My thoughts on the SBD price and a potential witness intervention

in #sbd4 years ago (edited)

Would you like a 75% pay cut with that?

A few days ago, I became aware of a push by the majority of top 20 witnesses to force SBD back towards $1 USD. As I now earn the vast majority of my income posting on Steem, this would have a truly devastating effect on my personal finances - my income would drop by 75% and I'd be back to writing for The Man.

Terrified by the prospect, I immediately removed the vast majority of my witness votes. I am currently only voting for witnesses who are against an intervention, or who have personally assured me they aren't in favour of a reckless "shock and awe" action.

Though I'm a staunch supporter of a high SBD, if action is going to be taken; it should be cautious, measured and scaled - deliberately causing a crash in the SBD market could have disastrous and persistent economic repercussions.

An argument for a strong SBD

In my opinion, the high SBD price is an overwhelming positive for the platform and community. A high SBD price benefits authors, existing Steem based businesses and investors, as well as the community as a whole, through increased aggregate wealth and demand for STEEM.


Authors are the most obvious beneficiaries of a high SBD price. Authors are the life-blood of Steem, without the authors, there is no content - there is no value. If good authors aren't fairly remunerated, they won't arrive in the first place, let alone stick around.

When I first started on Steem in June last year, there were only a handful of authors making a wage here. Blogging full time on Steem seemed like an impossible dream for most of us. The SBD rally changed all that - everyone is making money now, not just a select few.

Steem is a social media platform that rewards creators first and foremost. An SBD charged Visa card would be awesome, but if no one has any money to charge it with, what's the point?

Steem based businesses & investors

A stable SBD might be a wonderful thing for people considering doing business via the Steem blockchain, but what about the guys who are already here? What about the existing businesses that are doing really well from the high SBD price? What about the investors who have bought STEEM and powered it up to invest in these businesses?

Due to the SBD price, these Steem based businesses are paying returns exceeding 50% on SP delegations. That is, if you invest 100K USD in STEEM, you can pretty much hang your boots up now and retire on a 50K pension. This has investors going understandably crazy: they are loving it, they are telling their friends, family and investor buddies about Steem ... do we really want to fuck with that?

On a highly related, surprisingly debated note ...

High SBD --> demand for STEEM

A high SBD leads to increased demand for STEEM. This is extremely basic market economics and it's a little worrying the point is being debated at all.

  • STEEM can be powered up into SP
  • SP yields SBD and more SP
  • SBD appreciation makes STEEM a more attractive investment due to rising yields
  • Demand for STEEM rises

That explains the raw investor rationale, but what about the creator community?

  • The community is predisposed to buying STEEM with a portion of their disposable income.
  • A rising SBD leads to rising disposable incomes for the community
  • Increased disposable income allows for increased consumption of STEEM

As long as water evaporates under heat, investors seek the best possible yields, and minnows and dolphins dream of whalevolution; a rising SBD will lead to rising buy-side volume on STEEM and a falling SBD will lead to reduced buying interest.

The bigger picture

Steem is changing lives right now. Like right now. We have thousands of Steemian's from developing nations earning a living here. Steem is putting ham on tables that once struggled to serve bread. That is amazing. I honestly can't express how amazing that is - Steem is changing the world.

I recently arranged auto-vote support for the @air-clinic account. For those of you who aren't aware, @air-clinic is a service based on Steem and Discord that provides free medical advice and GP consultations. Originally they offered public consultations for free, but private consultations were 3 SBD.

This cost seemed extremely prohibitive and I'd just witnessed some poor sod talk about his urinary tract infection in a public discord ... I decided something had to be done. I had a chat to
@nairadaddy and asked him how much post revenue he'd need to offer free private consultations.

The number was surprisingly small: $50-$100 in post rewards a week. I made a few calls, sent a couple DMs, did a few sexual favours and voila: the entire Steem community now has access to free, private GP consultations via discord. That could literally save lives. Seriously, if that guy who died playing WOW had access to a Discord doctor, he may not have died ...

If SBD is manipulated back to $1, those votes will no longer be enough to cover the time of the @air-clinic GPs.

Alright, I've been writing this all bloody day now and my twisted sense of humour is starting to come out, so may as well leave it there.

tl;dr Everything is so damn good right now. The party is rocking and no one has work on Monday. Please don't throw a turd in the punchbowl.

