Poll: Should we get rid of the SBD (Steem Backed Dollar), and just use Steem for everything instead?

zemiatin (57) · 7 years ago

The truth is I am too dumb to see the implications of having SBD removed on the STEEM price.

I'm just commenting to tell you that is nice to see you posting again. :D

$0.43

tolkatore (55) · 7 years ago

Ha ha, yeah, well it was Steemit related, so I figured why not.

Also, I replied to your comment below, and I think the implications would be negative if the Steem Dollar was actually pegged to the United States Dollar, but since it isn't, I think just using Steem would be the better option.

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bankthecrypto (68) · 7 years ago

We must to keep sbd as well this is very important we have botn sbd and Steem

4 votes

tolkatore (55) · 7 years ago

Could you explain why my friend?

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bankthecrypto (68) · 7 years ago

One of power and one for day to day use

$0.29

4 votes

tolkatore (55) · 7 years ago

But you could just split your Steem up and do the same thing though correct?

bankthecrypto (68) · 7 years ago

Not really
In order to cash out steem from sp you need few weeks sbd is much more avilabe

4 votes

tolkatore (55) · 7 years ago

Yes, I understand that, but they could just payout in Steem Power and Steem though.

shucona (54) · 7 years ago

@tolkatore really sir you so great man

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gaintshoulder (50) · 7 years ago

Steem is more difficult to get

tolkatore (55) · 7 years ago

How so?

rjunaid12 (58) · 7 years ago (edited)

For example
If a post earns 10$
You get 3.75 sbd and 1.25 steem which is approximately equal to 10$ (after curation)
If there was just steem, you'd get 2.5 steem which equals 7.5$ (after curation)
This is with respect to the current prices of steem and sbd

tolkatore (55) · 7 years ago

Wouldn't they just adjust it to where you get the equivalent of $10.00 in Steem?

rjunaid12 (58) · 7 years ago (edited)

Then it would be perfect in my opinion.
Seems like most people think likewise
Screenshot_2018-05-20-23-46-22-898_com.android.chrome.png

tolkatore (55) · 7 years ago

Yeah, because I think Steemit and all it's other properties would be better off using one unified currency.

gaintshoulder (50) · 7 years ago

I understand you, but i think if we are switching to just steem then the percentage payout should increase

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tolkatore (55) · 7 years ago

I don't know if that would be sustainable, if anything they are going to need to lower payouts, because the big monopolies here on Steemit are making the bulk of all the rewards, and if they don't slow it down, Steem will become worthless.

topbooster (44) · 7 years ago

We should use steem dollars

tolkatore (55) · 7 years ago (edited)

Why not just get paid in Steem though?

kretorkk (56) · 7 years ago

You so great

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cryptocartograph (54) · 7 years ago

Honestly I think this is a great idea,

When I first joined I remember wondering wtf we had three crypto variants for one Platform.

tolkatore (55) · 7 years ago

There isn't 3, Steem Power is still Steem, so technically there is only 2, and the Steem Dollar isn't tied to the US Dollar, so I don't understand why we need it?

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mominsdt (49) · 7 years ago

We need the opportunity to buy everything by SBD

zemiatin (57) · 7 years ago

But we could also buy anything with STEEM, right?

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tolkatore (55) · 7 years ago

That's exactly why I don't know why we need the Steem Dollar, like what would be the difference if we bought something with Steem or a Steem Dollar. If the Steem Dollar was pegged, then I would understand the need for it, but it is not.

prince121 (60) · 7 years ago

I submitted my answer @tolkatore...

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tolkatore (55) · 7 years ago

Cool beans, and thanks for participating.

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prince121 (60) · 7 years ago

Welcome, Four votes is submitted.. and its equal to yes or no..

tolkatore (55) · 7 years ago

Yep, and I think a lot of people don't understand that since the SBD isn't anchored to anything, that it has no purpose now, because Steem can do the same thing.

prince121 (60) · 7 years ago

Absolutely right thought.... Your statistical count is really a great initiative .. @tolkatore

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sanach (70) · 7 years ago

umm I think yesh, coz Sbd rate is still low

$0.27

tolkatore (55) · 7 years ago

Hmm, I'm not sure what that has to do with anything, and why couldn't we just use Steem for everything on the Steem blockchain.

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sanach (70) · 7 years ago

yesh, this is the main point

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mohsinparray123 (46) · 7 years ago

SBD provides the stability to the worlds cryptocurrency and if some one will say we should use steem for everything But could we use steem to buy everything we need ????

