You are viewing a single comment's thread from:
RE: 📉 Steemonomics 💡 TIL: Why are we suddenly getting liquid STEEM rewards?!
@fraenk, I think this is a very crucial issue, Am glad to have found this post atleast it gives some explanations, but take a look at this;
Truely SBD was initially peg to be 1 USD, but the reverse is the case, but from my own angle, if the increase of SBD against it's intended price is unhealthy to the ecosystem, let bloggers post reward of STEEM be higer than SBD so that the price of STEEM will skyrocket that if SBD so that bloggers can atleast have hope and something to show for on their businessess.
So with the resolution above the SBD pegging can still be left at a dollar.
I am not sure if I was able to follow your thought.
Are you suggesting to just issue more STEEM in post rewards? Isn't that exactly what the mixed rewards are doing right now?!
It's either I am misunderstanding your comment or you didn't understand the problem I was trying to describe in the original post?!
I understood your post Dear, what I mean is that the STEEM post reward payout should be greater than that of the SBD.
before the introduction STEEM token as one of the reward in post payout, the post payout reward was on SBD and STEEM POWER, but now, the post reward is from SBD, STEEM, and STEEM POWER, but as it is right now, the post reward on sbd is higer than STEEM, so I am of the opinion that post reward should be given in such a way that STEEM token will be higher than that of SBD
Oh ok, so I did understand your comment correctly.
But wouldn't that actually increase the problem - more STEEM being issued driving the price of steem further down; less SBD being issued creating upwards pressure on the price... as a result the debt-ratio would still continue to grow and the intrinsic problem would worsen?!
I don't know, that's how I interpret the situation at least.
so what do you think can be done to resolve the challenge atleast to curb the debt ratio issue?
I personally would introduce a 2-way conversion mechanism right now, allowing for a downwards peg, immediately. This would force the price of SBD down to 1USD quite swiftly.
The problem here is mostly political in nature I think. Pro-peging witnesses are reluctant themselves to implement this, because they would arguably be in the "driver-seat" position and would be able to trade with foreknowledge accordingly, which would be akin to "insider-trading" and possibly discredit the trust the community puts in them.
As the situation stands right now, while most of the community continues to prefer getting unhealthily high payouts and resists the idea of introducing a downwards-pegging-mechanism for fear of reduced short term profits, me might just be stuck with things as they are...
...until we eventually plummet back down to below 1USD STEEM, see a correction of SBD to close to 1USD... THEN we can introduce the two way peg without political controversy and hope for the platform to recover.
I can really recommend you check out the post by @lukestokes that I've linked under "Further reading" in the post-footer. He has a 20mins video going into all the pros and cons of pegging, much more elaborate than I could ever be.
that is ok then, in my humble opinion, we are all seeking for the good of the community, if your propose action will be helpful, then you have my support, do it let's see as it goes
If I could just "do it", heh... I probably would, I'd have to think this through some more... but yeah :P
The beautiful aspect of this platform, though, is that we together must do it. If you support these changes you should vote for witnesses that support it too.
It's a bit like a true democracy should be here, nobody can "do it" alone, we must do it together by voicing our opinions and building a majority consent. Well... let's be honest, it's not a true democracy at all, it's more like anarcho-capitalism, since our stake gives our "democratic" voice more weight... but we still have to elect our witnesses wisely.
A few witnesses that (to my best knowledge) support the establishment of a two-way-peg are @ausbitbank, @lukestokes.mhth and @reggaemuffin. If you support this idea, you may want to consider giving them YOUR Witness-Vote.