RE: What if we used the SBDs created every day in the DAO to buy and burn STEEM?
Totally agree. It would be a very good way to utilise the SBD that has accumulated in the DAO for the benefit of all.
There is still an existing (very old) DAO proposal from @demotruk along similar lines. The comment from @smooth refines the proposal to match your SBD -> STEEM -> @null idea...
As a Top 20 witness I would fully support this if the mechanics can be worked out.
Maybe the five existing CDRs assembled to oversee the Steemit Development Incentive Proposal could manage this?
The Return Proposal of @gtg currently 'blocks' any new proposal from being actioned.
This proposal has 47.56M SP backing it.
I haven't run the numbers but at a guess would the combined voting power of @upvu & co, @rme, @hungry-griffin etc be enough to overcome the Return Proposal?
I can't fully recall - was witness proxy SP used for the DAO voting?
Can we make this happen?
cc CDR's...
@future.witness (@hightouch)
@steemchiller (@steemchiller)
@justyy (@justyy)
@smt-wherein (@iguazi123)
@dev.supporters (@donekim, @glory7 & @wonsama)
Also, like how smooth mentioned in the comment, we gotta take care of the price of SBD as well. Just using the internal market will burn Steem but the supply of SBD is gonna keep increasing which is again harmful to the system. So, we gotta use both internal market as well as internal conversions carefully.
Es por lo que creo que ir a tomar ordenes de ventas en el mercado no sería sano para SBD y le restaría eficacia a la propuesta.
En lugar de solo comprar a cualquier precio que se esté vendiendo se deberían generar ordenes de compra e ir subiendo el valor progresivamente, esto resultará en una mayor compra de STEEMs con el SBD disponible y una mejor consolidación en los precios logrados. El proceso de subir el precio sería más lento pero a la vez más sólido.
Ir y tomar las ordenes de ventas que estén disponibles hará que el SBD se devalúe mucho más rápido y mucho más difícil la meta de subir el precio de STEEM, al menos es lo que siempre noto que ocurre cuando una criptomoneda es impulsada de forma veloz (pump-dump).
How will the supply of SBD keep increasing? Do you mean if the price of STEEM rises about the debt limit ratio? This service can stopped if/when SBDs drop below a dollar.
Yup. That's what i meant. More than stopping the service, we got to make use of the internal conversion to handle this the right way i feel. This would ensure that the price of SBD dropping below $1 would also not be possible or at the least extremely hard.
The community can do that should it become an issue. I remember gaining some extra steem long ago when SBDs briefly fell below their peg as I bought them on external markets and used the conversion feature to turn them into STEEM. Others did the same which pushed SBDs right back to a dollar over time.
The point of the conversion mechanism is that it is a decentralized mechanism. When the price of SBD is below $1 USD that's a reason for people to buy SBDs (and that buy pressure will cause the price to rise). We shouldn't need a centralized price stabilizer, it's better if people in the community are making money on that.
Exactly. I remember making quite a bit of extra steem by buying SBDs on external markets and using the convert feature to convert them into STEEM when SBDs were trading below a dollar.
Glad to hear it, this sounds like a win win to me, we just have to iron out the details of how it would work and then how to make it happen. I would support those you tagged to be part of this for sure, though not symbionts.
So, upvu's combined VP comes through the proxy vote mechanism. Unfortunately, this proxy weight is not considered for proposal voting. So, it has to come from every individual voting on the proposal by themselves.
I vaguely recalled that witness proxy votes were used on the DAO (not delegations of course).
Is there anywhere now that votes on DAO proposals can be seen? Then it could be tested.
I will need to check for this. Let me verify this over the weekend and get back to you on this.
I might have mistaken delegations and proxy votes now that I read this comment😅 Will check this out.
Are you sure about proxies?
Take a look at this old tool...
Put in upvu.proxy or rme in the CHECK VOTES box and you get...
!
I can support double SP votes (18 million) ..but, my question is ...... is it really possible to pump steem price in such a way ?
It's not really about pumping the price of STEEM per say, at least not like a pump and dump. It's more like funneling some untapped value back into the price of STEEM over time. The steady stream of SBDs priced over a dollar sold for STEEM (which is then burned) provides constant buy pressure for the coin and should help it hold up better than most, and possibly push it higher over time. There is really no way to know for sure exactly how much it will or will not help unless we try it.
Yup. Proxy votes count You are right. Mistook delegations and poxy. My bad.
Given that proxies can work, is is possible to pull this off with just a proposal and the community coming together to get said proposal above the return proposal?
Yes I believe that is the case - the two biggest voting blocks (upvu and rme) are the key voters.
It would be good if the CDRs could maybe manage the process.
Yes, pretty much the only DAO funding I would support at this point is burning of STEEM... no other projects have provided much value at all in the past and I suspect a similar outcome now if other projects start to get funded... so that is something we need to be wary of if the DAO becomes activated again.