Conversion Report
Today 220.326 SBD were converted.
Vote for this post to help fix the Steem Dollar Peg!
In case you missed it; here is THE LINK to the intro post about @sbdpotato.
TLDR, you vote for @sbdpotato's daily posts and the rewards @sbdpotato earns will be used to purchase SBD on the internal market, convert it to STEEM (reducing the SBD supply) and then the converted STEEM will be used in a circular fashion to purchase more SBD - Rinse Repeat! That's basically it!
Today's SBD Price (Spot): 0.684USD
Current Debt Ratio: 16.69%
Target Debt Ratio: 9.90%
What do you get out of supporting @sbdpotato?
Well firstly by voting this post you will be helping fix SBD to get it pegged to 1 USD again as it was meant to, this could also help bring the STEEM price up with it. There is a theory that the two are circular, a strong SBD gives support to healthier STEEM prices, perhaps due to positive sentiment in the network.
In addition to doing your part to improve the economy of the Steem network, you will also earn SP curation rewards from voting the post that hopefully get decent traction.
You can set the @sbdpotato account on autovote using a service like beta.steemvoter, by creating a stream to autovote the @sbdpotato account at around 4 or 5 minutes as per the screenshot below. There are also other autovoter services you can use if you prefer.
Conclusion and Disclaimer
All images used a royalty-free, courtesy of pixabay.com.
As custodian of this project I, @thecryptodrive, will not derive any monetary value therefrom and undertake this under my duty as Steem consensus witness and ambassador.
I hope the Steem community will embrace this idea of supporting the SBD peg by voting the @sbdpotato posts regularly, alone we are powerless, together we can bring about change.
Sponsors
If you would like to have your banner featured on the daily posts, simply upload your banner in our comments sectiona and pledge to vote for @sbdpotato daily and/or include @sbdpotato as a beneficiary of your own posts!
Steadily increasing!
It really do!
Sure is, should be at 1000 SBD before long, thanks for your contributions.
This is great for helping the SBD peg but I do have some concern about the fund getting too large as long as the disposition is undefined. I'd like to see some effort put into defining it so we know what we sort of long term outcome we are voting for (the short term effort, of course, is well defined).
Hi @smooth just saw your message. Sorry, can you rephrase that, are you saying you want the community to decide now what to do with the fund once it is no longer needed?
Well, no, not NOW as in right this minute, but something should be decided before the fund gets too large IMO, at which point it could become a very contentious "hot potato".
A simple solution would be to just donate it to DAO, at which point the stakeholders can decide what to do with it.
However, that requires some careful rules because donating to the DAO would turn it back into SBD and boost the ratio, which could undo what was accomplished up to that point (especially if the fund has become large). Probably need to wait until the ratio is low enough with some safety margin, and then donate.
"Hot Potato" - cool analogy, I would suggest we wait until the stockpiled DAO SBD does not form part of the debt ratio calculation and then commit to sending to the DAO, my commitment currently remains to take a community poll when it is no longer needed, at that time the market could need something else, SBD could be high and needed to flood the market to peg it back down as an example.
We don't really know, I reckon once there is 10 000 STEEM circa $1000 then we can have a discussion in comment on a dedicated post, maybe 1K USD is small, perhaps should be 10K USD before it becomes a concern, it's all subjective I guess.
I’m following @tubcat’s curation trail which includes the @sbdpotato account. So I now auto vote for you!
I wouldn’t have known about this mission if I hadn’t checked which accounts the trail votes on. :)
Nice one thank you so much!
I'm following and upvoting. I am not sure that it will do much, but every cent counts, right?
Sure does, every potato plant starts with a small seed.
This post earned a total payout of 36.700$ and 27.594$ worth of author reward which was liquified using @likwid. To learn more.
Maybe with this is all said and done, @sbdpotato can use some of the funds to sponsor a prize for its cousin #SPUD ?
Haha I will take directive from the community at the time, probably will issue another poll proposal.
Thanks for getting back to me on this @thecryptodrive take care and have a great day!
!giphy potato
giphy is supported by witness untersatz!
How many SBD is created everyday on the blockchain
Is the goal to grow past that?
The blockchain stopped creating SBD because we have a huge surplus, save for the SBD that is created by the dao proposal system, that isn't paying out much liquid SBD atm as not many are approved. We are basically on a mission to chew through the backlog.
awesome. I so love this concept. Is the backlog amount viewable somewhere?
Yeah so check https://steemd.com/
This shows the SBD supply, then you divide the SBD USD value by the Total Steem USD market cap and you get the debt ratio, which is somewhere around 16%.
Congratulations @sbdpotato!
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