If author rewards are as important to you as they are to me, I suggest you update your witness votes accordingly. The great thing about Steem democracy, is you can make your voice heard throughout the election cycle, not just once every few years. You can also change your mind if the people you elect are no longer acting in your best interests. The following witnesses support a strong SBD:

@Aggroed - Vote

@Thecryptodrive - Vote

@clayop - Vote

@therealwolf - Vote

@adsactly-witness - Vote

I am also continuing to support my good friends @reggaemuffin and @ausbitbank - though they favour a lower SBD, I know them well enough to trust they won't deliberately cause a crash. I am considering re-voting @lukestokes as he's also a very level headed dude, though his stance is probably still a tad interventionist for me.

If you are a pro-SBD witness, please leave a supporting comment below and I will add your name to the list above.


I don't mean to argumentative, but there are going to be some things that wont be taken lightly.

Why do you want a high SBD?

Does a high SBD payout mean that the platform is just becoming popular and we are lucky to be in the front end? Or does it mean your content is genuinely better? Has your content changed as a result of SBD pricing? I understand there is a difference between what was designed (the framwork for steem), and what really occurs (human behavior on And this is definitely the case here.

I took a look at your profile, and I have a sincere question for you. Do you really think your content deserves $100 payouts (in terms of rewards, not USD). We're talking about sometimes $500-600 per a post.

Do you buy those upvotes? Or do you have genuine supporters of your content that help you reach there?

Because if SBD dropped back down to $1.00 what does that really mean? Did your content become worthless again?

All of these questions are really there to question your need and intent of a high price in SBD.

You can pose the same questions to me if you wish, I have my answers. I've also invested tens of thousands of my own money into steem so I come from a different position than you.

What is the intent of $1.00 SBD?

On a blockchain level why should SBD not be $1.00? Just because you want money, doesn't mean SBD shouldn't be $1.00.

Before we go there, we all know that the original intent was that SBD was intended to pay out $1.00 worth of steem, not actually be $1.00. So in reality, it's a bunch of people who want a stable currency to use, NOT how much its worth.

If SBD is manipulated back to $1, those votes will no longer be enough to cover the time of the @air-clinic GPs.

Why not just pay them in STEEM instead?

I took a look at your profile, and I have a sincere question for you. Do you really think your content deserves $100 payouts (in terms of rewards, not USD). We're talking about sometimes $500-600 per a post.

To put it bluntly, no - I think all payouts on the platform are too high right now. Moderately successful authors like myself, who were earning a part time wage before the STEEM and SBD increase, are now earning Doctor's money. Having said that, I'm a professional markets writer with a couple big forex brokers as clients - last year I was charging $100 an hour and was planning on upping my rate to $150 this year. The going rate for a freelance writer in 2017 was $900 per day. When SBD was at $1, I wasn't earning anywhere close to what my expertise gets me in real life.

I think this is the problem - we are just going from one extreme back to the other and the other isn't enough to retain excellence in any field. Having said that, STEEM is literally 6x higher now and if the witnesses handle this properly, they will be able to deflate SBD without too much collateral damage.

As far $500 - $600 a post, I think I got lucky with one last week - @v4Vapid and @adsactly dropped by - loving it.

Do you buy those upvotes? Or do you have genuine supporters of your content that help you reach there?

I used MinnowBooster a few times last week because internal STEEM price was lagging the market. At current prices I'm guaranteed 100 per post - I blogged, networked and grinded my arse off last year to get here. Due to the SBD and STEEM price, as well as the holiday season, I've been trading a lot less than I used to - this means less chart and trading content. My calls on Ether, Bitcoin, EOS last year made my followers a ton of money. I've been enjoying taking photos lately, I'm not that good at it I don't think personally, but I seem to get really engaging comments and positive feedback.

I think your blog is a great example of why lower SBD is going to be screwed. You are already not earning enough from your blogging, not through low calibre content, but lack of reach and poor content discovery on Steemit. Your posts die, it's not that people don't like them, it's that people don't see them in the first place. On top of that, your returns on investments like Smartsteem are going to go down dramatically.

I don't mean to argumentative, but there are going to be some things that wont be taken lightly.

Come on you weren't that bad mate :)

Why not just pay them in STEEM instead?

