That's it, we've made it so far that there will be no further SBD printed for now. Yes it might sound strange for some but it's a fact, the SBD printing has stopped!
Why? Well that's quite easy, because no one wanted to convert their SBD to steem anymore so that the inflation kept going until the blockchain stopped printing the token completely.
So what can we do to fix it. Well one way to achieve this will be to promote posts via the promote button that's available on steemit. Another one to use the "convert to steem" function which should still be available in the vessel wallet.
If we don't get it fixed the next step might be a forced conversion through the blockchain. Will we really have to get this far?
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Is steemit trying to close sbd and route all transactions through steem?
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I guess not, because it's there by design for some very specific purpose(s).
SBD protection against overinflation just kicked-in.
That's a good and a bad thing at the same time, for different reasons.
If it wouldn't be capped, it would be a speculative vehicle decoupled from STEEM and the real world value and that would be a bad thing.
Speculative vehicles tend to be speculated and behave unpredictably.
If your business model relies on getting paid @ a somewhat predictable value for your services, you need to project how much you'll get for what you give.
The good thing is that the mechanism works.
If it gets overinflated because more people use it, that's practically indicating there are not many users that speculate on it and it's used mainly as a form of payment inside the ecosystem for transferring value.
Users holding and using it proves nobody is heading for the exits, so to speak and the demand is greater than the supply for the time being.
Hope this helps.
Maybe others will set us straight if we're on the wrong logic path here.
Be well!
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Finallly, a single currency for steem blockchain.
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Why do you think that would be a better way, @juvyjabian?
I confess: I'm trying to figure out this conundrum myself and I'm sure other people would be interested in learning something new from more esteemed steemians that are using steem for longer, pardon the pun.
If you care to elaborate, please consider reading my replies here first and maybe we all can keep the ball rolling until we'll be done with it.
We'll all be better off actually understanding it (close to) fully.
Thanks in advance.
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The best path is to remove SBD completely and only keep Steem.
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That's a bad idea.
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What would keep people on exchanges swing it up and down, then?
Do you think that not having an internal token inside the network would offer more or less stability to the entire system?
I see you're in this for long enough to have an informed opinion.
Expressing it is one thing.
Defending it is another.
If you have the time, I'm sure other steemians will appreciate it, too.
I'm asking to learn more and understand it better, not simply to be an a#$.
Thanks y'all!
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SBD has no utility and people cash out in other coins when transferring out of the platform. It is better to have only the Steem cryptocurrency and have it on the more trading exchange possible.
This will increase the value of it and stabilize the whole economy of the Steem blockchain. Also, it will help to have the liquidity when SMT will be there.
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I'm sorry, but I have difficulties grasping the logic behind your argument.
The people choose NOT to cash out of SBD now because they found it to be valuable inside the network.
If we have a problem, that is SBD being seen as more valuable to keep and use as is on the inside as opposed to STEEM, which anyone can have or exchange in the market.
To me, circulating on the inside of the system exchange tradeable coins looks like a liability, not an asset.
My point is that way we would allow speculators that have no say in the networks health, growth or development to greatly influence the price of doing business on this network simply by speculating on the STEEM value and driving it wherever.
As long as the SBD is linked to what and how people are voting, the STEEM price will eventually reflect that. Not the other way around.
I use STEEM to enter.
I use SBD to work.
I exchange SBD to exit.
I use STEEM as a ramp.
Isn't there a nuance between a token and a coin?
We cannot have too many tokens in the arcade consoles.
People are waiting outside to get in.
Capping how many tokens those people can put in all the arcade consoles at any one time seems the smart way to control how many players can play at any one time.
That may be a function that is controlling the network stability.
Not allowing all players to play all at once with tokens brought in from other arcades from across the road or the other side of town or another country.
I don't know if the analogy translates, but I guess that's the gist of it.
Nevertheless, I might be wrong.
Thanks for your input.
