SBD Potato Day 22: Getting Fancy with the Taters!

in sbdpotato •  2 months ago



Conversion Report

Today 429.641 SBD was converted.

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): 0.621USD

Current Debt Ratio: 16.60%

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.

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 sectiona and pledge to vote for @sbdpotato daily and/or include @sbdpotato as a beneficiary of your own posts!





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Additional fundraising comment! Vote this comment to help the potato grow faster!

Additional fundraising comment! Vote this comment to help the potato grow faster!

Hey there, I have a couple of questions for you.

  1. What is the purpose of using likwid? I understand it gives you funds to burn more rapidly, but, since this is a long term project, it seems to go against the community funds you are using to pay a percentage to get the STEEM faster.

Powering down manually will give you liquid steem every week, which, should start adding up after just a few weeks.

  1. What are you doing with the tokens you are earning? I have considered upvoting this post, but, what will you do with the neoxian and leo that is earned? How will this game affect those communities.

Thank you for your time.

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Hi @metzli, CC @smooth all very good questions. Yes Likwid is great to kickstart liquidity, I think once the fund has around 5K SBD in it we can use organic power down instead of likwid. I want to get to big numbers fast for max effect. Also bear in mind Likwid also votes these posts with a healthy vote that helps build up the fund and likely is more than the 1% cost.

Regarding the tokens I will sell them for Steem and put them through the same recycling process, I will do that once the value warrants it as I do this for free and in my spare time.

I think Cheetah and its operator know this is a community project and have provided an exemption to the repeating post, the images, spot values and headline title are always different at least, as well as the conversion report.

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Wouldn't converting everything as it comes in help you grow even fast as well? Just about every time I check the wallet, there is only one conversion going on at a time and there is hundreds of steem just sitting there doing nothing. Doing multiple conversions all day long would help this go/grow faster.

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Yeah it would but it would either be time spent doing manually or dev cost to get that coded up and December is not the best time to get devs to code. I also do this pro bono, for now conversions twice per week are a nice balance and also makes for easier reporting, small transactions not so easy to report.

What i am doing is selling steem for SBD almost daily and then converting SBD to Steem on Wednesday and Sunday.

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Good point about the vote.

I think the fee is 1.5% though, and probably calculated on the whole amount, which makes it 3% on the powered up portion (since you would get the liquid portion immediately anyway).

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@transisto said in slack he would do 1%, I haven't confirmed with him if he made that fee change adjustment yet.

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Aaaaand. How are you doing it so that all of your posts are very very VERY similar, yet you aren't getting hit by Cheetah, and other similar services?

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I agree on the point of not using likwid going forward (or maybe once the pool reaches some threshold, say 1000 SBD). It was good to jump start the pool faster, but longer term it is mostly just an added cost. The power down needs to be done anyway (due to beneficiaries being set to sbdpotato) and could also be automated.

Good question about the extra tokens.

This post earned a total payout of 23.625$ and 17.763$ worth of author reward which was liquified using @likwid. To learn more.

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This is such a great idea!!!

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