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I submitted my first hardfork pull request to the Steem blockchain! (Updates to the SBD print rate.)

TimCliff@timcliff (74)3012d

I have talked to a lot of stakeholders about their concerns for Steem. One of the things that has come up a lot is the fact that we are too dependent on Steemit, Inc. to develop hardforks and other significant changes to the Steem blockchain.

This creates a few problems:

  • If for any reason Steemit, Inc. were to up-and-disappear, there would a very large void to fill as far as continuing the development of the blockchain.
  • If the community really wants a change to be made, but Steemit, Inc. does not see it as a priority, then we don't really have any good options to make the change happen.

Steemit, Inc. is a very important stakeholder and participant in our ecosystem, but they are not the only stakeholder/participant. The community should not have to rely on them to do 100% of the blockchain development, nor should we expect that they are going to work on every change we want them to (unless they agree that it is a priority).

The best solution to this problem (IMO) is to get more talented community developers working on changes to the Steem blockchain code.

This is where I come in :) I have been spending a lot of time learning how the Steem blockchain code works, and have have been figuring out how to develop changes for the blockchain.

Today, I submitted my first pull request to implement a change as part of hardfork 20! (Details below.)

My views on community developers

I do want to make it clear, that I do not see myself (or other community developers) becoming a replacement for what the Steemit, Inc. developers are doing (at least anytime soon). I fully expect that that they continue to be one of the major contributors to the code for the foreseeable future.

Since they are still the ones who are doing most of the work on the blockchain code, my goal is to work with them as much as possible. My plan is to work on changes that add value in addition to whatever they are doing. Part of this includes trying to develop my changes in such a way that causes the least amount of disruption to the changes that are already in progress.

Over time, I hope to increase my skills, so I can work on more complicated changes. After I become more proficient, I also plan to write a 'blockchain development tips guide' for other developers who are interested in learning to do this as well.

Where I see this heading is that a situation where the Steemit developers and community developers are co-existing and both making positive contributions to the Steem blockchain code.

SBD Print Rate Change

As many people know, SBD has been trading above $1 USD for quite some time now. There are a lot of theories on this, but basically what it boils down to is that there is more demand for SBD than there is supply.

One of the things that is contributing to that, is that the way the SBD print rate works.

If an author chooses 50/50 rewards on their post, they get 50% of the post as SP, and the other 50% as "liquid payout". For the liquid payout, this typically comes in the form of SBD, but not always..

Currently the rules are:

  • When the STEEM/SBD debt ratio is between 0% and 2%: The blockchain pays the liquid portion as0% STEEM, 100% SBD.
  • When the STEEM/SBD debt ratio is between 2% and 5%: The liquid portion of the payout linearly changes from 0% STEEM, 100% SBD to 100% STEEM, 0% SBD.
  • When the STEEM/SBD debt ratio is greater than 5%: The blockchain pays the liquid portion as100% STEEM, 0% SBD.

Because of this, when the debt ratio is above 2%, we are currently printing less SBD even though there is still clearly enough demand for SBD to support the peg at/above $1 USD. This also puts unnecessary downward pressure on STEEM, because we are adding additional STEEM supply to the market, even though we could still be paying authors in SBD.

I submitted pull request 2503 to include a change in HF 20 that updates the rules to:

  • When the STEEM/SBD debt ratio is between 0% and 9%: The blockchain pays the liquid portion as0% STEEM, 100% SBD.
  • When the STEEM/SBD debt ratio is between 9% and 10%: The liquid portion of the payout linearly changes from 0% STEEM, 100% SBD to 100% STEEM, 0% SBD.
  • When the STEEM/SBD debt ratio is greater than 10%: The blockchain pays the liquid portion as100% STEEM, 0% SBD.

This will accomplish two things during times when the debt ratio is between 2% and 9%:

  • There will be less STEEM printed, which means less downward pressure on STEEM whenever SBD is still trading above $1 USD.
  • There will be more SBD put in the hands of Steemians.