If SBD were one USD again, not only would the whale support I've arranged for air-clinic (from auto-votes I would have otherwise got), not be enough to cover the doctors' time - I'd need those votes for myself again. I wouldn't have enough disposable income to even consider philanthropy (without taking on freelance work again).

Hey @bulleth,
I agree with everything you have said here. The witnesses are supposed to be the Voice of the people not the voice of themselves.

Even my own life is changed and I can sustain a Clinic run on the blockchain with less than $10 per day just because of the SBD prices.

If anything happens to those prices, then our free services may be affected. I myself ain't earning anything from running @air-clinic. But I really don't care about earnings. All I care about is for people that are ill to get better.

There are so many witnesses that should rather spend their time supporting so many good courses on Steem. But they would rather support themselves.

Well, I don't blame them that much. They earn most of their income in Steem Power which they can power down at will. So they don't see that minnows, need this for survival.

I can't even count the surge in Signups during these SBD surge. Even if Steem gets to $100 it will only enrich those who are already here. The only way a newbie or minnow will benefit from this platform is via SBD payouts.

I will say this again, this time more emphatically;

The witnesses are supposed to be the Voice of the people not the voice of themselves.

Support Projects that make sense like @AIR-CLINIC...

Instead of campaigning for a crappy minnow economy.

This is exactly why the rich get richer and the poor, get poorer!


I agree with you @bulleth. #steemit have changed many lives in different country and race. Somehow it shines bright of HOPE as they've started to earn. I personally changed some lives hear in our community as I give out my earnings to one of our indigenous community here in Philippines and it gain such impact that we really put them at ease.

I understand very well the game like other games that surrounds blockchain however last year I really thought this is different. When we say decentralize digital currency there's must not have MONOPOLY but it seems there is in this system.

Sad but still hoping to a great comeback of all. Bless you!

Words cannot describe how angry I am about this. Witnesses need to think about the best interests of their VOTERS so they should definitely reach out to their constituents before making such a dangerous economic move which could potentially kill all crediblity that the Steem ecosystem has worked to create.

They should focus more on accurately representing SBD true value rather.

Anyways I don't think that SBD will always be as high as it is right now. The market will get it back to values around 1$ sooner or later so that we could just let people enjoy the ride. Like you say it's changing a lot for many of us!

Manipulating the market here would be worse than just watching the price decline over time as the supply of SBD increases massively.

I totally agree with you steemit is changing people's lives and I don't want people like witnesses to mess up with their lives with such stupid decisions, I personally think sbd need not be linked with dollars, if the price of sbd is going up that is good for steemit community.

I’m in the same boat as you so am going to have to update my witness votes too!

Completely agree with you. While I do think having a stable SBD could be beneficial, having a much higher SBD is worth so much more. We can't risk tanking SBD and also tanking Steem in the process, to be honest. Things are going great as it is - let's keep it that way. Resteemed.

also good job,
thanks for sharing!

Thank you very much for informing us of what is going on.

i agree with you and upvote in support -- these witness fleas only want the money for themselves

Change is the only constant thing. Lets be optimistic

Thanks @bulleth for this important piece of information. I am not sure why some witnesses would want STEEM or SBD price to go down. But considering the current scenario, if SBD price is this much high, then it will definitely attract more people and change their lives as you mentioned several times in your post.

I have personally invited 30-35 people and most of them joined Steemit then and there. I am trying to use my influence on other Social Media websites like Facebook, Twitter and Instagram to make everyone aware about this great community and opportunity to make a difference in their lives and everyone's lives.

I was thinking to start a small community in my city - New Delhi, India where a lot of budding bloggers make moves and try their hands on the various blogging platforms online. Once I will build such community in Delhi, I will move on to the other states as well. 🌎

I am pretty sure that there are millions of Indians who might be interested in joining Steemit and posting here full time. I hope one day I will achieve that. But if the prices of STEEM and SBD will go down suddenly then folks out there will not take this seriously and we might miss a great writer or blogger or a storyteller.

Steemit community is already huge but still there is so much room for everyone and long way to go. If we want to achieve no. of active users to be comparable with FB or any other social media website then we have to work hard and make STEEM and SBD bigger in terms of dollar value because as Steemit says, "Money Talks". People wants to be compensated when they spend a good amount of time on a platform and that's what STEEMIT does right now.

