SBD Potato Day 54: Make SBD $1 Again!

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The only way to fund this project is via post rewards, until such time as the SPS proposal is funded

Get the @sbdpotato proposal voted on the Steem Dao and help fix the peg faster in addition to reducing dependency on trending page posts.

Direct Steemconnect Vote link:
https://beta.steemconnect.com/sign/update-proposal-votes?proposal_ids=%5B66%5D&approve=true

Proposal Info link: https://steemproposals.com/proposal/66

Conversion Report

Now automated at 10-minute intervals, if there is STEEM present in the account the bot will sell it on the internal market for SBD at a max rate of 300 STEEM per cron interval, this rate can be adjusted in Config Vars.

Thereafter, all available SBD is placed into conversion automatically.

The code repository can be seen on this Github link.

If you would like to see the code in action, donate STEEM directly to @sbdpotato and watch the bot do its thing on https://steemd.com/@sbdpotato.

Feel free to follow the conversion progress via the links below:

Conversions in progress (API): 2016.638 SBD
Total conversions since inception (API): 12841.095 SBD

Vote for this post to help fix the Steem Dollar Peg!

In case you missed it; here is THE LINK to the intro post about @sbdpotato.

TLDR, you vote for @sbdpotato's daily posts and the rewards @sbdpotato earns will be used to purchase SBD on the internal market, convert it to STEEM (reducing the SBD supply) and then the converted STEEM will be used in a circular fashion to purchase more SBD - Rinse Repeat! That's basically it!

Today's SBD Price (Spot): 0.603 USD

Current Debt Ratio: 15.50%

Target Debt Ratio: 9.90%

What do you get out of supporting @sbdpotato?

Well firstly by voting this post you will be helping fix SBD to get it pegged to 1 USD again as it was meant to, this could also help bring the STEEM price up with it. There is a theory that the two are circular, a strong SBD gives support to healthier STEEM prices, perhaps due to positive sentiment in the network.

In addition to doing your part to improve the economy of the Steem network, you will also earn SP curation rewards from voting the post that hopefully get decent traction.

You can set the @sbdpotato account on autovote using a service like beta.steemvoter, by creating a stream to autovote the @sbdpotato account at around 4 or 5 minutes as per the screenshot below. There are also other autovoter services you can use if you prefer.



Conclusion and Disclaimer

All images used a royalty-free, courtesy of pixabay.com.

As custodian of this project I, @thecryptodrive, will not derive any monetary value therefrom and undertake this under my duty as Steem consensus witness and ambassador.

When the @sbdpotato funds are no longer required to support the peg, they will be sent to @steem.dao where the community can then decide what they should be used for.

I hope the Steem community will embrace this idea of supporting the SBD peg by voting the @sbdpotato posts regularly, alone we are powerless, together we can bring about change.

Sponsors

If you would like to have your banner featured on the daily posts, simply upload your banner in our comments sections and pledge to vote for @sbdpotato daily and/or include @sbdpotato as a beneficiary of your own posts!




Project owner @thecryptodrive, consider voting for his witness via this link!


Market buy and conversion automation code provided by @stoodkev, consider voting for his witness via this link!

SteemSQL access sponsored by @arcange, consider voting for his witness via this link!

VOTE @SBDPOTATO TO BRING BACK BALANCE TO THE FORCE!

sbdpotato steem sbd likwid palnet neoxian steemleo sct-en steempeak
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(Edited)

@berniesanders how are things going with randowhale? Last time we spoke you mentioned you were going to do something similar to @sbdpototo with it to help the peg. Could I ask you to help vote this proposal please https://steemproposals.com/proposal/66 and potentially remove your vote from the return proposal to lower the barrier.

PS, Thanks for voting my witness for the one week I needed it, it did not go unnoticed and I did appreciate it.

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When this will be finished ? We should have more interesting posts than this.

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We are reducing to a post every 2 days, once the proposal is funded we will just have a weekly update post and maybe some small lower value ones that don't make it to the trending page.

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Can someone explain me why do we actually need SBD at 1$ ? We got steem that has become widely used even in outside services. At an initial point, there was a reason for having third token - SBD, but now?

I suport the idea by voting, but don't understand its purpose in nowadays steem economy

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SBD was meant to be a stable coin used by merchants so they can rely on a fixed value in order to correctly price goods and services and bring global business to Steem, however it got broken and is now effectively useless, we either have to fix it or get rid of it. Getting rid of it requires significant blockchain code and also planning on how to deal with the fact that exchanges may hold SBD and so may many users, fixing it is much easier.

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I would prefer if the funds are sent to @null instead when this completes

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nah! that's the actual point i believe aswell to decrease the SBD supply from the internal market. Bought The SBD then send it to @null and it will remain there forever! same as what i ask on my comment!

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Here is something interesting:

The sbdpotato experiment is pushing the debt ratio down
But the burnpost (and any other STEEM burn that is happening) is pushing the debt ratio up

So, they are creating a state where the debt ratio will stay always at the same place that it is now (above 10%), therefore, the steem economic model can go back to the model it was supposed to be working.

You can read more about it here:

https://steempeak.com/sbdpotato/@phgnomo/how-sbd-peg-actually-works-or-how-the-sbdpotato-conversions-won-t-affect-sbd-price

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Why isn't the account in "power down" mode?

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It was powering down, but just refreshed the powerdown now to powerdown the full amount.

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sorry but let me clear my doubt, if you bought SBD from the external market and sell in for Steem at the internal market which is mean there is somebody bought the SBD from you. If the person who bought it sell that SDB again to the External market, then i wondering what's the meaning of this project?

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This is all in the internal market, we aren't selling SBD we are selling Steem to buy up excess SBD and then converting it which is similar to getting rid of the SBD.

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oh i see! sorry that was my fault, then what about sending the purchased SBD to @null istead of converting it into steem which mean it would increase the steem supply ?

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by converting and using the converted steem to buy more SBD and keep cycling you can do that every 3.5 days or 104 times a year, whereas burn is just once off.

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