When will these changes take effect?

It is important to make clear that even though I have done the development for these changes, they will not take effect unless they are accepted by a super-majority (17/21) of the witnesses.

Also, because my PR is attempting to merge these changes as part of HF 20 (which Steemit is developing) - it will still be up to Steemit, Inc. as far as whether or not to accept these changes as part of the hardfork and merge them into the "official" repository.

I plan to do my best to work with the appropriate parties to try and get the changes accepted and into production. Please be aware though - there is no guarantee they will.

What's next?

Next I plan to begin working on changes for issue 2022. This will update the beneficiaries payout logic to pay beneficiaries using the same payout option that the author selected, rather than always defaulting to 100% SP. There are more details in the GitHub issue for those who are interested.

As mentioned above, I am also collecting a list of "lessons learned" through this whole process, so I can put together a tips guide for other developers who are interested in working on similar changes.

I have a few ideas for changes that I will work on next, but I will wait to share more details on them until I get more input from stakeholders and am ready to take them up.

Comments · 69

  • @nazars(31)· 2955d

    waw, its amazing but i don't know how it be possible for me, please for the information about it

  • @sorin.cristescu(74)· 3000d

    Very good approach, I am fully with you on the need for the community to step up and live the "decentralized" idea in full - not only decentralized operations but also a community of developers that is decentralized and generates new ideas faster than in a centralized setting.

    With the "selection mechanism" of the witness approval vote - which BTW happens where, in github or in steem.chat or is it simply by upgrading the code they run ? I'm curious how things work during the transition period - when some witnesses have upgraded but others not - what happens to a specific payout then depends on what version runs on the node that processes the "author reward transaction", right ?

  • @kathleenscarboro(60)· 3002d

    Thank God there are people like you who understand this stuff. It is way over my head. Hope you can get your good ideas implemented.

  • @steemcenterwiki(59)· 3009d

    Thanks for sharing! A link to your post was included in the Steem.center wiki article about Steem Dollar (SBD). Thanks and good luck again!

  • @freebornangel(72)· 3009d

    Im with you on both of those changes, congrats on getting the pr done! I hope you do get more involved in the code, redunduncy is good for the ecosystem, imo.

    Can you tell me about how the ratio works between the steem price and payouts as relates to sp payouts in 50/50 posts? Does the price dropping increase the amount of sp gained? I know a lower price makes more sp per payout sbd, but does the dropping price make it a wash? A 50/50 post with 20sbd at payout pays 10sbd and 100sp at a steem price of .10usd. The same post pays 10sbd and 10sp at a dollar. And 10sbd and 2sp at 5usd.

    My question is, does the falling price affect the payout in such a way that the additional sp is a wash in real terms? Or does a lower price increase the sp gained overall?

  • @kemikay(46)· 3010d

    I found this post educating and helpful. I have followed and upvoted you my friend.

  • @naconc(40)· 3010d

    It makes sense that the best solution to the problem you pose is the search for talented developers to work on the changes to Steem's blockchain code.

    I hope that your offer is heard I mean the extraction request to implement a change as part of hardfork 20.

    It would be interesting to be able to read what you plan to write a 'blockchain development tips guide' for other developers who are interested in learning how to do this too.

    Good luck and success!

  • @introvert-dime(70)· 3010d

    Perhaps get rid of sbd and give payout in steem and not in steem power. Users have the option to use it for whatever, exchange or increase steem power.

  • @majharul(45)· 3010d

    These pictures have already been made. You've copied this picture, if you copy it, you'll be considered as a spammer.

  • @javicabrera(53)· 3010d

    Greetings friend @timcliff

    I really liked your proposal, by keeping the radio range between 0% and 9% the time in which these changes take place is prolonged, so we will see less impress and keep the much loved SBD in the hands of the authors, after 10 % which I see quite acceptable and far from arriving, 100% steem will be printed.

    What we know is that we have people who invest in Steem, Steem is the basis of everything. although this objective has been confused with the SBD.

