SBD Potato: Peg Repair Community Initiative - Why should you be interested.
Intro
It has been quite a while since i started understanding how sbd actually damages overall economy, thus making inflation bigger than it should be.
Despite the fact that current debt ratio is around 14% , meaning total SBD supply / Total Steem Marcap in USD is 14%, there is a way to make things right. It's worth noting that sbd potato initiative is a good step forwards but I'm kinda in favor of using steem as a collateral.
Again i don't quite think we should depend on individual altruism.
There is a way to remove sbd from circulation, however it is kinda risky for an individual to do so, since the possibility of losing some percentage is pretty high. Therefore, until we find a better solution i think every single community member should support initiative provided by @sbdpotato account.
How It Works?
Once a week the liquid STEEM rewards in the @sbdpotato account will be used to purchase SBD on the internal market and converted into STEEM, the resultant converted STEEM, in addition to ongoing rewards being received from daily posts will be used in a circular fashion to continue purchasing SBD and converting it.
So basically the only thing that one needs to do is to cast a vote on post, written by sbdpotato account. This way all liquid steem will be used to buy sbd on the internal market. Once they buy sbd, it'll be converted into steem and removed from circulation.
When SBD is safely within the 9% debt ratio range the service will be stopped and I will take guidance from the community on what to do with the accumulated STEEM, some ideas could be: send to @null to burn it, donate to @steem.dao, use it for purchasing marketing for Steem, donate to a charity on behalf of the Steem Network etc, but all of that can be decided on later.
Since there is no alternative to this proposal we should all support it while searching for different approach. At least community started realizing the importance of having stable currency. If we managed to make sbd a stable currency during bear market, there would be high probability for steem to gain mass traction. Especially during 2019 where stable currencies were the numero uno mission for almost any project out there.
Let's role!
