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RE: SBD Print Rate: 0%
...with SBD back close to $1 it would be reasonable to re-enable it
Indeed it would. Any idea of why it hasn't been re-enabled?
...with SBD back close to $1 it would be reasonable to re-enable it
Indeed it would. Any idea of why it hasn't been re-enabled?
Because as long as SBD is over $1 you will lose value. It only recently came close to $1 but I still don't feel it is "pegged" but more happens to be near $1. A lot of costly mistakes were made with the conversion feature when SBD was worth more than $1.
This sounds like a "Nanny State" type of response. Sure there is an argument for protecting ignorant users when the SBD price is maybe 1.10+ but at the current level there may be genuine non-technical users who would be happy to pay a small premium for the convenience and/or to see the systems debt level reduced.
Right now it is trading at 1.03 according to steemdollar.com. We would probably pay less now using this conversion than an exchange. Blocktrades charges 5%, and I think they are one of the exchanges with lower fees. It would be nice to see it keep within 5% in a bull market as well but this hasn't happened yet. We will see what happens when McAffee's private parts become safe or the next halfening of the blockchain reward for BTC. Which ever comes first. :)
No, but my guess would be: a) other priorities, b) SBD is still above $1 (if only just) so in most cases conversions are pointless still. Most of the major traders/investors who want to do this are comfortable using the CLI (or possibly steemconnect) anyway.
a) Is just not valid. To re-enable previously disabled functionality in a UI is seriously a 5 minute job - maximum.
b) I wouldn't consider it pointless. If I was a big holder of SBD and wanted to liquidate, converting to STEEM at 1.01 or 1.02 it is still much more preferable for all involved than dumping my large SBD holding on the open market - paying brokerage and damaging my sell price with volume in the process.
But sure, major traders/investors (a.k.a. speculators) are not affected and those are the ones we really care about...
If you are really a big holder such that you can't sell without crushing the market below $1 (easily thousands of SBD can be sold >$1 though, just not instantly) and you care about this you can manage to figure out how to use the CLI or it can be done with steemconnect (which amounts to putting the request in a web link and typing it or copying it into your browser; I believe there are some posts explaining how to do this).
Bear in mind that the UI in no way supports the entire range of Steem blockchain features. For example, withdraw routes are another feature that can only be done using the CLI (or steemconnect). Or creating accounts, or fill-or-kill market orders, or several other things. Once SMTs arrive there will likely be a lot of SMT functionality that can't be accessed via the web site. I think its okay that the web UI provides basic functionality and to do the rest you have to use some other tool.
You mean slippage maybe? Because if you trade on the internal market there are no fees. You can only trade for STEEM, but that's what you get if you were to convert anyway.
I agree with you on a) but in practice there seems to be a problem with walking and chewing gum at the same time around here.
Okay, Sorry but I just have to ask, this conversion function that some of these people want to come back, is this the same conversion that took 3 1/5 days to convert SBD to steem? If so I, as a non-crypto person thinks it should stay gone. the internal market does the same thing only faster.
Yes that is the function they are talking about.
I hope they do not bring it back, after @everittdmickey explained the internal market, It was a big boon to me. So thank you for trying to keep things clear.
Nice
I could implement this over on steemfiles.com but you'll have to audit Typescript/Javascript code or trust me. I should link to the source code of the steem-js fork I use but the rest is clear un-obfuscated javascript.
Motivate me to implement it and I'll start on it.