SBD price warning! SBD worth only 0.91 $ !!steemCreated with Sketch.

in sbd •  7 years ago 

Warning! The price of SBD is falling too low. Witnesses! We need to start increasing the interest rate. I've just set mine to 3%.

Steem citizens, please start making 100% powered up posts if you can. There are too many steem dollars right now.


(meme pic from memecrunch)

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Is converting my SBD to STEEM a good thing to do now? Will I get a good deal using the internal conversion system?

Must...have...more...STEEM...POWEEEERRRRRR!!!!!!!

gif via giphy from DBZ

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your comment is obviously fake, there has never been a SSJ3 Vegeta...

Time to buy lots of SBDs xD

This comment has received a 0.12 % upvote from @booster thanks to: @shehryar.

I don't consider it much to worry about, I am much happier with SBD at $0.95 than at $2.00, hopefully we can keep it between $0.90 and $1.10. Would be massive to have a stable currency in the crypto world.

Good job adjusting the interest rate I think we will see sub $1.00 for a week or so with all the people turning off 100% SP to take advantage of the high SBD rate of the last few weeks.

Will follow to keep updated

  ·  7 years ago (edited)

power.PNG

Well sure, you don't have to worry about it. The reason why SBD "magically" is worth one dollar is because witnesses take action to insure that it stays within the desired range. We can't just sit back and do nothing.

Why are they doing it? I can't understand. Can you please explain if you don't mind?

Why do they keep SBD (Steem Based Dollar) close to one USD? That's part of our job. The Steem Based Dollar is supposed to be worth one USD.

Well that explains it. Thank you. :)

And that comment right there is what just got you my witness vote @neoxian.

Ok. If a whitness is calling the Steemians, we should hear!

why don't we just buy from polo transfer here than convert to steem 9%

Upvoted and resteemed to SPREAD THE WORD LETS all work together!!

Ok done did some 100% posts !👍Let us know what else we can do🙏🏻

feel soo bad...

Don't feel bad, just be aware.

Thank you for the warning

Thanks @neoxian for highlighting this impt point for us all. Really appreciate your efforts and role as a witness.

  ·  7 years ago (edited)

I always power up all my steem hiyaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

Power that shit uuuuupp!

Amen to that buddy, amen

great idea =)

Welcome, keep steeming buddy

will do ;)
thanks

Great success

@neoxian, it is not only SBD that is falling, all cryptos are falling. I believe the price will go hope, but don't just know how fast or how slow the recovery will be. It is better to follow your advice for now. Thank you

Time to save sbd and waiting for increasing price...

Now this is an important post, so I guess it's time to 100% power up my post. @neoxian, thank you for the heads up and im going to resteem this post. I appreciate you as a witness. Steem On!

Switched to 100 percent a couple of days ago.

Good job!!

  ·  7 years ago 

Thanks, I am new to this. Good to see this but How does it make difference? Thanks

Yeah. people should now at least make 100% powered up posts. The value of SBD has become too fragile. Whole crypto market is falling . I think the reason is Segwit implementation in Bitcoin . And it's affecting the whole community of crypto investors.

Everyone is waiting expectantly to see what happens with BTC. Everything could keep declining for a while, or LTC could take the reins and push us further up. Either way, it is likely that after the bitcoin transition is resolved, everything could skyrocket even more later in the year. For many of us, we're looking long term (1-5 years or more) so we just keep calm and STEEM ON!

It's time to invest in our accounts =)

exactly...

I AGREE SIR!

I STARTED LAST WEEK!

DID A FEW ONES 50/50 and NOW IM BACK on 100%!

Thanks for the warning!! i will make that 100% up

Thanks for the warning! If I may add, hodl your SBD guys :)

Exactly. One of the reasons SBD is falling is because of naive Steemians who choose 50/50 and then convert their SBD to STEEM at these prices because they don't know any better!

  ·  7 years ago (edited)

It's not naive its genius, the ones who trade off sbd for Fiat cash, they're the ones flooding the markets

i can't do anything @neoxian

You can do it!

yes i can try @neoxian

Appreciate the heads up! 100% SP it is.

Poor sbd. It will skyrocket when the gates open again on poloniex.

Too many steeeeeeem dollazzzz, burn them all :O

  ·  7 years ago (edited)

Good to see a witness step up! Keep up the good work buddy :] RESTEEMED

Thanks for the reminder, I knew but forgotten about changing it to 100% before I posted the past few posts.

Very nice calculations, you raise a good point

worth resteeming!

