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RE: Don't Dump Your Steem Dollars, Because I am Buying Up!

in #steemit8 years ago (edited)

[replying to below comment due to nesting limit]

I can show him my trading records with placing orders at 0.95

You can show what you tried to do, but the question I always used to evaluate actions taken toward some goal is, did it work? In this case my answer would be no. Five minutes after your orders, the price was back down to 80 cents. What is needed is sustained and persistent effort to address the problems, along with policy changes that make a difference to the underlying economics (and I would argue a code change to move the soft debt limit lower). Donating to the profit of bots operators on the exchange by trading inefficiently does very little to help. I suggest you would do more good by conserving and growing your capital, allowing you to make a bigger difference over time, but it is entirely up to you.

Finally, discounting the feed itself makes relatively little difference to sell pressure (only a modest increase in the amount of Steem being sold). For example, you previously cited a statistic of 350000 STEEM being created by conversions. Without the (currently about 10%) feed discount that would still be 315000. The reason the feed discount is helpful is that it encourages people to perform conversions, reducing outstanding debt. This is likewise the case for a lower SBD price. If you push up the price too much before the other problems are addressed as well, it can be counterproductive. All of these problems need to solved together.

Yes, we all want to help improve the situation, but I want to do so in a manner that is sensible and effective longer term. Merely showing trading records of orders at 95 or showing pictures of green candles at a high priec for an instant on a chart, without actually addressing the underlying imbalances is not a sensible or effective way to solve the problems in my opinion. Still, I support and encourage your contribution to the debt reduction effort, I just think it isn't quite as helpful as it could be if done smarter.

But your current position cannot help an increase of SBD price towards the peg, IMHO.

I completely disagree on this point. My consistent, well-considered, methodical and sustained efforts won't move the price dramatically toward the peg in an instant with a pretty green candle, but they will ultimately fix the peg in a sustainable manner over time, resulting in a price that is consistently (hopefully permanently) very close to $1 . These problems weren't created overnight, they were created by both witnesses (including both you and me) and devs failing to address the issue for months while the peg was failing and debt was accumulating. We should have done more, including better scrutinizing the SBD stability patch which wasn't (and isn't) sufficient to address the underlying problems. To fix the now-severe problems requires more nuance and strategy (and time) than a few inefficient market buys.

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Yes I can show them what I tried to in the market as well as here to purshade to join this initiative. Well, the community will evaluate in the future.



@clayop sorry to post here, just urgent I hope you understand me. Thank you. @smooth left you a reminder message on steemit chat, please check. Thank you EDIT : @smooth THANK YOU for taking care of it.