    By the way, I'm doing a post explaining the functionality of the HardForks within a chain of blocks encompassing its different aspects, anger addressed in the first place, the Spanish-speaking community, and that will take the example in its HardFork proposal, which I think is excellent .

    I wanted to know if you give me the authorization.

    Thank you very much for your time and sorry for my bad English (:

  • @effofex(62)· 3010d

    Wow, a lot of comments here on SBD, pegging, and whether we need any of that anyway. I've thought about it a bit, but nothing new or insightful enough to add on that front.

    What I appreciated about this article was a look at the process behind developing the blockchain.

  • @jerrybanfield(75)· 3011d

    Tim thank you for making a change here which is the best approach I have seen to SBD not being pegged to $1 USD and giving us hope here that if something did happen to Steemit Inc as witnesses we can continue developing and improving the blockchain!

    I will resteem this post soon!

  • @katrina-ariel(69)· 3011d

    I'm glad I took the time to read this. I'm thrilled to see contributions from witnesses and community outside of Steemit, Inc. This part in particular gets me excited:

    Where I see this heading is that a situation where the Steemit developers and community developers are co-existing and both making positive contributions to the Steem blockchain code.

    Yes! Can this grand Steem experiment please be a working model of co-creation between a corporation and a worldwide community? 'Cause that's what I think it will take to make this thing thrive long-term.

    I'm looking forward to hearing more about what you're doing. Hope to listen in on SteemStar Network tomorrow. One thing I'd like to see is greater rewards for witnesses who are not in the top 20, but who are contributing value to the blockchain. The rewards for witnesses drop off pretty sharp. I'd be interested in hearing your ideas around that subject, and how you see the witness roll developing as more witnesses step up.

  • @melbourneswest(77)· 3011d

    Congratulations on helping build a better community, I will be watching closely and taking note of the benefits.

    Thank you in advance.

  • @sanees(55)· 3011d

    I think steem should only have steem ,one currency. Steem power and steem dollars seems like twisted effort for staking and pegging value... It probably might have caused steem to be undervalued .

  • @katherineee(25)· 3012d

    please give me one upvote and follow me thanks

  • @gisel(43)· 3012d

    Hello @timcliff, congratulations for your talent, for your selfless work in improving Steemit every day. Since for their work and dedication, we obtain significant gains that help us every day, we also develop our skills and creativity every day and show our knowledge to the world. Thankful, God bless your talent.

  • @cryptoeconomist(30)· 3012d

    The way that STEEM, STEEM Power and SBDs work is a thing of beauty! Yes it might seem complex to an outsider but it is a great system. I just dont think people get how it works. SBDs aren't really suppost to work as a dollar pegged crypto but they are more meant to act like a convertible bond. I guess this will have to be my next article. Thanks you for being an active and contributing member to the community! i will follow you and i hope you read my article when i write it i'd love for your feed back.

  • @lost108(66)· 3012d

    The fact that SBD is never pegged is cause its trading on the market, once you put a currency on the market its hard to maintain it as pegged value to something, it's impossible. And I agree with the other folks above, higher SBD contributes for better Steem gains, because when SBD is high a lot of people change SBD for Steem and then they power up, they have a chance thanks to SBD to get a better stake hold on Steemit. Removing SBD will affect bad on the Steem coin, when you take SBD from people they will be forced to power down because they have to life from something and thanks to SBD they can cash out and spend them outside the crypto market. I think the current system is perfect and any change on it can cause a damage to this community.

  • @havok777(69)· 3012d

    SBD is the money, steem the stake. Leave SBD alone, it works perfect

  • @prakashghai(64)· 3012d

    any dates for HF20 ?