This is normal. SBD is supposed to be pegged to within +/- 10% of the USD. So it's actually considered normal behavior to fluctuate between $0.90 to $1.10.
The overprice of up to $2.17 that we saw is actually not normal behavior at all. I expect it to stay at the $0.90-1.10 range for a while, if not just from now on.

I agree, but this doesn't happen by magic. It happens because witnesses do the right thing to help make sure that SBD stays in the desired range.

For sure. More than anything this was a response to the new people who might not know that info. Of course I know you knew it. ;-)

I dont understand the logic, what witnesses do? raising or lowering the interest for sbd? who pays for that? the witnesses ? is it like raising the dividends to make steem share more atractive?
I mean, is that the only tool to try to maintain the sbd within the expected range of price ?

btw, voted and followed !

They can raise the interest rate that the system pays you for holding Steem Dollars. This encourages people to hang on to their dollars and not just dump them.

Thanks for that heads up. I'm new here so I'm hear to learn more about this platform.

Yes, we need to power up all posts.

Great that you're noting this. The price has been dropping and dropping, but I figured at some point it would stop where it was supposed to be. I don't really know what you mean with the increased interest rate, but I don't have to as I'm not a witness. I'll leave that part up to you :-)

Bitcoin setting up for a strong move lower belowst $2000 so I would 'expect" the price of all cryptos to follow the price of bitcoin. Bitcoin price could get cut in half from teh current $2400 and it will STILL be in a bubble. Once the stock market begins to crash out taking the Silly Conn Valley backing away, then we will find the price of "true" equilibrium for bitcoin. I figger that will be somewhere below $50/coin on bitcoin. Basing my opinions solely on the "sentiment" that drives price in the markets. A nice drop of $1000 would likely generate some "fear" for the first time since March. Don't "expect" much upside until all of the locals who are so "high" on teh future of STEEM are all blogging here in wild wonderment >>> "WTF just happened?! And will I EVER get even on my Bitcoin buy at $2500?!!" :-) The sheeple are so much fun to observe. Don't you agree?

I figger that will be somewhere below $50/coin on bitcoin.

Wut

I track various markets by gauging "sentiment" and how it is affecting price at any given time. I mainly use the U.S. exchange traded bitcoin tracker GBTC to track the fortunes of bitcoin. I'm still holding in a full short position in my "mythical" GBTC trading account. Longer term bitcoin gets crushed. And it isn't even close to generating a buy signal as of yet. You can follow my blog if you want to find out when the next buy opportunity sets up. GBTC will control the price of bitcoin going forward. Yes, bitcoin is a bubble. I'd be careful with sell stops as there is always a chance the computerized trading wizards "controlling" price will do the same thing they did with ETH.

Wow, I feel like I lack so much knowledge to even contribute to that particular conversation. All I know is I've seen many coins lower these last couple of days, which is as far as I can get! Seeing, but not really understanding why :-)

It's a pretty simple concept actaully. The price of anything you wish to buy is a function of your own perception of "value." Most of the bitcoin advocates say >>> "Bitcoin can't be in a bubble because everyone who I talk to about it has no idea what bitcoin is!" That of course is immaterial to value. If everybody who wants something already has it, then price will react to the downside. It doesn't really matter how big the pool of investors/buyers is. Sentiment indicators tracking bitcoin prices were predicting a move lower for weeks now. When price dropped to $1880 as the low over memorial day weekend, and even the local bitcoin price technical anal-ysts didn't get their buy targets hit, even they capitulated on teh frenzy to $3000. If I was a first time buyer I wouldn't even consider buying a single coin until 90% of the commentary on the steemit blogs is a steady stream of sheeple boohooing their misfortunes. Then you will be investing solely on "sentiment"...buy when people are crapping their pants. Sell whenever Dollar Vigilante is breaking out the champagne and cigars. :-)

Dollar Virgil going to get people absolutely crushed over time. It's one of my main missions here. I will single-handedly take this clown dooooown. You can follow my spews about future price of bitcoin at my blog. I update when necessary. Currently still holding a "maxi" short position.

I agree and I power up every post unless it's a decline payment :)
Thanks for this heads up!

Yes 0.91 it's too low when the last week the price was 1.47

Forget 1.47. Two weeks ago it was 2.44!

And that was an anomaly. It's most certainly not supposed to be that high.

better yet. Go purchase steem power.

@neoxian,
Yeah you are correct my friend! We need to be power up and hope this price drop will be over soon. Until then we should tight it up! Thanks for the guidance!

Cheers~

Yes price of SBD is falling thanx for advice.....

@neoxian, can we set our own interest rates? If so, how?

"We need to start increasing the interest rate. I've just set mine to 3%."

