Bittrex made it possible for companies and private citizens to deposit fiat and exchange for blockchain dollars or Bitcoin.
Before the SBD peg was broken, it was super-easy to onboard people into CRYPTO by selling them 1000 SBD for $1000 with a buyback guarantee of $98.5, Now it has been even easier since Bittrex allow to withdraw to your bank account or deposit from your bank account or via a bank transfer in non-volatile currency to be ready to invest when the time and price is right.
Bitcoin has always been the goto currency, often the only option to trade your fiat money via bitcoin and into for example STEEM. Bitcoin has worked as a middleman for quite a few years now and it may look like Bitcoin will continue without so much middleman power as it has had in the past.
I wish SBD really became PEGGED, and that we concentrate CAPITAL on the STEEM token. SBD is supposed to be PEGGED, and if it cannot fulfill its promise, we should make a decision and stop producing it and give authors and everyone else more STEEM/SteemPower in rewards.
We only have 9.5% inflation now, and next year it will be 9.08% and then 8.66% etc.
The time to HOARD STEEM is when there is STEEM to buy when the getting in is good. STEEM has 1 million+ accounts and we will soon enough be 1 million+ real users on our blockchain.
This is the INFLATION TABLE for the next 30 years, as you can see we are very close to 9.08% inflation because our supply is currently at 271,260,487 STEEM and 71.4% is powered up while the 28.6 % is available for sale (maybe).
| Year | Supply | Inflation | New Supply |
|---|---|---|---|
| 2016 | 250,000,000 | 9.50% | 23,750,000 |
| 2017 | 273,750,000 | 9.08% | 24,854,398 |
| 2018 | 298,604,398 | 8.66% | 25,854,554 |
| 2019 | 324,458,952 | 8.24% | 26,727,942 |
| 2020 | 351,186,894 | 7.82% | 27,452,027 |
| 2021 | 378,638,921 | 7.40% | 28,004,740 |
| 2022 | 406,643,661 | 6.98% | 28,364,989 |
| 2023 | 435,008,650 | 6.55% | 28,513,181 |
| 2024 | 463,521,832 | 6.13% | 28,431,762 |
| 2025 | 491,953,593 | 5.71% | 28,105,742 |
| 2026 | 520,059,335 | 5.29% | 27,523,204 |
| 2027 | 547,582,539 | 4.87% | 26,675,768 |
| 2028 | 574,258,308 | 4.45% | 25,558,997 |
| 2029 | 599,817,304 | 4.03% | 24,172,733 |
| 2030 | 623,990,038 | 3.61% | 22,521,348 |
| 2031 | 646,511,386 | 3.19% | 20,613,886 |
| 2032 | 667,125,272 | 2.77% | 18,464,106 |
| 2033 | 685,589,378 | 2.35% | 16,090,399 |
| 2034 | 701,679,777 | 1.93% | 13,515,587 |
| 2035 | 715,195,364 | 1.51% | 10,766,608 |
| 2036 | 725,961,973 | 1.08% | 7,874,074 |
| 2037 | 733,836,047 | 0.95% | 6,971,442 |
| 2038 | 740,807,489 | 0.95% | 7,037,671 |
| 2039 | 747,845,160 | 0.95% | 7,104,529 |
| 2040 | 754,949,689 | 0.95% | 7,172,022 |
| 2041 | 762,121,711 | 0.95% | 7,240,156 |
| 2042 | 769,361,868 | 0.95% | 7,308,938 |
| 2043 | 776,670,805 | 0.95% | 7,378,373 |
| 2044 | 784,049,178 | 0.95% | 7,448,467 |
| 2045 | 791,497,645 | 0.95% | 7,519,228 |
So STEEM may be a really good LONG TERM investment, but the SteemDollar has been useless for a long time now, and if it cannot be fixed, if our culture won't allow SBD to be pegged, then I cannot use it to onboard people via FIAT, because I do not sell volatile securities, just 1 dollar for 1 dollar and I buy them back from locals where I am.
