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RE: SBD Potato: Peg Repair Community Initiative

in #steemlast year (edited)

This is a great initiative. I propose burning the author rewards once the debt ratio target is reached so as not to cause any further strain on the price of STEEM.

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The author rewards will be used to purchase SBD and convert it and repeat until the peg is fixed, at the end of the initiative yes the rewards can be burned if that is the general sentiment.

What this initiative does is push down the price of STEEM down while the puchasing is going on. Burning whatever STEEM is left in the end will help undo that collateral damage. It might even be a good idea to adjust the ratio of STEEM burned or used to buy SBD dynamically.

Tentatively agree with this reasoning.

Sure it can be done carefully, at the start it won't be much I suspect to warrant any throttle selling. Also remember if the rewards weren't going to @sbdpotato they would likely be going to other authors who would likely sell it for BTC which is worse than selling for SBD, at least one of our currencies is being pumped instead of BTC.

That’s true. None of these rewards leave the platform.

Posted using Partiko iOS

Hi @markkujantunen

What do you think about sbdpotato now? 3 months later? I'm just learning about this project and I would like to hear your opinion.

Cheers, Piotr

The potato posts are a bit disturbing in Trending and I don't think it is going to be needed for long as the price of STEEM will quickly surpass the level needed to take the SBD Debt Ratio below 10% again.

Hi again @markkujantunen

Can I ask you for little favour? I joined contest called "Community of the week" with project I manage and I would be grateful if you could RESTEEM it and help me get some exposure and drop some encouraging comment :)

Link to my post: on steemit or on steempeak

Thanks :)
Yours, Piotr