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tolkatore (55) · 7 years ago

SBD provides the stability to the worlds cryptocurrency

Well now, due to the fact that the Steem Dollar floats, it no longer offers stability, which is the reason why I brought this topic up in the first place.

wa2qr (58) · 7 years ago

I don't think so. SBD is important. If the value of SBD increases it would benefit us in ways.

tolkatore (55) · 7 years ago

That doesn't make any sense, because if we switched to just using Steem, and it increases, it would benefit us in the same way would it not?

rjunaid12 (58) · 7 years ago (edited)

As sbd is not pegged to USD as it was supposed to. We get more rewards than we'd get if there was just steem.
Edit : though if steem value increases it won't matter.
I honestly don't know lol

tolkatore (55) · 7 years ago

How sustainable is this system though?

rjunaid12 (58) · 7 years ago

Can't really say much as I'm not very well versed with it.
But looking at the your comments, I think you're right. It will probably be better if we just have steem

hanief (49) · 7 years ago

If the money in sbd gets converted to steem, would the steem value go high
Sorry for answering a question with a question

tolkatore (55) · 7 years ago

I would assume so, but if we just has Steem, it would most likely gradually go higher as well.

hanief (49) · 7 years ago

Then I'd definitely vote Yes for steem

cryptotrader84 (61) · 7 years ago

There is no need in 2 STEEM is the only one we need

3 votes

tolkatore (55) · 7 years ago

Yep, I concur.

aant1563 (47) · 7 years ago

voted sir @tolkatore

kamchore (70) · 7 years ago

I don't think so. I think SBD helps a lot to buy SP. Let's suppose if we make 10 $ dollar from the post .
25% curation reward = 25/100 * 10 = 2.5
remaining = 10- 2.5 = 7.5
out of 7.5 50% SBP and remaining 50% SP
50% of 7.5 = 3.75 SBD
50% SP = 3.75/current value of steem
let's suppose it's 3.75
50% SP give you 1 Steem
Now if you convert 10$ into direct Steem
it means 7.5/3.75 = 2 Steem
if i am right than dealing with steem is a big loss in my 2 cent opinions.
Pardon me if i am doing any mistake

tolkatore (55) · 7 years ago

Why not just use Steem though, couldn't all of these things be accomplished with just Steem alone?

kamchore (70) · 7 years ago

it can be but if they apply the present formula the user will suffer due to low rewards @tolkatore

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scottiemac (57) · 7 years ago

I watched a great video about steemit economics a while ago, and learned about Steemit a strategy to create a “hybrid economic system” that has both a commodity (which does not have a price stabilization mechanism- allowing for people to invest and buy low and sell high) with a currency (a unit of perceived value that has a price stabilization mechanism, enabling more financially stable transactions) and a long term investment mechanism (like Steem Power and Bonds) to provide even more stability to the system.

STEEM is a commodity like gold, coffee, or bitcoin.
SBD is meant to be a stable currency that’s less prone to fluctuations, much like the USD and other fiat.

I see the difficulty in creating a unit of perceived value (currency) that is universally recognized and does not fluctuate- after all, change is a constant.

Even the USD is tied to oil prices, and that makes it susceptible to variability.

I think the SBD is an intelligent strategy that still needs development (We’re still in beta).

What I’m curious about- is what can we do to make the SBD a more stable currency, that’s less prone to price fluctuations?

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tolkatore (55) · 7 years ago

SBD is meant to be a stable currency that’s less prone to fluctuations

This is no longer the case though, and this is my point. If they were to perma-peg the Steem Dollar to the United States Dollar, then it would have purpose, but if it fluctuates the same way as Steem does, then what is the purpose?

scottiemac (57) · 7 years ago

Why is it not pegged to the USD anymore?

Is the USD the most stable currency in the world?
If not what is?

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tolkatore (55) · 7 years ago

SBD is over $2.00 right now... is that price pegged to the USD?

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scottiemac (57) · 7 years ago

Let me clarify- I’m not saying that the SBD is pegged to the USD right now. I’m asking why is it not?

Was it never truly pegged? Was there a fork somewhere along the line? Are there outside economic factors that prohibit the SBD from being pegged to the USD? Are there any new tax/legal regulations that have any impact on pegging the SBD to the USD?

I find value in having a cryptocurrency with a price stabilization mechanism. In terms of having a business that intigrates cryptocurrency, that price stability is essential for ballencing the books.

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tolkatore (55) · 7 years ago

There is nothing stopping the Steemit programmers from perma-pegging the SBD to the USD, they just haven't done it.... yet.

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scottiemac (57) · 7 years ago

Can you think of any reason why they wouldn’t?

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tolkatore (55) · 7 years ago

I guess they don't want to, I don't know. I have still never actually seen voting via witnesses actually work, but they would have to in order to pass the code change.

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shucona (54) · 7 years ago

You so great

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scottiemac (57) · 7 years ago

Thanks for the kind words :)

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scottiemac (57) · 7 years ago

After thinking about how the USD (a currency) is tied to the cost of oil (a commodity), I’m curious to learn more about how the SBD (a currency) is tied to the price of STEEM (a commodity).

Has anyone searched for parallels or have related insights?

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