VOTE FOR FYRST-WITNESS ON THIS LINK: https://steemit.com/~witnesses and come and speak with me on the brutally honest sharktank over at @SteemSpeak by following THIS LINK: https://discord.gg/TP6HYAx
I work for the STEEM blockchain every day, just ask some of the 5700 active members of SteemSpeak. 17 hours per day at least, while of course doing other office work as well, but STEEM has become more and more important to us and for many others. If we are going to succeed, or when we succeeded is because of TeamWork and consensus on the small and important ideas, like adding or not adding relationship status on the UI, to continue or discontinue the production of SBD now before more non-crypto people join wondering"what is a blockchain?". (Yes, I expect the majority on STEEM to change from crypto-experts to crypto-n00bs) Shoutout to @good-karma for making the eSteem app that really is the best tool to meet and onboard users, just need the peg, pegged and it will be even better, but we can do that as a team or we should decide to vote it out as part of the CORE economy and maybe implement it as an unpegged SMT along with other tokens dropped from their SMT pool from other communities (I predict tens of thousands of SMT communities) or just allow people to trade their SBD to STEEM over 6 months and not producing any more of them, and those that keep them may or may not sit on a valuable currency as SBD is just a single feature crypto with no power to it
Sincerely,
@fyrstikken
Owner of @fyrst-witness, @booster and @steemspeak. A very active STEEM evangelist,
If SBD doesn't become pegged there is no use for it and we have to get rid of it.
I am just afraid that Steem will decrease in value if the rewards will be paid only in Steem. Anyway I think that's a good decision for the long term of the platform.
I do not think so. When we have only ONE currency to concentrate our FIAT/BITCOIN capital on, then it should be STEEM/STEEMPOWER since those have voting rights.
Yes, you are right, I am just afraid of that fud, then everything will be back to normal. I really want SBD to disappear, it make no sense at the moment.
We have to do something. The right people have to see this. If USDT can be pegged then also SBD can. If noone can take care of that, let's say bye to sbd.
recently I have been paid more in liquid steem than SBD anyway, its actually better because all i do with SBD anyway is either convert it to steem on internal market,or just sell it on Bittrex.
Getting paid in just liquid steem will be nicer
instead of SBD we can use an SMT to become a BitUSD like stable coin using oracles and bancor
Ahhhi see the vision now! :D The SMt/SP option for the post rewards underneith 100% SP , it will be replacing the 50/50 option... i think we will now have the option of 50% SMT and 50% SP , or just 50% Steem 50% SP? Hmm i wonder..
see when I made that based on what i read in the Github page for SMTs, i didnt realize the SBD option might be gone by then
And hey instead of a pegged SBD type asset we can simply use built in calculators in order forms to just allow for an easy conversion from steem to dollars i mean, that shouldn't be a problem.. people use Bitcoin to denominate things and sell things in Bitcoin for like 0.01 BTC etc, so that works fine, so we really dont need SBD. And we can just use an SMT as a dollar pegged asset, we can have gold pegged assets, we can have euro, ruble, yen, pound, yuan or Won pegged assets.... its gonna be nice :D
exactly, if USDT can be pegged, so can SBD, and infact SBD was pegged VERY stable for a while!
It's only pegged internally.
If Steemit.INC failed to keep SBD to $1, why do you think they can do it with another coin/smt/token
The tether isnt broken its peoples perception of STEEM/Steemit that is broken
Even Bitfinex's tether fluctuates in price at times based on supply and demand. If you follow the history on coinmarketcap you can see that during the period that the price was crazy for sbd there was nearly no trade volume
We could still show the dollar value of posts, just pay in steem and show the dollar value right beside. The value can be taken from places like coinmarketcap. Even give people an option to pay in USD when sending the transaction and it would send the appropriate amount of steem.
I'm very pro SBD but the community really needs to come together and find consensus in how we can possibly peg it to its intended value of 1$ because if we remove it you will be taking an incredible tool away from the businesses that are looking to get established on the platform.
You say in the post that you don't sell volatile securities, but if we removed SBD then all the businesses on the platform would have to either work with Bitcoin or Steem which both are volatile (not implying sbd isn't volatile, we need to pegged and stop its volatility).
