If you dont already know smt's are not coming any time soon.
I know you have been led to expect them to be just around the corner, but that is a line they've been feeding us for over a year to keep us from hitting the exits.
This is what you get when you get tangled up with liars.
You get your honesty used against you.
If they didnt take advantage of you projecting your honesty onto others they would be out of business by now.
Be that as it may, they could get oracles coded as soon as 2020 and then we can be disappointed by that false promise, too!
All hail, stinc!
Or, we could commit the sacrilege of allowing somebody not stinc related to get an idea adopted, too.
I know, i know, only the original coders are smart enough to propose any changes, but i think we should make an exception in this case.
My proposal is pretty straight forward, the coding can be done in a few hours, the plan in production in a day.
What will be a little harder is keeping the ball rolling.
I really think it will be better to roll steady than to snowball out of control, but even then we still end in the same place.
The early adopters, that's us, get rich, and those late to the party get disappointed.
Thats just how things go in crypto.
If byteball goes to 1000usd everybody that got their airdrop is happy.
Everybody that skipped it gets to pay retail.
It could've just as easy have gone the other way, it could've been a trojan horse to steal all your crypto.
Wouldnt that have been popcorn worthy?
Anyway, to my idea.
We open an account, lets call it @steemopenwindow.
The reason we use an account rather than through our wallets is for transparancy.
Anybody can look at an account's wallet, not just anybody can pull data from the blockchain.
Though, steemworld.org is getting pretty comprehensive, and easy to figure out.
All hail, @steemchiller!
By using an account anybody that wants to watch for abuse has that made easy.
So, we got our account, now what?
Well, we program a bot.
This bot accepts steem and returns sbd.
It does this at a rate determined by the witnesses.
It uses an average from x number of days to prevent the greedy bastards from driving up the price then dumping.
Even using an average, arbitragers are gonna be busy leveling the markets.
It will give some of us more mediocre bloggers something to do that doesn't include burying us all in drivel.
This pegs sbd to usd.
It also makes a supply available at one to one with the dollar.
Absent this supply we get what we got, speculators speculating on our pegged asset, and not enough sbd to meet demand.
With it the speculators will have to wait for demand to drop to take profits, if they have them coming.
No matter how we manage this some folks are gonna make more money than others by being in the right position at the right time.
No boutadoubtit the greedy bastards are going to extract the last .001sbd in profit, and they should, we are playing crapitalism, after all.
The steem collected from sbd sales are recycled into the inflation.
Each block x number of steem are created and distributed.
15% to steem holders, 10% to witnesses, and 75% to authors.
The bot can either augment this inflation, or replace it.
I'd propose that it replace it as there is no need for more inflation than is demand driven.
To simplify coding the bot can do the distributions rather than messing with the core code.
Just program the bot to pay as it should.
Maybe to simplfy coding even more, the bot distributes the procedes from sales directly to sp.
15% to sp holders in proportion the sp held, 10% to witnesses by blocks produced, and 75% to authors in proportion to author rewards paid out.
If sales excede the normal inflation then payouts will rise.
If not, then the normal inflation rate will be the floor.
When sbd demand drops, the bot also accepts sbd to convert to steem, but rather than recycle them, it sends them to @null and burns them.
It returns newly minted steem.
The idea behind a pegged asset, for those of you not responsible enough to have read the white paper, is to give retailers confidence that they are not speculating by accepting sbd at face value.
That they can expect their sbd to buy a dollars worth of stuff to retail.
One of the concerns is that if we let inflation run wild we will hit a point that steems price will drop.
When this happens, maybe there are enough sbd in circulation and demand is so low that steem is in danger of default.
What do we do then?
Well, the way i see it we accept the situation.
We can panic sell and make the problem worse.
We can hold onto our coins and wait for demand to return
Or, we can accept that we now hold sbd that are mostly paid for one to one with the usd and just let them continue to circulate at one to one with the usd.
Obviously that would take the cooperation of a large number of people, but isnt that what is happening now?
People accept dollars because people accept dollars?
I think selling sbd in this manner gives sbd intrinsic value.
Except the ones paid out as payouts, they have all been paid for by real value.
Just as quarters from 1966 still get you what a quarter buys today.
Id be interested in feedback.
Where is the glaring hole i'm not seeing in my plan?
Ive put it in front of three witnesses and none pointed out any errors.
I can only surmse that the messenger is getting the message ignored.
This is where you come in, dear reader.
If you want to see sbd sucked into the market in proportion to demand, and thereby benefit from the procedes of sales, ask a witness what they think of the idea.
Im doubting any will lower themselves to comment here directly, the enforcement arm of the various ignore lists are too sure.
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