I agree and support you in your mission. Hope to see SBD at $10 very soon. Cheers 🍺

I know some fellow @teamaustralia also believe to have the SBD to be pegged to the dollar.

I am pro strong SBD

Greater incentives for content creators.
Entices new users. Due to the fact that you can mine SBDs just by blogging.
Power Up.
But most of all, helping people make ends meet.

Steem is changing so many lives for the better. Especially from least developed countries.

Why deprive them of such opportunity?

I would like to hear some arguments for having the SBD closely pegged.

I hear you mate and I've enjoyed the post rewards too. But the truth is that a return to $1 SBD is actually inevitable. Even if the witnesses do nothing it is going to happen sooner or later. I'm planning to write a post tomorrow to explain why.

I don't think so, I'm uber bullish pure tech perspective - keen for your post though - we'll argue it out there :D

I understand. My explanation is based on Fundamentals and I'm pretty confident you'll see it too once I lay it out.

Ok, it's out there mate.

STEEM DOLLAR Will Fall To $1 USD : Here’s Why

I know you're not going to like it, but maybe you'll think twice before trying to trade this on pure technicals and I can save you from some pain.

Hahaha thanks for remembering to link me dude cheers swamped will have a geez

I don't trade it, I pretty much just dump it and buy STEEM or LTC -> AUD ... Sitting on one hundred now ... just checking the charts ... that's about as close to trading as it gets - timing a sell!

Yeh, that's often how I operate too. Using TA just for timing entries and exits. Though recently I've been content to just "cost average" and cop whatever price is there rather than try and time it. Especially for those smaller amounts :)

I am a minnow author and I want high SBD for higher rewards

Always let the free market decide the price of an asset. An intervention like trying forcing to get back at 1$ is the same way as the Federal Reserve changing a monetary policy.

Can we ask the same question? Does Steemit really need the witness service?

You raise some good points here. I’m still undecided on the issue, though I am leaning towards the camp that wants 1:1 parity with the USD. Here’s why.

SBD are Steem Backed Dollars. For every SBD there must be an equivalent amount of Steem which has been powered up into Steem Power. At the moment the market cap of SBD is much lower than the market cap of Steem which has been powered up and it should remain so.

My concern is that with a floating SBD the price could be bid up by a powerful adversary until the market cap of SBD is greater than that of SP. If that happened we would essentially have a fractional reserve (fiat) currency. Look at what is happening in the US and EU to see how that plays out in the long term.

Another disadvantage I see in a floating SBD is that users of the platform could become disincentivised to hold either Steem or SP, if they saw that potential gains from holding SBD outstripped the benefits of powering up their Steem. If Steemians would rather hold SBD, than Steem or SP I imagine we would see a continual erosion of the value of the reward pool.

There are also disincentives to businesses who would like to launch a platform using SMTs, but I don’t think those points are as valid for typical Steemians as the points I have just outlined.

As I said I am undecided on the issue. I’m very interested to see how this plays out.

Totally agree with you, as I personally power up with my post rewards. With a high SBD a lot of new investors and new bloggers are incentivized to join the platform. If SBD was pegged to 1$ a vast majority of new users will struggle to grow their blog leading to an inevitable loss of interest in Steem and the community.

Will see how it goes. I hope together we can make this platform grow way higher than clouds. And the sbd price is really what really attracts most of us here.

great info !

The value of steem is closely associated with the value of steemit. So, I think that the content of this platform is going to make or break the price of steem. I would not try to implement price control at this point, I would worry more about stabilizing this platform so that we have more people enter it.

Let sbd moon :yuno:

allways good job....thank you for sharing

Let the market decide.

We all know how markets turn out when clever interventionists insist they are much cleverer than the organic mechanisms of the market...

Peg: The problem with setting the peg value now is two fold. Firstly, no one really knows the economic result of pegging and it will create a lot of FUD. Secondly, we don’t know if the strategies being put forward with actually work. Unless someone like Charles Hoskinson is brought on as a consultant I don’t trust the process.

Two currencies vs one: Here I tend to think it is better to leave as is. If Steem/Steemit is growing and successful why mess with it. A potentially catastrophic change could eliminate the first mover advantage Steem/Steemit currently enjoys. The one advantage I see from a having a single currency is having all of the Steem value bundled. This would push STEEM up the list in terms of market cap for whatever that is worth.