  • @andreina89(47)· 3012d

    Fantastic post friend very interesting if you can support me with a vote

  • @lokendob(25)· 3012d

    if you can successfully gain and convince atleast a greater part of the community say 80% and above then you can be thinking of approval and trending issues about that. you are on good footing though. hardwwork pays

  • @kiefpreston.com(64)· 3012d

    damn, i was not aware of all the behind the scenes stuff that is going on with Steemit. sounds complex AF

  • @leprechaun(66)· 3012d

    For many years, the Argentine peso was pegged to the dollar. Now, this broke but while it was able to keep the peg, it was convenient for people to be able to rely on the value of the peso.

    @timcliff, you have been here as long as I have. You know, the Steem Dollar was for a long time at $0.80. Now the Steem Dollar had gone to over $18 each before and has been well above a dollar for quite some time.

    Those who are against the peg are happy to point out that they do not last forever but that's okay.

  • @karenmckersie(74)· 3012d

    Wow great post @timcliff , thanks for all that you do for the community, glad to have always voted for witness! I hope your SBD print rate change gets implemented . I also agree on some comments that we should just drop SD and simplify things especially with mass adoption. Keep up the great work , upped and resteemed!✌👍👍👍

  • @socky(73)· 3012d

    @timcliff, I really appreciate and respect your work on this matter.

    When Steemit accounts go to many millions, there may not be a need for a 100% SBD reward system. In fact, a 50% reward may be too much. Another point is the simple fact that SBD is above the peg is because people want to buy it and trade it. Those investors that have been boosting the price might not be happy with a change. In some cases, they may be relying on the rules to remain the way they are.

    I still like what you are doing for Steemit. We need more people like you.

  • @valth(69)· 3012d

    Congrats with submitting your hardfork pull request, @timcliff! It's great to see development from outside of Steemit Inc., and I hope we will evolve into a platform where we see more community development.

    I don't know enough of the technical stuff to really know how this will affect anything, but I trust the witnesses to do the right thing for Steem when it comes to the voting.

    Best regards from @valth

  • @indoorsandout(39)· 3012d

    This sounds like a great change to make to improve the health of the two coins. After just finishing my computer science undergrad, I am looking for projects to work on in my free time and had never considered attempting to submit changes to a project of this magnitude! I am definitely going to look into it!

  • @tcpolymath(69)· 3012d

    This is a little tangential but I was looking at your github comments last week and saw you were interested in changing beneficiary rewards so they don't always pay out in SP. I just wanted to express my feeling that this would be a great change, and probably one that would get easy support. I hope that's something you will pursue adding to the codebase.

  • @ansony(55)· 3012d

    Your writing is fine, you have the copyright, you have my support

  • @teenovision(53)· 3012d

    steemit price is aging coming down when will it bounce back

  • @brian-rhodes(67)· 3012d

    The questions and comments are great. The response to each suggests a well thought out proposal. But, unfortunately, I lack the knowledge to evaluate its specific merit. Nonetheless, I do agree with @timcliff on the need to have greater depth in developmental options. This is to not to diminish the Steemit.com role, past, present or future. But, the need to expand the developmental pool by encouraging more "talented community developers to work on changes to the Steem blockchain code", can only lead to increased options, wider discussion and less dependency.

  • @lukestokes(77)· 3012d

    I'm so very excited to see development coming from outside of Steemit, inc. Well done, Tim! I'm really looking forward to reading about the details of your experience through this process. Though the code changes seem straightforward, I imagine the amount of time and effort that went into figuring out which nobs to tweak (and why) took quite some time.

    I was wondering what your thoughts are about someday having a community or foundation owned "official" repo for STEEM? Something I've seen block.one do for EOS that impressed me was require the block producer candidates to figure something out on their own as the official repo. A whole group was formed with a token, voting, and everything to create governance around who can control that repo. Eventually, I'd like to see STEEM move in that direction so we could move forward with some changes without Steemit, inc being concerned about the liability while still being free to take upstream changes from them as needed.

    Thanks for putting in the work on this.

  • @dynksxmonster(57)· 3012d

    Fallow My channel :)

  • @whatageek(75)· 3012d

    Hey @timcliff,

    First of all you have my respects for the work you put into steem and the fact you are working to improve steemit from a community stand point is awesome. You are one of the names I read comments for under dev posts.

