As an active member of our blockchain ecosystem, I am writing to address a crucial aspect of Hive's financial infrastructure.
The HBD Stabilizer.
The project was initiated by our esteemed Hive witness and developer @smooth. It plays a pivotal role in maintaining the Hive Backed Dollars (HBD) price stability and serves as a significant mechanism in ensuring the stability of our blockchain's economy.
By mitigating the HBD price volatility, this initiative has contributed to the financial health and robustness of the Hive network. You can read the details provided in @smooth's post for more insights into the project's objectives and achievements ([1] [2] [3]).
Current Situation and Required Action
The current proposal (#308 - May-2024) is set to expire tomorrow!
Therefore, I find it imperative to take proactive steps to uphold the integrity and functionality of this vital service.
Despite my attempt to contact @smooth for confirmation on a new proposal, I have not received any updates. However, the good news is that the @hbdstabilizer bot continues to operate seamlessly, which indicates the service should not experience any abrupt halts.
To ensure that this essential service continues to do its job, I am submitting this proposal identical to the existing one. For consistency and efficiency, it will ask for the same amount and the funds received will be transferred from the DHF to the same beneficiary.
The @hbdstabilizer bot should continue to do its job with the funds it receives. It goes without saying that it will require careful monitoring. If there should be a problem, it is possible at any time to deactivate the proposal to avoid funds being "at risk".
The proposal is planned to run for 2 months, providing us with a buffer period to ensure stability and to anticipate what will need to be done in the future.
Next Steps
It would also be important to think about decentralization or integration into the blockchain code of this service so that its long-term functioning does not depend on the goodwill and vigilance of one or two people.
In the unlikely event that the @hbdstabilizer bot ceases operations, I could consider developing a similar bot to take over its functions. However, this contingency plan will be initiated only if there are no updates from @smooth in the coming days.
Community Call to Action
Your support and participation are crucial in ensuring the continuity of this service. I urge all members of the community to vote for this proposal at their earliest convenience. Your vote will play an integral part in maintaining the financial stability of our blockchain.
Support This Proposal:
- Vote for the proposal (#328) on Peakd.com
- Vote for the proposal (#328) on Ecency
- Vote for the Proposal (#328) on Hive.blog / https://wallet.hive.blog/proposals
- Vote for the Proposal (#328) using HiveSigner
Thank you!
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I didn't realize it was expiring so soon, but the interim proposal seems fine. It doesn't matter who makes the proposal as long as the funding goes directly to hbdstabilizer.
I'll make a new proposal to start in a couple of months after this one is done.
It's a good thing that there are several of us who care about it, although I would like to see this process integrated into the core code.
Thanks for your feedback and for initiating this project. Glad you're taking up the torch for the next proposal.
Thank you too!
Crikey this does really want coding in I think in addition to what's already there!
Yup, having the HBD stabilizer processes more integrated into the Hive codebase could enhance reliability and decentralization by reducing reliance on individual contributors or external scripts.
Can we get some stats on the trading activity?
How much has the bot returned to the dhf?
I'd be interested in seeing if 'the community' was ready to step up and take this task upon themselves.
@dalz did a dive into that a few months back. I remember reading it and being impressed with the detail he went to. So, I dug it up, and that analysis is here:
https://peakd.com/hive-133987/@dalz/data-on-the-hbdstabilizer-performance-or-hbd-added-in-the-dhf-and-removed-from-circulation-sano5c
But to sum up the part you directly asked about:
I don't think the community alone could do this. Or would do this. Who would look at profit and voluntarily push it to the DHF for the good of everyone instead of just keeping it themselves? The stabilizer is our best option.
That is great, thanks.
I guess the number I would really like to see is how much is the stabilizer and how much is the restofus?
If those profits could be going to the restofus, I might not want to support the proposal.
It would be nice to know that 'the community' is carrying its own weight and doesn't need special dispensations from benevolent stakeholders.
But, I doubt that is the case.
I mean, it's a pretty basic arbitrage bot. Beyond the size of available funds, there's nothing stopping any of us from doing this same thing. Smooth has been pretty responsive to when the bot needed less funding, so I suspect if enough of us began running the same kind of bot he'd just scale its funding back.
Yes, I think that was the plan, but who is cheerleading the community to step up?
This place seriously needs a figurehead to rally around, but nobody has managed to achieve orbit from the crowd.
A couple managed for a time, but human foibles always come out after some period of time.
!BEER
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BEER.Hey @arcange, here is a little bit of
BEERfrom @pixresteemer for you. Enjoy it!We love your support by voting @detlev.witness on HIVE .
Thank you @arcange for taking this initiative, we really appreciate your work!
I hope @smooth give us an update soon.
Thank you @resiliencia! I reassure you, @smooth is alive (cf. his comment)
Thanks!
I tried to vote for the proposal, but i did not seem to work. But i will try again tomorrow morning.
Thank you for caring @kamilla19
Voted
Thank you @toofasteddie
Great work
!ALIVE
Thank you @oasiskp2
I don't support too many proposals, because my default position is that I like to see a business case which explains how the proposal will become self-funding in due course, or provide a return to Hive that covers it's cost.
But having a mechanism to stabilise the HBD price is a no-brainer. What would be the point in having a stablecoin that wasn't stable ? Got my vote 😀
The funding for the hbdstabilizer proposals gets sent back to DHF, often with a profit, so it's self-funding as you say.
Thank you for your support @alonicus!
As @smooth mentioned, all funds head back to the DHF so yes, it is an easy one.
Great work.
Thank you @djbravo
Most welcome.
This one is the easiest decision ever, upvoted!
Thank you @pardinus
😊👍🏻👍🏻👍🏻👍🏻
Interesting article and best wishes to all of us.
Thank you @mnurhiver
You're welcome, my brother. And may all of our days always be pleasant.
You got my vote 👍🏻👍🏻👍🏻
Thank you @bombus
Whatever it takes to prevent a terra/luna type situation 😅
Absolutely, it's crucial to prevent similar situations. It's all about safeguarding against potential risks.
Thank you very much, @arcange, for bringing this to the community's attention, and creating the proposal! I'll support it right now! 😁 🙏 💚 ✨ 🤙
Thank you for your support @tydynrain
You're very welcome, @arcange, I'm grateful to be able to assist! 😁 🙏 💚 ✨ 🤙
Voted
Thank you @tobetada
Done 👍
Thank you @solumviz
Nice work Arcange, good catch on this and thank you for what you do!
Thank you @captaindingus
Done!
Voted! 👍
Buen trabajo @arcange !!!
En los próximos días haré una publicación dedicada a las comunidades y perfiles que han apoyado mi contenido, espero les guste, en el arte es cómo puedo darles mis agradecimientos..Saludos desde cuba 🇨🇺😊👏
Supported with all my accounts, personal and community. Thank you for working for the community with so much love. @arcange 😘
!PIZZA
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@danzocal(1/10) tipped @arcange