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My pleasure, you love to elaborate on your comments. ;)
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Would autovoting services / bots accepting only STEEM and not SBD help with that?
If many publishers get SBD then use it to promote their posts and the SBD doesn't get exchanged by those who get it, it continues to slush around inside the system.
I suspect that an important proportion of SBD is funneled through the wallets associated with such promoting services and their operators aren't willing to part with it, neither.
The mechanism seems to be working, being designed to incentivize long-term holding, the way it is, but maybe we need a failsafe that works as a pressure safety valve forcing some conversion at some point.
I'm fairly new to the platform and I'm still learning a lot.
I, for one, will be switching to paying in STEEM whenever possible.
That's what I can do about it.
Give them STEEM, not SBD.
When we get SBD, we can convert it in STEEM and close the circle.
If we (regular users) do our part and they do theirs (promoter services), there will be more exchange from between STEEM and SBD.
I wonder if, where or how we can get the bigger picture when it comes to the actual transacted volumes over time.
Who knows more or understands this better, please chip in.
Thanks.
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I am your post upvote@reasteemed done
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I dont understand, what is the problem with the sbd.
Ok, i dont know either, why exist sbd, because the chain have steem :)
But i think, that have the reason. But what is this reason?
And if get no more sbd, its good, or bad? What happen next with the existed sbd?
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That's going towards the fundamentals of steem now. I'd suggest you to read the whitepaper for more details :)
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It seems to me is too much official blabla :) Im not an IT-guy :D
But ok, i make a try :)
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As I see (and understand) it, STEEM is the entry point in the ecosystem.
Once you're on the inside (steem ecosystem), you're rewarded in SP and SBD.
SP is the way the system protects itself against wild swings of influx - outflux of users that would attract speculative interest mostly, hence powering down limitations.
SBD is what we're supposed to use on the inside as the form of payment.
The tricky part is that SBD value is somehow related to the real world AND the value of STEEM.
Here's where limiting how much SBD is in circulation comes in handy.
If there's too much demand for SBD, it's price is inflated.
The reason it's capped is that people would be incentivized to actually use it as payment on the inside and eventually exchange it when they want to.
Where we're at now is at the point where more people choose NOT to exchange it, hence the cap kicking in and stopping production.
In my first reply I've thrown an idea in the ring and I am sure there are people out there that understand all this better than us.
Please jump in and keep in mind that not all steem users are very tech savvy, but all steem users can contribute with something in here.
Sending all people to the whitepaper is like sending a 3 years old to read about nuclear physics when he asks you why is the sun bright, don't you think (@steembusiness)?
I get that some people's time has more value than others, but if we don't even try to help each other, we're all doomed, and that's supposed to be the steem mantra, or am I getting it totally wrong?
The value for value model is supposed to solve that problem.
Getting votes for useful contributions is what all this is supposed to be about.
Sorry if I offended anyone - not my intention at all.
Hope It helps somewhat understand the situation.
I stand to be corrected if I got it wrong.
Full STEEM ahead!
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Thanks! This help to me :)
Btw i tought, the sun is bright, because it mirroring the light of stars :D Its not true? The reason is in the nuclear physics? Its boring... :D
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I know...
Some analogies may seem out of proportion, but that's how we can grasp the ideas better: blowing it up to the point it's obvious.
Reading the whitepaper cannot hurt, but that would be even more boring for most.
On the other hand, we may very well use the tools at our disposal the way they were meant to be used: to contribute valuable content AND help each other.
The rewards system is in place for that, too.
Glad to help when I can.
Keep steeming!
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It'll be back once STEEM goes back up and surpasses the price of SBD be 9% ;)
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As far as I understand the blockchain stopped printing them because of the inflation breaking a certain level, but it will be printed again once things improve. And @timcliff has made some change which is about to come in HF20 , THAT will prevent the price of SBD going higher, as it happened some times back ( it reached even 20$).. Am I right ?
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I never abused sbd so I'm okay if its gone until it teuly becomes what it should be.
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