If you kill SBD completely, things like @steemmonsters will probably have a harder time operating, because, why would people pay with Steem for digital cards when you can power it up and earn more money that way? People are more willing to let go of their SBD because even though it can be interchanged with Steem, it doesn't have the same psychological effect on you when you use it, when you buy something with Steem you will most likely be regretful because, what if the price increases or I could have used it to power up and get better results, but when you use SBD you don't get the same regrets because its supposed to be worth 1$ anyways right, so even if you get 1.20$ worth of value when buying your card packs, you will like you are getting a lot (this is all a psychological effect in my opinion because its almost the same)
Well looks like i wrote more than what I intended too and i ended up rambling on a tangent sorry :^) but my opinion holds, We all lose if we remove SBD, lets fix it instead of killing it and maybe one day it will be preferred over the likes of Tether or TUSD thanks to the transparency of Steem and the big community that will be backing it will give it more trust over shadowy cabals at Bitfinex :-P
Your steem monsters point is perfect. Remove SBD you kill steem's business functionality . You remove all functionality businesses need. BUT SBD pegs been broken for so long, we are fooling ourselves ... maybe we really do need to get rid of it.. this one drive sme crazy im on teh fence and cant decide
Sometimes i think Its just not possible to remove SBD, now letts move on and stop talking about how we should be removing our livers because "we dont need it" LOL thats what talking about removing SBD is like... But then again it hasnt been at 41 for almost a year now and we are kidding ourselves with this broken peg. But when we DID have a peg it was maintained very well! I understand that the only reason the peg is broken is because the witnesses decided to do this. It must be that way, it is the will of a few power users i mean.. they WERE keeping the peg for so long... then what happened?
I do see how It would be great to get paid only in steem and get to make money as steem goes up like 50 cent accepting Bitcoin for his album in 2014 and making 8 million dollars off of it... but then you also cant do things like allowing for SBD to be $1 and use it as an actual currency,
you end up with people who make deals or bets end up having to pay 10 times more as steem goes up, we need pegged assets that are stable... having your currency go WAY up in price is GREAT when you hold it but on the flip side it is hell for anyone whop then has to try using it, no one is able to get anything done ista mess
but ist already like thata nd i guess we just have to be used to using a rising currency
we are just going to have to get used to hyper inflation one day with teh dollar
the dollar will collapse one day when people just stop caring about maintaining it once the smart people all have crypto.
There's multiple solutions to the peg that have been proposed and tossed around multiple times but they where never taken seriously because sbd was flying through space when they where proposed, but now that the price has fallen close to the peg, we have a decent window of opportunity where we could take swift action and do something about the peg.
Don't get me started with hyperinflation :^) I'm from Venezuela and we've had 45000% inflation in the past year and i've been trying to get all my family and friends to move their money away from the VEF and into crypto way before the wild ride of hyperinflation started! Imagine buying something for 300$ one month and then 3 months pass and you see the price at 5.000$!
Now imagine that but 300.000 and then 3 months later the price is 5.000.000! I've seen people on the streets take minutes to try and process the mad numbers we are working with! I bet that in the next few months we will be working with billions and trillions!
damn, i never thought having to think about billions and trillions would end up being such a shitty thing lol im so grateful to have a fiatpaper currency that isnt controlled by assholes,
Our illuminati takes CARE of us man... cremation of care lol... no but seriously venezuela shjows what COULD happen but it DOESNT happen here... because have.. DISCIPLINE hahahaha i mean its still bad to just print money but somehow we find a way to do it without destroying the economy! Why cant venezuela? Why are the venezuelan socialist government assholes just printing so much money? Is that how they pay for their government programs? D they Tax people AND tax them again with inflation? Why do your people vote for such criminal socialists time and time again? Its like they never learn. Must be a very low IQ population? No? well whats wrong with you guys then?
EVEN as we print trillions of dollars we somehow dont manage to hyperinflate our US dollar YET
When it DOES hyperinflate good riddance! ill be happy to be the richest person on my neighborhood and all of you will be too! People will come try to steal your private keys so make sure you are all staked up into Steempower and have the stolen account recovery feature on standbye :D
Sadly, I was basically born into this mess, I was 3 years old when the socialist came into power, the people that vote for the socialist have 2 common characteristics, they have this deep hatred against people that have more money, resources and education than them (hatred towards the "bourgeoisie") and the lazy people that prefer to live in a shithole, not work and recieve free food and aid from the government, what do these people do if they don't work? beats me, probably watch tv all day and breed because the revolution needs more soldiers :^)
Thankfully right now, I finally managed to get another passport and I'm gathering my resources to leave so the 20 year long torture will end soon.