Thanks for spelling out what a lower SBD would mean for the platform. I've been selling some of my SBDs in dribs and drabs on the internal market for STEEM because I feared the lowering would go through.

The price in SBD definitely makes a huge difference and I don't really understand why anyone would want to see the price lowered back to $1 as many (such as yourself) would lose out as you mentioned in your post. I don't earn a great deal, but I am proud of what little bit I do have and post because I want to grow my account NOT lose out.

I'm all for seeing SBD soar to greater heights but I'm not sure how to go about helping make that happen other than buying Steem myself, which I am considering.

I've refrained from doing any witness votes because of these things. I'm glad I found your article, as I've wondered who I'd want to support when it comes to this debate. I'm definitely for a strong SBD.

Great !!!

I am in favor of you, as you clearly explained why we don't want SBDs to be of 1$. For steem's growth we want investors that will invest in this platform and investor will invest when he is finding great returns on his invested money.

Thanks for writing such a great post. Hats off buddy !!

i just upvoted your post.... and now i'll resteem it bc it has all the info newbies who feel stuck require..... keep up .

I support you. Thanks for your post...............

Changing SDB to a full peg is a massive change. Something that needs to be well thought out.

I can't help but wonder why they haven't done more to try to address other issues, like reward pool rape, which has only increased due to the SBD price increase. They should address that.

I'm still undecided about this because I'm still learning how I'm able to make a living off blogging using the Steemit platform.

I'm definitely leaning towards being pro-SBD because I agree that the platform should focus on attracting new users and focus on making the content submitted the primary asset of Steemit.

I'm no economist but pegging SBD to the US dollar seems like a terrible idea because IMHO the US economy is extremely unstable and with a huge deficit - what will happen to Steemit if/when the US dollar crashes? Is Steemit going to crash with it?

Since we know the US dollar is heavily manipulated and countries like China own 15% of it or more and could easily dump their holding and put immense pressure of the dollar.

I understand that the volatility is a big issue but I think more creative thinking needs to be done to solve this.

I'll just finish off by saying that pegging SBD to a central banking cartel doesn't seem like sound logic to me. I may be missing some info as to why pegging SBD would be a good idea but I'll definitely keep an eye on this topic.

This post exactly addresses my issue. I have 20 odd SBD waiting to be converted to Steem. But Steem and SBD is almost equivalent which is holding me from converting it.
Earlier we could buy 1 steem at 0.60 SBD. Now its way too costly ~0.89

Holding SBD is very, very, very risky. Seriously dude, people are discussing an intervention, the supply is increasing every day. Get that STEEM while you can. When/if SBD does go back to 1, you will be looking at 5+ STEEMSBD.

I have been tracking the news and discussions on SBD to be pegged to $1. I think its just unfortunate for me. Before I could figure out about the conversion and stuff, the SBD price was pretty much comparable to Steem. I should have known this at least a week earlier and I would have had much more steem.

Hello @bulleth

I would like to add an economic view on the discussion, based on fiat currency economics. I think it is a needed perspective, since we are talking about how Steem economics should works. Could you take a look?

Left you a few replies :)

Upvoted and resteem! I created and still want to create good content and i need the rewards too..i have two kids and lot of debts to take care of so better bring back up the sbd price!!!

Uh, I'm just a mere minnow, actually I have been guiding a shoal of minnows together with my family here and some of them already have established a sense of belonging here in the platform, in our best interest we would like to know who are the witnesses in favor of pegging the price of sbd, for discussion's sake... Thanks...

I will resteem this, so everybody know. I hope sbd will not be pegged to $1 USD. Many authors will quit if it happens.

eat food good idear

In addition to everything you said, the market already chose sbd to go up and it will again even if they try to hold it down.

i am with you sir,
I am against with those few witness that against of high sbd, they don't realised that SBD bring success to platform. And I think they managed to bring steem to binance and left behind SBD in purpose,
Here is a kind of story I wrote.

Even before, I always against of this witness wanted sbd to be drag back to $1. this will affect the whole platform.

Hi sir @bulleth I would like to know who are the witnesses that supports the peg and those who doesn't. so that we can support whom ever we want to support.

My witness votes just changed , I favour a higher SBD price

Thank you for your nice post . .
I am your Fan. . Im inspired by U..
Can U plz visit my blog and give me some tips?
I will be blessed if U follow me

Thanks so much for considering adding me back. I really do appreciate that.

