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RE: Thoughts on a Proposal to Buy and Burn STEEM using the DAO
AFAIK, it's managed by a witness parameter. I don't know the exact details, but I guess it's basically just an average of the value that's set by the 21 witnesses who validate blocks in each cycle. The blockchain was paying 10 or 15% interest on SBDs when I first got here.
To the best of my knowledge, the capability was never removed. It's just that the witnesses all set their parameters to 0 when prices went down.
Ah, this explains why my SBDs did nothing when I put them in Savings.
Wow that is really interesting. I have been here since 2016 and I never remember SBDs paying an interest rate... Perhaps it was coded but never actually run? I feel like I would have remembered SBDs paying interest...
I created an infographic back in November, 2016. Here's what I posted at the time:
Obviously, I'm hazy on details, but maybe interest accumulated and paid out once per month? No time now, but maybe I'll check later to see if I can find any payment transactions from the time period.
Update: Found one
Right!
#define STEEM_SBD_INTEREST_COMPOUND_INTERVAL_SEC (60*60*24*30)Once per 30 days and only if the SBD balance has to by modified.
Upvoted by soulfuldreamer through sc03 account