I don't think that way. If sbd will be removed there will be a lot of demand for steem, for steemmonsters and for every project. The projects can adapt :D This is a very important step for steemit.inc in my opinion.
Let's assume you are right, tons of money goes into Steem, let's assume we get into an scenario where steem slowly raises non stop to 100$, who in their right mind would spend Steem on cards or services when the price continuously rises? We will get into a pretty stagnant HODL situation where none will spend because the price keeps rising... that's why we need a pegged currency to do trades and buy and sell stuff on the chain, that's the whole purpose of SBD! To enable business to run, be it on a bear or bull market.
that's false in my opinion, trust me, there are a lot of whales trading steem and a lot of whales waiting for steem to reach $5 so they can sell. How can you be afraid people will hold when this is good. lol
I think you actually gave more reasons to my argument, why would you willingly spend Steem to get Steem Monsters @ 1.50$ when you know it will eventually reach 5$+ in the future? Why would you spend it instead of holding it for trade or powering up and use it to get extra revenue?
Thats the reason we need a stable, pegged currency, so that people spend money on the businesses that are getting established on the platform, because want it or not, a lot of the future success of the platform after we manage to solve the creating new accounts problem will be thanks to businesses failing or finding success here, the more successful business stories we create here at Steem the more likely other people will be encouraged to start a business here and with that comes money! SBD will be the tool for those businesses to run and recieve payments while Steem will be the lifeblood of the accounts and the bandwidth/ resource points in hf20.
I would buy steemmonsters thinking I can make more money than holding steem. I would buy any product I need with steem at any price, I like using crypto and not cash. We need steem to be in the light and not sbd. Steem blockchain is important. You have to understand there are people without a job in real life, like me. I live from cryptos.
If I need food I sell steem at 0.5$, easy like that. But of course I am also holding some for the future, that's how things work for most of the whales on the platform.
When someone wants to buy a lambo with steem he will buy even if steem is $1 or $10 lol
How right that is.
I have been working into trying to create incentives for business in south america to accept SBD but the volatility as it is is too high and risky.
I think use of the debt instrument is key for business adoption and once we manage to work that out it will have a very positive impact in the prices.
These tokens have no inherent value but what we want them to have, and real life uses are key to further develop the platform.
I've spend months in to developping a money pouch linked to discord for ease of use to try to make easier to adopt SBD as a means of payment without compromising security and at the same time ease of use.
And have had to rethink the whole concept because of the broken peg.
Ahhh hold on there, there IS NO SUCH thing as "inherent value" or "intrinsic value"
Value cannot be separated from the valuer
come on people.. didnt @mughat teach you anything??
The market value of steem is its value. Period. end of story. A business will use steem if they are forced to.
Find a failing local business like a coffee shop, now go show that coffee shop how to accept Bitcoin and Steem on a smartphone with a simple Esteem Mobile App and Bitcoin Bitpay Wallet App, which comes with a $10 Bitpay Visa Debit Card you get in the mail, so a business can just easily so easily convert their Steem to BTC with @blocktrades at the end of the day, send it to their Bitpay Wallet and get Cash out of an ATM , heck they can just use their OWN ATM in their own coffee shop if they have one! They can even use their own cash register as an ATM and buy and sell BTC or STEEM from customers too and charge a nice hefty exchange fee. Businesses must be free to partake in this sort of free trade, without the need for fucking government paperwork that tells them how much they can and cannot buy and sell things. I believe we are free to trade and we cannot start telling a business that they are not allowed to sell Bitcoin and steem along with Coffee, and I see West African nations with low regulation and small government (simply because the government just cannot AFFORD to be a large government, its perfect place to experiment!) and we can try these systems out, find out how much money a failing business can suppliment their income by becoming a small local exchange for crypto to fit. Imagine if every local store would accept your crypto or SBD you earned for fiat or products, well, at the end of the day if a store had a lot of crypto they just end up trading that on @yensesa a Ghanian Exchange which will soon also workin Nigeria and all Mobile Money equiped west african countries, Binance is also opening Binance Uganda with local Ugandan digital SMS sent fiat to BNB token pairs, so it will allow Ugandans to trade their local currency to Binance tokens, which is possible because in developing countries they are already using SMS digital money over text messages so it is easyto send fiat to people already, so bitcoin or crypto works VERY well withit! Its not like in USA or europe where we have to freakin wait 3-5 days to send bitcoin to our Bank with Coinbase. In Africa they can do things Faster because of technological/economic leap frogging.
