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RE: Trying to understand the economics of SBD/STEEM

in #sbd • 5 years ago

Dear @danielfs

Interesting choice of topic my friend. Something absolutely worth reading about.

Did you really read enitre Steem whitepaper? Respect.

SBD was indeed supposed to be pegged to USD but it just failed to do so. I honestly don't know if there is any usage for SBD at all at current stage.

ps. I hope you don't mind that I will share this post with few close friends, as I found it quite interesting and worth reading.

Enjoy your monday,
Piotr

5 years ago in #sbd by
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     5 years ago 

    Hi @crypto.piotr

    I'm happy that you have read this post. It is a work in progress inspired in @nnnarvaez thoughts about exploring the economics of Steem and the economic model of steem like blockchains.". The idea is that people provide feedback, explore or test different settings in a steemit clone blockchain.

    Regarding stable coins I think they are important to bring mass adoption for daily transactions like selling, buying, taking loans, lending money, and so on. The majority of people are not traders/investors.

    For example, freelancers at @steemgigs would prefer to receive payments in a low volatile currency like SBD.

    On the other hand STEEM/SBD could have the ability to compete with Maker/DAI or Bitshares/BitUSD, or even USDT or GUSD, although it sounds utopian.

    Unfortunately SBD broke its peg to the USD long time ago. But this should be taken as a "hard lesson" to move on. In fact, the community (users and witnesses) should help to maintain the peg:

    With a three-and-a-half day window, community members have approximately one-and-a-half days to re-spond to any issues that come up.

    The whitepaper also says:

    In effect, feed producers are entrusted with the responsibility of setting monetary policy for the purpose of maintaining a stable peg to the USD. Abuse of this power can harm the value of STEEM so SP holders are wise to vote for witnesses who can be counted on to adjust the price feed according to the rules outlined above.

    Finally, I don't mind that you share this

    have a nice day :)

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     5 years ago (edited)

    Dear @danielfs

    Thank you for that kind reply. I only had a chance to read it now. Appreciate.

    ps. I've never heard about @steemgigs - are you part of this community/project?

    Yours, Piotr

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       5 years ago 

      Hi @crypto.piotr

      I'm not part of @steemgigs but I like that project. It took about 2 years to become a reality.

      @surpassinggoogle is the guy behind it, he has a good heart and tenacity.

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