RE: Ned on SBD: "Does the community want to continue to be paid out in Steem Dollars?"

[the-ego-is-you]

In my opinion, the complexity is percieved by new users because they are presented with 3 currencies/investment vehicles.
If they didn't have to care about anything but Steem (Backed) Dollars initially they would feel safer, but then again we can't really get rid of the Steem and Steem Power now can we... =D

For now, I think the verdict is we should keep the Steem Dollars.

Comments

[smooth]

SP doesn't need to be considered a separate currency. That was probably a mistake. It could be just the same STEEM currency in a sort of savings account with restrictions on how fast you can withdraw it. That would be a nice simplification.

[the-ego-is-you]

Agreed.

Also, I'd like to know what you think about economically encouraging use of steem rather than steem backed dollars, by use of a fee applied to newbs sticking with a default setting of being paid in SBD? Would there in your opinion be any clear benefits or problems with that?

From the psychological rather than economic perspective, the confusion might be greater if they figure it out and start to think about it I guess. But for the sort of people who don't even consider such things it wouldn't change the actual perception.

[smooth]

I don't agree with the view that has been expressed here that you can significantly encourage the use of STEEM by discouraging SBD. People are uncomfortable with highly volatile cryptos. This is nothing new and is a problem that has confronted efforts to achieve wider crypto adoption and use by every project, and would apply equally to this one. As an alternative to SBD, people will just sell their STEEM faster, or be discouraged by having taken some big unwanted, unexpected, and not-entirely-understood losses and quit. The idea that "the problem with STEEM" is SBD is largely nonsensical. There is a small grain of truth to it in the sense of systemic risk, especially if SBD is not properly managed by witnesses, which unfortunately has often been the case (with some contribution by poor and/or absent guidance from the dev team).

[the-ego-is-you]

Thank you for answering

[krnel]

Nah, no fee. The economic encouragement is the success of Steemit/Steem to raise STEEM and get in on that train ;) lol

[the-ego-is-you]

haha allrighty then ;)

[krnel]

Yup probably.

[the-ego-is-you]

I'd very much like to hear your take and others as well, on my question asked as a reply to smooth.