Anyway really do need to expand steem into small businesses and create Apps like the @letseast app or the @actfit excersize app, we need an App for store owners to be able to easily accept steem or SBD with invoices for products that meet all the global standards etc. to make it easy for a store or business owner to begin accepting Steem or SBD with a complete invoice suite etc, make it like the paypal merchant app or the other merchant invoicing apps, but have it use Steem/SBD (and also Bitcoin to sell it as an app to accept bitcoin, maybe shapeshift can allow most other popular cryptos too, so we can really make teh app popular.
SBD pump and dump games are not stopping at all and also the exchanges have been playing around it like hitbtc the team of steemit need to do something regarding that
I think sbd back her position in December 2018 and price will be $10+.
Oh yeah, this is incredible. SBD at $1 and Steem at $10 :D I can feel that! I really can! I honestly feel Steem deserves a $20 valuation by years end because by then, Bitcoin should be pumping up by Big Banks, and $60,000 BTC, well, if $20,000 BTC pumped Steem to $8, then maybe $60,000 will push steem to $24 Steem .... because Steem seems so connected to Bitcoin prices.
HF20, Communities and SMTs will push steem up and get us some major investors who are simply WAITING for the new upgrades! I feel like they want to SEE the new upgrades before they invest
Wow sir, many many thanks for sharing with us greet information.I waiting for new upgrades
Excellence post. I still believe with steem our future is secure. Steem on guys
upvote and resteem.
Thanks so much many Sir, you have made this post a lot better than share this new post because you try to learn something like a lot better than you posted your posts and your favorite sides, you are from me on my side
Dump SBD. It no longer works. I would have really loved for it to be pegged at a dollar so that we could have continued to keep our earnings this year instead of watching them fall into cryptoblivion but since that couldn't happen..... let's just get rid of it. It serves no purpose anymore.
USDT is pegged to dollar because they have the same amounts of USD in the banks and they release more when they see its price is rising so they are able to keep it pegged with 1 USD but this is not the case with SBD, they are rewarded with different algorithm than USDT.
You have a new follower . :-)
Thanks for share this post . Upvote and resteemed it . Thanks
Let's hope that the SBD can be fixed and we can continue obtaining it and that the steem also goes up so that everything goes well so that if we do not have to leave the SBD and that is not good for the community
Yes, in my opinion also we should more concentrate on the Steem. And good to hear about the update of Bittrex, and any productive updates from the exchanges is great sign and we should appreciate it.
Yes, Steem is definitely will be included in long term portfolio. And in my opinion these are still early days and if Steemians hold effective Steem then future is bright for sure.
Yes, in future we will going to see more and more real accounts and in my opinion in that aspect, Dtube, Dlive and Steempress, these platforms will going to play handy roles.
And at last, i want to say that SMT's are game changing aspect and as soon as we will going to see the launch of SMT's then in my opinion big changes will faced by the Steem Economy.
Wishing you an great day and stay blessed. 🙂
if we really wanted SBD to be pegged, then we would have not allowed it on exchanges in the first place. I see campaigns to have it added to more and none to have it removed.
I agree with the peg, however I feel for on boarding new people, getting rid of SBD would be better. There is too much for non crypto people to learn, steem, sbd, vest, SP, now we will have the bandwidth thingy too and will have SMTs on top. FFS
And don't forget to mention that inflation thing...
givesherthatclinteastwoodlook
Excellent post, very well articulated. thank you so much.