The SBD Peg is of target; What does that mean?
Steem Dollar is a Pegged Asset and is supposed to be just that, pegged to another asset. In this case its the USD. During the last weeks this target has been sliding downwards and at the moment the SBD is trading at a lower range of $0.85 and has been below that at some occasions the last days.
This means that anyone that uses the asset to pay for gods will gain less for their money than they are supposed to. At the moment with up to -15-20%.
Last Week
Last Day
Source: https://coinmarketcap.com/currencies/steem-dollars/
Increased Interest; One Way of Solving The Problem
One solution that can be done to solve the problem with a declining SBD price is to raise the Interest paid for holding the asset in your Steem wallet. It makes people less eager to sell the asset on the market, making the price less likely to decline.
Vote on Witnesses!
The only way that the Interest can be changed on Steem, which is currently at 0%, is to vote on Witnesses that have a higher APR setting. The top 20 witnesses sets the interest price, and many at the top have no interest at all.
Current Top 20 Witnesses
Today there are 5 witnesses that promote Interest, and only 3 of them are above 2%.
Source: https://www.steemd.com/witnesses
Encourage every Witness to Raise their APR Setting
I encourage all witnesses to raise their APR to give at least 1-2% interest to make users hold their asset, rather than selling them. With a price this low we can and should have an incentive for users to hold our asset.
Encourage every User to Vote on Witnesses with a higher APR
It's all up to every user to say what they see fit the best and vote for whoever they think will or are doing a good job. At the moment I really think we should encourage a higher APR and thus encourage those that are promoting that.
There are many witnesses below the Top 20 that has a higher setting for interest, and it can easily be viewed at https://steemd.com/witnesses in the column namne "APR".
I've raised my own Interest setting to 5%, and will keep watching the outcome of the changes with the price.
Current Changes:
- Interest: Raised from 1.5% to 5%.
- Bias Feed: At the moment I have no bias price feed.
Vote on your witnesses today at https://steemit.com/~witnesses
For those of you who find it to challenging to keep up, follow my Minnow Witness Project where I analyze good upcoming witnesses on the Bottom 50 witness list. Here you can also see witnesses that support a higher Interest an how you can use a Proxy Voter to vote on your behalf.
Vote for me as Witness
Enjoying what I do and contribute to the community, please vote for me as a Witness or a Steemit Proxy Voter.
By voting for me as a witness, you will support an active witness on Steem and BitShares. I believe a witness should keep up-to-date on current happenings and be a conduit between the many users and the system.
Read my Witness Posts: BitShares, Steemit
Support my Projects: Project Minnow Witness, Gridcoinstats.eu, Crypto.fans
Steemit: sc-steemit
BitShares: sc-ol