    For SBD do we need it to be a dollar? Would it be better to give it a use and let it go as high as it can. If the value goes up then people on steemit are getting two coins that are worth a lot and will make double the money. Unless there is a reason we are better off with a dollar coin?

  • @elgeko(74)· 3012d

    hf20.jpg

  • @whatsup(76)· 3012d

    This is a great development and thank you again for being an example. I was listening to a couple of witnesses complaining about SteemIt, Inc the other day and I asked why they didn't start to write some of the code also and see if SteemIt Inc would incorporate it into a drop. (fork)

    I don't have a strong opinion on this change to SBDs, but I want to give you kudos for being part of the solution and setting an example for the community.

    I'm really interested to see how this plays out!

    Thanks @timcliff!

  • @funbobby51(60)· 3012d

    that's interesting, so there would essentially be more SBD created so it would be worth less and less STEEM created so it would be worth more?

  • @inertia(75)· 3012d

    I like the initiative, but I haven't been convinced that anything should be done to restore the peg at all. I'm not sure we need anything more than a soft-peg.

  • @jeezzle(70)· 3012d

    Glad to see you taking the initiative on something like this.

    As far as I can tell most people do not understand the implications of having a very high SBD and the downward pressure that it creates on Steem. In fact, many minnows seem to think we're going to have another $15 SBD and they're quite excited about that.

    As a stakeholder with what I consider to be a significant amount of Steem I am definitely not interested in an SBD that ruins the value of our actual currency Steem, and thereby creates volatility and doubt in the platform itself.

  • @ragepeanut(63)· 3012d

    Really nice post, I completely agree with you. Steemit Inc. shouldn't do 100% of the work, it's nice to see you stepping in. As for beneficiaries getting rewarded with the same payout option, I hope this will happen soon ! I've never really understood why it wasn't like that, seems weird.

  • @daudimitch(65)· 3012d

    Thanks for taking the time to make the contribution and do some of the heavy lifting with regard to code alteration... While your changes make sense on paper, it does not account for the huge circulating supply on Steem already on the market, what people fail to realize is the Marketcap of Steem is inflated given that Steem is added that does account to monetary exchange, for example, 100 USD trader base on 50 Steem at price 2 dollars would give figure of 50 times 2 which would give it 100, that 100 trader can bring market cap 1000 if the seller wants 10 per Steem. But we also have to account for Steem models that basically pays in Steem, but there aren't typical buyers willling to support that price, crisis comes when everyone wants to sell (prolong period), then your 10% calculation would sink the market by that factor.... I know most people don't like to hear it but we don't have volume/liquidity to support the high Steem price we are trying to achieve, the most market appropriated approach would be the print SBD base on the market rate, this would significantly dry up supply of Steem as less Steem and SBD would be printed to support Steem demand... The major issue here, some tough choices has to be made, Steem supply is to large, SBD high price isn't the problem... We also risk killing the enthusiasm high SBD comes with and turning off traders, its a matter of combing between these two worlds but Steem trading volume even before the market downturn has been pitiful... What we should focus on is getting Steem trading volume up to that 100-300 million trading volume, and work with 1 USD as a flow rather than set in stone, if we should use Tether as reference it typically has trading volume of 3-5 billion USD roughly translating to 2.5 billion circulating Tether... Base on those numbers realistically Steem would need to have Marketcap of at least 125 billion to support SBD... I am saying this to say, our targets should be getting Steem trading volume to realistic 100-300 USD trading volume, trying to print more without thinking of rough times like we are experiencing now, would make this a recipe for disaster, for me working with a floor and taking advantage of purchasing more Steem to soak up supply or cash out may be more prudent rather than these over zealous witnesses scaring traders.... Another thing we have to change here is our attitude, we can't have witnesses talking about dumping Steem on the market and Stinc would be doing the same, what kind of moral does that leave... The system presently isn't robust enough to deal with abuses, so even that takes away traders.... Once again thanks for your contribution

  • @luigi-tecnologo(69)· 3012d

    Thanks for the update, can STEEM be supported by an hardware wallet like the Ledger Nano S ?