As you've probably seen, I had a large discussion about this and tried to argue from first principles as to why a pegged asset is valuable to this ecosystem and could be even more valuable in the future. I also try to recognize what, if any, opportunity costs we're paying right now as a platform for not having a stable peg history which others in the future will look to and expect in order to trust SBD.

I've yet to see many witnesses directly advocate for crashing anything. That's clearly not in the best interests of anyone. In reality, the witnesses have very little control or influence on how the SBD is priced because it's being controlled mostly by speculators. The white paper outlines our job as witnesses to enforce that peg as best we can, but there are not platform tools to do so on the upside when speculators "manipulate" the price up (to use language from the white paper).

It's really interesting to hear this discussion described as interventionist considering I'm mostly labeled a voluntaryist and anarcho-capitalist. The last thing I want to do is be an interventionist! I'm all about letting markets do their thing. I'm also about long-term value and making the hard decisions now for greater benefits and reward pool payouts in the future. Incentivizing the value in STEEM increases the reward pool for everyone, including curators. If curators aren't doing their work, more people may rely on SBD vote bots which could increase the noise and decrease the signal as far as finding quality content on the site. My current stance is to wait for the SBD to naturally settle back down as best we can and then, once no one feels like anything was taken from them, implement some tools for us all to use (such as a two-way conversion) to enable that peg to actually work. That, to me, will keep value in the STEEM token which is the best, long-term investment for everyone who is serious about this platform and not just here to cash out some quick winnings. Otherwise, having two speculative tokens doesn't make as much sense to me.

When I get SBD, I sell them right away for STEEM or something else. I want to continually add sell pressure there while thanking the speculators for their contribution of value to our ecosystem. I also want to use services again which charge via SBD without having to second-guess the value contribution I make later. tipu, steembay, steemvoter, steemsql, and others are examples of services I'd like to see do well, based on something stable they can count on when paying for real-world service costs. If they float their prices based on market demand for SBD, then they may get stuck holding the bag when it comes time to pay for hosting, etc.

The SBD rally changed all that - everyone is making money now, not just a select few.

I think this may be a misrepresentation of how we got here. I remember when STEEM was at $0.20 or less and the entire rewards pool had very little value to distribute. What changed is STEEM went up 46x in value. The fluctuations in SBD (7x-10x, comparatively) didn't increase the rewards pool for everyone, that was done via the price of STEEM, according to the blockchain code. The high value of SBD is a nice bonus, for sure, but ultimately it's the value of STEEM that increases (or decreases) the entire reward pool for everyone.

Also, when you listed witnesses who support a strong peg, that, to me, is a little misleading. Unless they are directly buying SBD to support the price, they have little ability to do anything, just like the rest of us. I think the price of SBD will eventually go down as more of it is printed, just like it has in the past, and there is nothing a witness can do about that. I've talked to people saving SBD thinking it's a bad time to buy STEEM, but they may feel terrible if SBD (on its own) goes back to $1 and they feel they lost a 3/4 of their value. This witnesses, as far as I know, see the value of a pegged asset. They just don't want to make any changes until it already comes back down to $1 over time without a separate mechanism for injecting more SBD into the market at a quicker pace (such as reverse conversion would do). That's essentially the same position I have, unless the community demands we do something to support a stable peg prior to that point (and so far, I've only seen most people in the community arguing to leave things alone).

Thanks for the heads up about @air-clinic. That sounds fantastic, and I think I'll add them to my witness delegations.

Top notch argument for not attacking the price of SBD with any type of haste. I also agree, there does not seem to be any compelling reason it needs to be pegged to $1 USD. Letting it go higher at this early phase of the platform has a great deal of benefit. Later if more merchants find that expecting Steem for products, then this can re-analyzed.

I just posted a piece I think you will be very interested in, dealing with the sustainability issue.

I could not agree more with you. I am a free market guy. Why do the witnesses have to mess with the free market. Sbd have gone up because there is a huge demand for them. That is what makes them valuable. If the witnesses start manipulating the price they are no different than our government manipulating the dollar and the stock market. I think it would back fire on them very fast. We all came to steemit not only to make money but to get away from controlling businesses and governments. Keep up the fight. Think you are doing great