The backed currency is frozen - ComedyOpenMic Round 26 - 2nd Entry
Unlike other social media based crypto currencies, STEEM blockchain is well planned to do a long term business. The most strongest part of the STEEM blockchain is the reward system, like introducing SBD (STEEM BACKED DOLLAR) to the reward mechanism.
I am personally believing SBD is a solid solution to keep the control of the reward system of the STEEM blockchain. Moreover, if "SBD pegged to 1.00 USD, it might be the best alternative to the users of Tether (USDT)". Specially SBD is not a minted currency and we can mine it by the brain power (So, we mine USD directly). But, the current price drop and market supply of STEEM made a panic moment on SBD by not letting it print anymore.
Because, no one is planning to go for a Hard PEG on SBD to 1.00 USD at the moment. That means, SBD needs to print more and should have huge market supply to reduce attempts of panic pumps. But at this moment STEEM Market Supply freezes prints of SBD.
By using this gif animation, I tried to discuss that matter and of course, I wish SBD printing will begin soon. Because, the balance of reward system always rely on STEEM and SBD. I mean not only one currency. I wish HF20 might answer this issue so well.
Original Source
This is my 2nd submission for #comedyopenmic round 26.
I am nominating @goldcoin and @hansenatortravel for this #comedyopenmic round 26.
Here is the link to the competition round 26
I am personally believing SBD is a solid solution to keep the control of the reward system of the STEEM blockchain. Moreover, if "SBD pegged to 1.00 USD, it might be the best alternative to the users of Tether (USDT)". Specially SBD is not a minted currency and we can mine it by the brain power (So, we mine USD directly). But, the current price drop and market supply of STEEM made a panic moment on SBD by not letting it print anymore.
Because, no one is planning to go for a Hard PEG on SBD to 1.00 USD at the moment. That means, SBD needs to print more and should have huge market supply to reduce attempts of panic pumps. But at this moment STEEM Market Supply freezes prints of SBD.
By using this gif animation, I tried to discuss that matter and of course, I wish SBD printing will begin soon. Because, the balance of reward system always rely on STEEM and SBD. I mean not only one currency. I wish HF20 might answer this issue so well.
Original Source
I am nominating @goldcoin and @hansenatortravel for this #comedyopenmic round 26.
Here is the link to the competition round 26
Hi theguruasia,
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The blockchain is designed this way. When SBD is between 2% and 5% of total steem the liquid payout changes from SBD to Steem. at 2% payout is 100% SBD, at 5% it's 100% liquid steem.
There are plans to change this in HF20.
@idikuci,
Yeah that rule might change this time! Otherwise how could we see $1.00 pegged SBD lol :D
Great explanation and thank you!
The current SBD/STEEM % = 5.42%
Cheers~
yeah i think sbd would be a good idea going forward if this blockchain picks up
stability token has a lot of utility
@traf,
Yeah stable token is the solid back up for this platform, SBD might do that job!
Cheers~
Well, we know it's gonna get better
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Nice like it good information is given 👍
Is there going to be a pump soon?
@belemo,
If this goes like this, yeah pump is a must!
Cheers~
I hope the value rises real soon. Its really depressing
the slip and the slap.. big spoon little spoon... there must always be room for 2
@buttcoins,
Definitely they both should be at the same room lol :D
Cheers~
Hahahahahahahahahaha