It is possible for the system to pay interest on SBD that is held in your account. Lately it's been 0%. This interest rate is determined by the witnesses (mostly the top 20 witnesses). They should set their interest rate to something higher. I'm a witness too, so I set mine to 3%.

@neoxian, thanks for the reply and further explanation about the interest rates.

I always noticed "Tokens worth about $1.00 of STEEM, currently collecting 0% APR." on my wallet screen, but I was never sure how the interest rate was determined.

He's speaking to the other witnesses.

https://steemd.com/witnesses

Thanks for the clarification. I just reread the article and see it now.

  ·  7 years ago (edited)

I'm a bit confused? SO you can transfer sbd to savings and get interest payments?

@ryan313 - Yes, if the Steemit interest rate was more than 0%. That is what @neoxian is asking the other witnesses to consider.

  ·  7 years ago (edited)

Hey @neoxian, I wouldn't consider this issue critical in order to call for some urgent actions.

SBD in the first place is a cryptocurrency and thus is moves together with other cryptos depending on the current market conditions. SBDs are traded both at Bittrex and Poloniex, hence many regular investors, who have nothing to do with Stemit, hold some share of them. And I think you've checked coinmarketcap.com today and you've seen the same picture as I did:

red_day

It's a red day, which continues the 4th day in a row and SBDs are holding pretty strong taking into consideration their low market cap of only 3.1 mil. USD. Some investors are getting them off their portfolios, thus causing a drop, not a big deal.

What's most important, SBD's are pretty well backed by Steemit community, the site saw around 5000 new registrations yesterday. We'll see their price come back to normal soon.

In my opinion, the best thing to do right now would be just to develop the community like it's being done for over a year already. And doing our best to ignore the "upvote beggars". because they are cluttering all the feeds on this site!

Sure, but my point is that Witnesses can be slow to change over. Many of them are still in "combat high price of SBD" mode when they should be switching to "support SBD" mode.

Resteem . Value for Value

I'll do what I can. Powering up my posts. Second time I've written this, my first comment has disappeared.

So you want to increase the value by spreading it out more by voting at 100%? (just trying to understand this stuff)

More 100% powered up posts will mean that less SBD is created. If less SBD are created then they will start being more valuable again.

Ah that makes sense! Thanks for the explanation :)

3% wow man. Way to step up, Make sure to vote for @neoxian for witness fellas.

Is it still trading that low anywhere? Steemdollar.com says they're at $1.00

It's gone back up a bit since I made my post. Good thing for my post! ;)

Does it predict that steem will fall below 1 dollar?

It's a bad sign, but not necessarily.

Seems like now is the time to buy

I have powered up from day 1 and continue to do so at least 1 year from now one
Thanks for the info

While a crucial warning, thanks for this post it clarified some questions i have about the steem economy!

This is alarming, hope everything will back to normal..

  ·  7 years ago (edited)

I totally agree that interest may be needed again.
Many people have switched from 50/50 to 100% Steem Power because it is more profitable reducing the circulation of SBD. Hopefully this will help to raise the price.
Let's see what will be done to rectify this problem

Yes, powering up 100%!!!

Dangerrrrr !!

and i always do 100% - no doubt about it

with the market cap dropping like it is it doesnt surprise me.
If you can keep it somewhere around 1$ +- 10% thats impressive enough and very stable for crypto at the moment

ALL I CAN SAY IS...
TIME TO...

keep calm and steem on!

I am still trying to figure out how much the upvoting is worth. I am new to this and my vote is worth crap. It is also only at 42% since I upvoted everything when I first started. Not smart.

I am now trying to get my up vote up a bit so it is worth something.

I am now following you, thank you

Yeah just went. So far I'm just getting started so not a whole lot. But thanks for the info

Thank you so much for the up vote your awesome.

Still I don't understand how this works. How can we help to maintain SBD price by creating a 100% powerd up post. I'm new to the platform. Forgive me for not knowing.

More people creating 100% powered up posts will generate less SBD. If there is less SBD around, then the value of SBD will go up again.

Thanks again for explaining. I'm going to vote for you as witness. I didn't know about these things. I just searched and read about witnesses and what their duties.

Glad you posted this. I wasn't sure what to do about it. Where did you check the increase in the interest rate?

You can look at your wallet to see what the interest rate is. It's still zero at the moment. I voted for 3% but more witnesses would need to vote for it.

Isn't it supposed to around $1 ?

