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RE: What I'm Doing as A Witness to Fix the STEEM & SBD Value (what YOU should do too.. maybe)
Here's what I have done and am doing:
- Invested a lot of my time studying and thinking about the STEEM and SBD markets as well as the SBD pegging mechanism. That led to my recommendation to raise the SBD interest rate and to discussions about it and related topics both the #price and #witness steemit.chat channels, and privately with other developers and witnesses.
- Risked my own capital by engaging in trading in both internal and external markets to support the SBD peg and reduce SBD debt. I've also spent a lot of time discussing these strategies with other traders on the #price channel. I encourage others to participate but also want people to be informed that these strategies are risky and can (and do) lead to frequent losses.
- Developed the teamsmooth internal market market bot (currently in pre-release testing) which your screen shot above shows that you successful used for trading there. This makes using the internal market instant, easy, and cheap for users wanting to exchange modest amounts of STEEM and SBD. The nature of the service and the Steem system mean this market maker is expected to lose money and is (as with all teamsmooth initiatives) subsidized by my witness rewards.
- Pledged to inject external capital to buy and hold at least 25000 SBD to support the peg, if and when the interest rate is raised to at least 15% (I do not feel that the risk of buying and holding SBD is justified at 10%).
- Voted for @klye as witness!!!