SBD Potato Day 56: DAO Proposal Funded and Post Frequency Updates
Thanks to everyone who voted for the SPS Proposal, the proposal has been funded and SBD has already started to be converted at a daily rate of 250 SBD. The proposal, however, is just over the threshold so any additional votes would be appreciated to keep it funded.
Even though the proposal is funded there are many stakeholders that wish to accelerate fixing the peg with daily post rewards in addition to the SPS funding, however we need to be sensitive to users who don't want to see the posts on trending every day.
Thanks to the magic development work of witness @stoodkev we have managed to automate the daily posts to 4 smaller posts capped at $25 each so they do not show up on trending.
These posts will be staggered over the 24 hour period and each will have 4 comments also capped at $25 each. If this still impacts negatively we can reduce the cap and number of posts to a min. of 2 per day as required,
All posts will have automatically updated API data with the latest debt ratio, SBD price and conversions in-progress data.
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): 2611.806 SBD
Total conversions since inception (API): 15723.412 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): 0.644 USD
Current Debt Ratio: 14.032%
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.