Looks like a correction from the close to $2 prices last month

Yes, it is supposed to be around 1$. I just didn't want it to fall below 0.90$. It doesn't stay near $1 by magic, only when witnesses do the correct thing.

does a higher interest rate really help in the long run though? The way I see it people might buy up SBD now for some higher interest rates, or slow their selling, but then after a while it compounds the issue by creating even more SBD in an exponential way

Well..ok. When the price of SBD was really high, I suggested we increase the interest rate for that reason, and no one thought it was a good idea. Now that the price is low, I'm suggesting it.. when do we raise the interest rate?

Never?

hahaha, I think you were right the first time really, increasing it would probably have spiked it up more for a bit but essentially is an inflationary thing, so over time it would go down from it most likely, although since it has gone down anyway I'm not sure the long term effects of increasing it now. A small increase might be good in the sense it can form some publicity about buying SBD being a good idea, without any significant increase to inflation effect, just enough increase to justify people posting about the change would have a short-term impact of increasing the value I think, where a bigger increase may have a similar impact but a long term detriment. So, it might boil down to what the exact change is on which direction it goes.

That's the lowest drop till now :(

@neoxian, thank you for posting this. I've been here a few months, and this is the first that that I've seen a post about this. I'm sure it's happened before, and I was wondering what happens in the event of SBD going under a dollar.

Now it makes sense that I wasn't receiving any APR lol

Ahh, the more time I'm here, the more I realize just how meticulous this whole community must be to keep everything running smoothly.

Thanks, I hadn't considered that implication and had a couple posts I was looking to submit today. Will be sure to go with 100%

I noticed that too, %100 power up could be a temporary solution. I will translate and share this with Turkish community, thanks @neoxian!

Thank you. A question for you. How is 100% votes related to the price of Steem?

A higher price of steem will make your votes worth more in USD.

Hm.. The market's systematic risk is pulling down SBD price. Unsystematic response of steemit inc. is needed. Good Luck!

Response from witnesses are needed, not from Steemit Inc.

What about buying SBD Steemit Inc. to relieve investor's mind? Witness power is enough to make an unsystematic response against systemic market risk? Hmm..

Well, ok I see your point, certainly Steemit Inc taking action could help..but..but, and this is important. Ultimately, the Steem system needs to be decentralized. It shouldn't have to depend on the actions of a single, centralized company like Steemit Inc. The actions of the top 20 witnesses should be sufficient to solve problems.

  ·  7 years ago (edited)

Good point. Hope to have autogenic power to deal with various problem like this dip. Let us see it. :D

I'm in between a few projects that I need payouts for, but my personal posts will be set to 100% Power Up. Thank you for the bulletin @neoxian :)

ready to execute. Power up to 100%

3%! Now that is an incentive to hold

Hi @neoxian why should I post with 100% powered up steem power? is it to make SBD up the price?

Yes

powering up for 10 years here :P

The witnesses are getting a taste of life at the FOMC. Its a delicate balancing act they do. I know the Fed is widely hated by almost all on here, but monetary policy is vitally important to a nation's strength or lack of. It can be a high wire act!

I expected to see this and started doing some 100% power up posts nine days ago. I am also expecting Steem to get closer to the fifty cent range in the near future.

Thanks for informing and BTW how to set it to 3% is it for everyone ?

The APR will be an average of what the top 20 witnesses set it to be.

100% from me until SBD ↗️

I love steemit!!!!! That's it.....I won't let this happen..ahhhhhhhhh....time to power up to 100% (Supersaiyan Style) !

Will steem rise?

Thank you for the warning!

I know we're supposed to keep roughly a 19/1 ratio between SBD/SteemPower, but seeing the drop start I powered all mine up yesterday. Great post. Resteemed

This is the main reason why I voted you as one of the witnesses. Resteeming this post.

I always have and always will put everything into steem power

Thank you for staying on top of this!!

Thanks for the heads up, Im new to steam and posts like this keep me informed on the decisions I make moving forward, Keep it up

SBD would grow it up again donot worry about it...okkkkkkkk!

Not just steem! Bitcoin, Ethereum and Litecoin all falling!

ya price is decreasing fastly it is best but it not for investor all around the world my request only invest in btc and eth and buy some new currency tokens.i think u understand what i am trying to say. upvote and follow my profile and see some future prediction post about btc and eth thanks

i will do my bit Resteem this post people as much you can

Everything is too low right now man, no one even knows why

Time to Power up the Game

Thats some horrible news :O

is normal in the cryptocurrencies in a time more this price is more high remember that

Great post
thank you for sharing

I would like to have SBD worth 2 dollars :)

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Steem will fall below 1 dollar?

its a good time to buy if it does, for everyone already powered up, too late?

too little to care

Just read about this in another post, will be doing 100% power up posts from now on! Thanks for the heads up @neoxian