just builds up.
Those coins have counterparty risk and have 'features' which enable the custodian to freeze your coins. They also require using other blockchains with inferior scalability and the need to pay transaction fees in another coin (so if you want to buy some TUSD, you also have to buy ETH just to pay fees). The former is a different tradeoff (meaning there is room for both) and the latter is just a product with a much worse user experience.
Why not just use a calculator like the bitcoin merchants do?
Also what is your discord name, i didn't find you under smooth.
People want to HOLD some stable value (at least for short to intermediate periods). There is at least 2 billion dollars in stablecoins and it is one of the most rapidly growing segments of the cryptocurrency market both in terms of market cap and new projects working to address it.
Merchant might be another use case but just not having the value of your coins change by 10% +/- per day is enough of a reason to want it. Actually, this relates to merchants too, since most of the Bitcoin merchants immediately convert to fiat (or have their payment processor do so). They can't or don't want to risk losing 10% of their revenue on a Bitcoin dump.
I'm registered as smooth but I don't sign onto discord much.
Do you use skype?
Yeah that all makes sense, what do you propose for the SBD going below $1 like now.
Thanks for you input! Should the witness try change the rate or is it to early or do they care anymore? 😀
Posted using Partiko iOS
Witnesses care and are watching the situation closely. At this point it appears that SBD is working as designed and intended without any immediate witness action. It is slowly recovering on its own from very nasty market conditions which require resorting to some degraded service (reduced peg target) for a period of time until STEEM recovers or at least stabilizes.
Great comments @smooth 👍
Posted using Steeve, an AI-powered Steem interface
never understood why people in crypto wanna make things more complicated than needs to be
one token - steem
simple.
and yeah i know there are reasons for everything. but at the end of the day if you want more adoption you have to keep things simple for people.
Posted using Partiko iOS
We need simple, 90% of the population are simple people 😂
Posted using Partiko iOS
Very true. I’ve been here almost a year and I only scantly understand the relationship of Steem to SBD to Dollars. I just want Steem to go up 🤷🏾♀️
Yeah I've been calling for them to remove SBD's completely it's unnecessary and complicates everything. But nobody wants to listen.
How can we make them listen, start flagging everyone 😂😂😂
Posted using Partiko iOS
I guess we just go down with the ship. 😂
Reminds me of the ending of the movie “Perfect Storm” 😂
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CMC says $0.55 and dropping fast. Steem is at $0.23.
I know we tried to get rid of it before, but it seemed like everybody just wanted it and there were more and more assurances that it was going to stay at peg.
Does it have some purpose that makes it so desirable? I don't see what is desirable about it really.
I'm still hoping this is all some big Market manipulation by a giant unknown whale and things are going to reverse in the middle of December once that whale has figured out that it's time to make money.
Manipulation is far fetched. Someone would need to be dumping them. Purposely to grt everyone to sell. But most of the steem is locked up in steem power, so the remaining steem is being dumped at a huge discount. If steemitinc is selling it to finance things, that could be why. 2million dollars worth of steem is 4million steem that's being liquidated.
I'm really not sure how much theyve sold at discounted prices, but I'm sure it's a lot!
Yeah who knows... I’m just trying to get opinions from fellow steem users but it seems to me no one cares anymore lol
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I think steem is dead, BTC, is dead, SBD is dead, they are all dead. No more blood on the streets because they are all bled white @stackin
If it’s dead, I’ll resurrect it in a few years 😂
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this is what is needed, imo..
https://steemit.com/blog/@lucylin/here-s-a-thought-some-positive-action-is-needed-on-steemit
Bro, please don't jinx the market haha. Seriously, I might cry
This market is messing everything up... It can be a good thing because it forces steem and others cryptos to work on themselves to survive this winter market. Also it sweeps all of the shitty coins of the market, only the strong ones will survive this drop!
I agree i think this will weed and seed weak coins. Its just about having strong hands at this time. Just keep going and know what foes down must also go up. Its playing hurry up and wait ril it does
The world of crypto is really bleeding seriously and affecting many, Xmas is around the corner but many hodling this crypto are scared of selling because price may eventually spike after selling. Selling huge amount of sbd currently may worth nothing compared to the bill on ground
For me the issue of sbd shouldn't be crap off just like that but the pegged to 1$ should be remove if possible. I believe sbd can still make people smile
Only time will tell 😀
Posted using Partiko iOS
stable coins are shit anyway as they all struggle to stay stable.
Also SBD is confusing if you try to explain steemit.
SP, Steem and SBD...but maybe all my friends are idiots
Nah, once I joined Steemit it took me 7 hours of study spread over a week to fully (or decently) understand the mechanics and scope of SP/Steem/SBD. And I ain't no idiot 😏
🤣
Posted using Partiko iOS
We all have to make it simple for 90% “average” people 🤣
Posted using Partiko iOS
😨😨😨😭
Posted using Partiko Android
Did I scare you with some FUD? 😋😂
Posted using Partiko iOS
I think it has to do with the same issue when one SBD was worth then $18.
So we all may have bigger fish to fry.
You said the crypto market may be sliding till summer 2019.
That will be an event to remember.
Since you and I may not be able to flip the scale
We should accumulate any token worthy to save.
Not sure which one but your advise will be greatly appreciated.
I know crypto ain’t dying.
It is just a transcending moment for certain folks to get in and more to live the sphere.
Keep on postin.
Posted using Partiko iOS
I see a small reversal happening soon... a temporary head fake up, the market went down to fast the last 30 days. What do I know 😂🤷🏼♂️
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Crypto can't die...at least not anytime soon. More and more influential people are starting to adopt crypto (not sure if that's a good thing), so now we can only wait and observe.
Charles @stackin I am just Watching Silver Bars and Bulldogs Myself as You can See in my Latest Post.................
I see you bro, Silver life! 😎
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