@ned,
Is there anything to be said for a compromise?
You and the team came up with an excellent solution for the NSFW issue of censorship to suit both sides of the argument. Options are always nice.
If the main issue of SBD is that it causes Steem to be more volatile - which I presume is the reason why our payouts have been partly steem to reduce this effect - then perhaps the affects could be further reduced by giving people the option to be paid out in steem and SP only. This could even be a locked in option, where once opted in you cannot opt out, so that anybody who wants SBD after they've chosen to be paid out in steem can still get it on the market. This probably complicates how the dollar is pegged I guess that's a question... But if that were possible it could serve as a short term solution, so that new users are still introduced to cryptocurrency in a digestible way.
I had bitcoin for over a year before I actually thought of it as money. I got €20 worth as a Christmas present (thought what the fuck is this shit lol) and within a month or 2 it was worth €50. While I thought that was interesting and impressive it didn't make me want to cash it out as I figured it could still go up or down and it wouldn't matter if I lost it - I still didn't value it as money. I had €300 worth of bitcoin the week I joined steemit having still never touched it (mostly won from a family experiment, not trading). The stability of SBD, knowing what it's worth today and what it will still be worth tomorrow made me cash it out and that is what made crypto real!
I would be opting to be paid in steem if the option was there - but I see too much value in being introduced through SBD to agree that it should be done away with... Certainly at least not so soon after the changes we're still adjusting to. Experiments should be given time to have the results measured accurately.
You're right I've changed my mind on that. Just wondering if there needs to be some kind of incentive to be paid out in STEEM and SP. From what I understand the market value of steem is not actually the same value as the steem we get from a payout and the witnesses somehow determine that value... (?) So I'm wondering now if in that given situation would people choose the way they are paid out based on where they can get their steem for a better price... The payout or the market...
A compromise is indeed in order. Let's put our heads together to think of a way to merge all three currencies S - SP -SBD into one token, give it a 7.5% APR, make it both tradeable as a token and a smart contract that guarantees a dollar peg. Then you can choose to power it up - or not - for any given amount of time that scales exponentially by the length of investment. Isn't this like the US Dollar? I mean, you can do anything with one dollar... trade it, buy with it, sell with it, save it, lock it into an IRA for 30 years or package it into a derivative and cut it up into a thousand contracts.
technically apple computer is a set of transistors, a little bit of plastic and aluminium, but this is not important. Concept of value comes from user's perception. If something is seen as valued $1, then it becomes $1.
How you call your dollars in bank account? "Bits, ones and zeros which represents my money" or just "my dollars"?
A computer is a combination of many vastly different things whereas a SBD is just a collection of steem. Calling a collection of steem "dollars" is erroneous and misleading to those who don't understand what they really are.
A computer is a combination of many vastly different things whereas a SBD is just a collection of steem.
SBD is not just a collection of STEEM, oh no.
SBD is a smart contract
SBD would not be possible without price feed
price feed would not be possible without witnesses
all of these would not be possible without a concept of blockchain, DPOS and many more
Calling a collection of steem "dollars" is erroneous and misleading to those who don't understand what they really are.
most money of the world are debt, but no one use this term. Dollar is already abstract concept (would you be able to explain what is a dollar to someone from stoneage?). SBD is the easiest way to understand on entire steemit. You do not need to know how engine works, to drive a car.
The other things you mention are not part of the SBD itself. They're auxiliary support components. The US Dollars we use today depend upon a vast array of supporting systems, people, and devices like the Federal Reserve, Treasury, Secret Service, bonds, banknote printers, etc. Auxillary support components like those are essential to the function of the Dollar but they are not part of dollars themselves.
@ned,
Is there anything to be said for a compromise?
You and the team came up with an excellent solution for the NSFW issue of censorship to suit both sides of the argument. Options are always nice.
If the main issue of SBD is that it causes Steem to be more volatile - which I presume is the reason why our payouts have been partly steem to reduce this effect - then perhaps the affects could be further reduced by giving people the option to be paid out in steem and SP only. This could even be a locked in option, where once opted in you cannot opt out, so that anybody who wants SBD after they've chosen to be paid out in steem can still get it on the market. This probably complicates how the dollar is pegged I guess that's a question... But if that were possible it could serve as a short term solution, so that new users are still introduced to cryptocurrency in a digestible way.
I had bitcoin for over a year before I actually thought of it as money. I got €20 worth as a Christmas present (thought what the fuck is this shit lol) and within a month or 2 it was worth €50. While I thought that was interesting and impressive it didn't make me want to cash it out as I figured it could still go up or down and it wouldn't matter if I lost it - I still didn't value it as money. I had €300 worth of bitcoin the week I joined steemit having still never touched it (mostly won from a family experiment, not trading). The stability of SBD, knowing what it's worth today and what it will still be worth tomorrow made me cash it out and that is what made crypto real!
I would be opting to be paid in steem if the option was there - but I see too much value in being introduced through SBD to agree that it should be done away with... Certainly at least not so soon after the changes we're still adjusting to. Experiments should be given time to have the results measured accurately.
The option would be interesting to see for those not interested in holding SBD but I don't agree that it should be an unchangeable option.
You're right I've changed my mind on that. Just wondering if there needs to be some kind of incentive to be paid out in STEEM and SP. From what I understand the market value of steem is not actually the same value as the steem we get from a payout and the witnesses somehow determine that value... (?) So I'm wondering now if in that given situation would people choose the way they are paid out based on where they can get their steem for a better price... The payout or the market...
A compromise is indeed in order. Let's put our heads together to think of a way to merge all three currencies S - SP -SBD into one token, give it a 7.5% APR, make it both tradeable as a token and a smart contract that guarantees a dollar peg. Then you can choose to power it up - or not - for any given amount of time that scales exponentially by the length of investment. Isn't this like the US Dollar? I mean, you can do anything with one dollar... trade it, buy with it, sell with it, save it, lock it into an IRA for 30 years or package it into a derivative and cut it up into a thousand contracts.
Indeed it is, you're welcome :) I figured there would be some discussion, but am pleased to see more than I expected hehe.
I'm just glad to see that I'm not alone in thinking that the SBD is an unnecessary liability.
If you would ask someone on the street whether they would prefer to get dollars or STEEM, how you think they will respond?
It doesn't matter because Steem Dollars aren't dollars. They're just bundles of steem.
technically apple computer is a set of transistors, a little bit of plastic and aluminium, but this is not important. Concept of value comes from user's perception. If something is seen as valued $1, then it becomes $1.
How you call your dollars in bank account? "Bits, ones and zeros which represents my money" or just "my dollars"?
A computer is a combination of many vastly different things whereas a SBD is just a collection of steem. Calling a collection of steem "dollars" is erroneous and misleading to those who don't understand what they really are.
answering here because of nesting limit:
SBD is not just a collection of STEEM, oh no.
most money of the world are debt, but no one use this term. Dollar is already abstract concept (would you be able to explain what is a dollar to someone from stoneage?). SBD is the easiest way to understand on entire steemit. You do not need to know how engine works, to drive a car.
The other things you mention are not part of the SBD itself. They're auxiliary support components. The US Dollars we use today depend upon a vast array of supporting systems, people, and devices like the Federal Reserve, Treasury, Secret Service, bonds, banknote printers, etc. Auxillary support components like those are essential to the function of the Dollar but they are not part of dollars themselves.