What's with my Author Rewards??? What's the point of getting payed in STEEM?? Should SBD be forced to be valued at $1 USD?

in steemit •  7 years ago 

I've been on steemit for 248 days. I think I have a decent amount of knowledge about the platform. Everything I know about post payouts was explained for dummies in this post by @briggsy. But I've been seeing something odd with my payouts since yesterday. I checked some wallets of other people and it was the same case all over.

Apart from SP and SDB I'm getting STEEM. Can somebody please explain what is happening. I know that some top witnesses have been trying to drag the SBD price down to $1 USD. I don't remember seeing anything about them trying to drive the price up during the times SBD was going way below $1 USD. They allowed the free market to continue. Since SBD is based on a smart contract, a person can make profit just by converting their SBD into STEEM. 1 SBD can be converted to $1 USD worth STEEM.

It's much like the original USD which was a claim on 1/20th of an ounce of Gold. If the market is willing to pay more, Let it pay more. There is no Aggression happening.It's not breaking apart steemit or STEEM. It's actually good for the people who had few SBD in their accounts. It will even lead many people to convert their SBD into STEEM Power making them even more invested in the platform.

STEEMBackedDollar is like a gold backed dollar or paper gold. It's a note that say you can exchange this for X amount of Y. It was designed to be converted (not exchanged) to 1 USD worth STEEM. It's a safety net mechanism that was assumed to be stable but the free market pumped it up. SBD now has $12 price tag and $1 intrinsic Value"

All you need to understand is that SBD only worths 1 USD at the end of the day. People in Venezuela pay massive premiums for USD. People in Zimbabwe are buying BTC at almost 50% higher prices. There really is no harm done in these activities. 1 SBD is still just 1 USD. Some people are just overpaying for it.Market will take care of things as long as NAP(Non-Aggression Principle) is upheld. Just change the way you look at the world. Price and value are different things. The worth of SBD is as still what it used to be. None of that has changed. The scenario isn't any different from USDT going for $1.01

I don't know what really changed regarding the payouts. If the economic crisis have taught us anything, that is to not mess with the markets. Markets should be allowed to breathe. SBD is a currency that is actually backed by soemthing unlike BTC. SBD is 200 times faster than BTC and it's free to transfer. To me SBD market cap going above that of Bitcoin is still something that make sense.

Either way I don't know why I'm getting rewarded in STEEM which was never meant to be a HODL currency. SBD was supposed to be the liquid currency and VESTS(SP) was supposed to be the invested currency. I'll be happy if anybody can explain what's going on

Thanks in Advance :-)

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Thanks a lot. It explained everything.

  ·  7 years ago (edited)

The value of all sbd cannot exceed 2% of steem market cap. A ton of sbd has been printed by the system trying to return the value to 1usd and at the same time steem market cap fell off a cliff. This caused the liquid steem to be produced since the 2% debt ceiling was breached. If steem market cap rebounds then this will stop.

Thanks for the info. I think this current situation would make SBD go even higher. SBD is already gaining more than STEEM when it comes to percentages.

great answer, I was wonder this as well.

same here, I got 0.001 steem. I dont get why they would want to drag sbd to 1 usd. And while I get their argument, that if it was stable merchants would accept it, but I think spreading the platform by getting more creators here(by higher payouts, cuz higher sbd value) is much much more important. I doubt sbd will start getting accepted by merchants soon, maybe after SMTs are released.

Any attempt to manipulate a market ends badly. Period!
Witnesses tried a price feed bias to drag SBD down and now with the SBD supply getting shrunk, the price is going to go up.

SBD is the primary currency in any STEEM related service. Some things like SP leasing requires STEEM. But most of the economy runs on SBD. More than retail sector, I think SBD/STEEM are more likely to get accepted in online businesses.

Dash is the one who is doing the best job at getting into the retail sector. https://www.dashforcenews.com/

Dash is genius at marketing!

I was wondering about this as well. While I'm new to Steemit, everything I read and what others told me was that I would get SP and SBD not Steem as rewards.

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Coins mentioned in post:

CoinPrice (USD)📈 24h📈 7d
BTCBitcoin9064.540$0.95%11.73%
SBDSteem Dollars2.366$2.16%1.14%
STEEMSteem2.249$2.02%5.96%
USDTTether0.999$-0.09%-0.37%

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