  • @joshuaattat(53)· 3012d

    I agree 100% with the fact that more developers aside from the Steemit Inc. developers need to lend a hand to the development of the blockchain. If that is done it will accelerate the growth of the blockchain. Am a developer myself; if your putting together a team do let me know. Am in.

  • @distantsignal(66)· 3012d

    Interesting idea. It seems like the price of SBD always being higher than indended is a black eye on how well the software works. When I think back on pitching Steem as a platform, I often run up against the confusion of SBD when it’s trending 300% of where it should be.

  • @mysearchisover(70)· 3012d

    How do you get the STEEM/SBD debt ratio?

  • @steemmillionaire(70)· 3012d

    Great initiativw, @timcliff! STEEM needs an independent community of developers!

    One specific question: what's happening with all generated SBD? If we are continuous adding new SBD to the 14.5 millions, faster than STEEM (broken pegging to the USD), already we see that the debt ratio can go in only one direction...

  • @marc99(56)· 3012d

    It's great to see you trying to code for steem. I wish all witnesses tried like you. Keep improving steem!

  • @caesar816(51)· 3012d

    Wow this is incredible...You deserve an accolade for this homie. Shows that someone if not everyone, is still concerned with the future of steemit. You have said it all man, its left for the development team to heed to the suggestion given by @timcliff

  • @gillianpearce(67)· 3012d

    Sounds interesting @timcliff although the technical bit is a bit above my pay grade. I do feel, however, that more people being able to contribute would be helpful.

    When you say 17/21 witnesses are you reffing to the 21 witnesses that appear at the top of the table? Do the ones with less power have no say in how the blockchain is developed?

    Thanks for the SBD/Steem payout ratio information. I was asking another witness about that today so now I don't need his answer. 😁

  • @maryfavour(64)· 3012d

    Like you've rightly pointed out, development to steem would be quite slow, if we wait until Steemit Inc. decides on a hardfork. It's a good thing that you are making these changes, @timcliff. Thank you.👍 While I'm trying to understand the mechanics of how SBD debt ratio increases, the question that comes to mind is how do we know that SBD debt ratio has reached that 'haircut' limit of 10% before we begin to see it lose value below $1 (assuming 17/22 witnesses agree to the change in the code you've made)?

    @maryfavour.

  • @bronevik(62)· 3012d

    Tim, you're great!

    At least you've started a discussion that must be started.

  • @enginewitty(78)· 3012d

    Love the logic behind 'not the only stakeholders'. Also am impressed with your solution for the 'sbd/steem printing'. If I have a say, I'm all for that.

  • @edb(66)· 3012d

    Wait, what is the STEEM/SBD debt ratio?

  • @phillips93(46)· 3012d

    Fantastic post friend thanks

  • @chireerocks(75)· 3012d

    I wanted to read this post due to Hardfork word in title and after reading i want to appreciate you because, i am not an developer but i know they are the core of any digital platform and i know how much they strive hard to improve some aspects or creating many applications which can bring effective usability. And i really wanted to appreciate you because you took one step forward and taken the responsibility to come up with the new developments and also you understood that everything should not be pushed or expected from one entity when there are many contributors, what i like is, as you said we have to search potential developers and contributors to push the Hard Fork and this way the engine of developments will move forward effectively.

    And thanks for sharing the Print rate information and all numbers because literally speaking i was unaware of this stuff and good know it. And you are an super thinker and you are keeping an eye on 2022 and also as you said you are going through the updates of more payout options. So i want to wish you good luck and i hope and wish that your hard work will be attain it's goal.

    Thanks for sharing this post with us and wishing you an great day. Stay blessed. 🙂

  • @ange.nkuru(66)· 3012d

    I had never understood why some people wanted the 1sbd per dollar peg but now I think I'm starting to get the reasoning(still not convinced tho). I completely agree with you about not being too depedent on steemit inc and curators getting their payouts the same way the author does. Wish you luck :)

  • @sistem(60)· 3012d

    Wow its nice. Steemit is a decentralised platform so if only a certain group of persons can work on the success and developement of tye blockchain then i think it defeats that fact.

    Its a good thing that you have decided ti help out and u can see how suparb your update is. I just hope they lool into it and accept your submitted proposal.

    Keep up the good work you doing around here @timcliff. We need more persons like you around here.

  • @ugetfunded(62)· 3012d

    Never knew there were some other stakeholders as well until I read this post. I hope the changes that you propose bring some positive outcome. Good luck @timcliff.

  • @biophil(67)· 3012d

    A concern: isn't 10% the threshold at which the USD peg is abandoned?

    It's been a very long time since I looked at the mechanics of this stuff, but I recall that when the debt ratio hits 10%, the peg switches from targeting 1 SBD = 1 USD to targeting MarketCap(SBD)=0.1*MarketCap(STEEM) or something similar.

    If I have the details right, this means that your proposed change will continue printing SBD right up until the peg is designed to break. Your changes increase the aggressiveness of the pegging mechanism, and seem like they could add significant amounts of risk to the STEEM ecosystem in the event of a prolonged market downturn.

  • @lion-inferno(52)· 3012d

    Ahmmm You have a very nice information and thanks for sharing ... I will wait for your next post Keep it up sir

  • @lion-inferno(52)· 3012d

    Ahmmm You have a very nice information and thanks for sharing ... I will for your next post Keep it up sir

  • @bacchist(69)· 3012d

    I've been out of the loop for some time, so I haven't followed the development of the platform as much as I probably should. Has there been a change to stop the breaking of the "peg" at debt ratios above 10%?

    I expressed my concerns about it when it was implemented quite some time ago... my thoughts on it can be found here:

    https://steemit.com/witness-category/@bacchist/witness-petition-do-not-abandon-the-peg

    If this is implemented, it will likely cause the debt ratio to increase with the additional SBD production. Have there been any relevant changes, or will it still be potentially catastrophic?

  • @roomservice(62)· 3012d

    Hi @timcliff, thanks for contributing code to the Steem project - I cannot agree more on your blog that we need many more freelancing developer in order to become more independent from Steemit, Inc.

    If you REALLY have some spare time for another pull request, you could look into this Steem protocol improvement proposal here: https://steemit.com/utopian-io/@steemhq/how-to-make-steem-great-again-the-exponential-author-reward-method

    I really think this could be a game changer for Steem and could fix a lot of problems we currently see on the platform.

  • @leongkhan(64)· 3012d

    I believe this line is backwards. Should be 100% STEEM. I like the contributions you are making, I think they will help us to continue to move forward.

    When the STEEM/SBD debt ratio is greater than 5%: The blockchain pays the liquid portion as0% STEEM, 100% SBD.

  • @bacchist(69)· 3012d

    Think this might be a typo...

    When the STEEM/SBD debt ratio is greater than 5%: The blockchain pays the liquid portion as0% STEEM, 100% SBD.

  • @mejustandrew(59)· 3012d

    I guess that first you will have to resolve some conflicts :)

    It is great to see community members who open pull requests on the Steem github, it helps its growth!

    And as a question, you have written:

    • When the STEEM/SBD debt ratio is between 0% and 9%: 0% STEEM, 100% SBD.
    • When the STEEM/SBD debt ratio is between 9% and 10%: linearly change from 0% STEEM, 100% SBD to 100% STEEM, 0% SBD.
    • When the STEEM/SBD debt ratio is greater than 10%: 0% STEEM, 100% SBD.

    but at the end shouldn't it be:

    • When the STEEM/SBD debt ratio is greater than 10%: 100% STEEM, 0% SBD.
  • @whatamidoing(72)· 3012d

    So according to this plan the value of sbd will likely go down closer to $1 but we will be receiving more SBD?