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RE: Can We Change The UI to Display Rewards in USD?

in #steemit3 years ago (edited)

I remember reading a post from the great @dantheman -

a comment he made on the above post caught my attention:

"I think we as a community can move Steem Dollar to a Steem Silver backing when the time comes. I think it would be worthwhile starting a discussion on when the Steem Dollar would switch its peg so that investors and speculators can factor in this added benefit.

It is clear that hyperinflation of the U.S. dollar is something that we should consider and any kind of "protection" that we can offer would probably help boost the value of Steem Dollars relative to bank dollars."

  • dantheman

We for sure need to open a discussion regarding the SBD. Not sure about changing the front end UI to display USD...interesting thought. Great post @trafalgar


I see no reason to change it.

The SBD generally never goes less than 95 cents. But it sometimes go to the moon because of moron speculators who have no idea of what it is for.

The problem is that the dollar is loosing its complete value when the cryptocurrencies are Skyrocking and people are leaving the dollar finally in the next 2 or 3 years.
I found a nice article, where the problem of the dollar is described very shortly but adequate:

Concordo! Tem muitos curiosos..que mal conhecem o SBD!

Actually this is an interesting and reasonable idea of dantheman! I think at the moment the term Steem Dollar has the advantage to win people who are new to the cryptomarket/cryptocurrencies , so it is better not changed.
But we have this (to my mind useless) Savings column, which could be substituted by a Steem Silver (participation). So we interconnect the value of this part of fortune to silver. As a result everybody on the steemit network can decide how he wants to story his Steem (in Steem Power, Steem Dollar or Steem Silver).

I think many people on Steemit anyway have other currencies so the fast tradeable steem dollar gives them enough to survive...

I agree did you see my previous response..

Lol it's nice, and I have been posting about this when it passed $4, $5, and even $7, but after getting paid out for a $15 payout.. I received $12.87 TOTAL as a payout..

Screen Shot 2017-12-07 at 10.35.25 PM.png

Which was 6.433 SBD and 4.445 STEEM POWER..

Screen Shot 2017-12-07 at 10.49.46 PM.png

The confusing part is how we only get "50% STEEM POWER" at 4.44 STEEM, but the other "50% of the payout" that is paid in Steem Dollars is worth approx 28 STEEM?

Screen Shot 2017-12-07 at 10.49.52 PM.png

So yes it would be nice to get 28 STEEM POWER also, but then again I'm thankful I turned 5.387SBD to 28 STEEM!!

However I do fear that this will cause a problem or a spike in STEEM soon.. Since SBD is programmed to equal $1.00 of STEEM..

Screen Shot 2017-12-07 at 10.43.20 PM.png

Sbd is only"programmed" that way on one direction, meaning it will always be able to be exchanged for $1 of steem. But not the other way around.

how could be brother will you tell me that ? its sames to be nice help me follow me follow you tell me

thanks a lot, yes I do think there are problems with fiat in the long term
but in the short term changing it display will help us attract more users as it'll show a much higher payout $
most new users think SBD = USD anyway, so they think the rewards are 20% of what they truly are right now
imagine how much new interest can be generated during times of these pumps if posts like this are showing $1000 instead of $250, much more users will join the platform, and investors like you and I can benefit greatly in the long run

thanks for your input thejohalfiles

I'm also a bit dubious about the three trading mechanisms presented to a new user. When you press "Convert to Steem" you'd assume it'd go at market rate. It actually goes around 1 = 1, meaning you're doing a cut price sale on your conversion.

Click Buy or Sell, and you're presented with Blocktrades. Click Market and you're presented with the currently best but also most baffling trading mechanism.

It's not that hot for the new user, like myself, and nothing really presents itself in terms of education. Only by poking around and asking questions can you get an answer. These answers should really be in tool, flagging visibly.

Anybody who finds steemit, is interested by the blockchain and wants to make high quality posts, should be able to find out what this stuff means...
Of course you have to search it...

My suggestions is to eradicate this saving category to install some kind of valuable metal or just eradicate it...

Does the savings account portion actually do anything? Anytime I've seen anybody with money in it the percentage is always 0..

I really do not know ;)
It's really useless...

Yep, and that’s what I did. But to a new person, there is little indication that there is anything to search for. Nothing in terms of native guidance. I’m thinking for your average mainstream adoption user.

Yeah a short information page would definitely help...

Saya benar-benar sangat menyukai postingan anda, follow me @tjunaidi.

I'd like to suggest that rather than attempting to fix the SBD and its related issues, we remove it and have all our valuable attention focused on making STEEM the best that it can be.

While I do see the value in providing SBD as an "easy in" to the world of cryptocurrency, this value is rapidly diminishing. Not only because of the peg not working properly, but because of how rapidly knowledge of crypto in general is spreading coupled with the fact that new users still have to deal with both currencies + Steem Power.

There is also a at least one potential economic backside to having a pegged currency dependant on STEEM, which could end up with us driving users towards using SBD as their primary means of exchange. This means - under certain market conditions at least - that there is less demand for STEEM than there otherwise would have been.

Fixing all of this would seem to require only one swift change: Stop issuing SBD. Something we could all live without.

Prices could then easily be displayed in STEEM and USD side by side.

I agree with your point that there is no use for a currency to make trading between dollars and Euros easier, because almost everyone exchanges Steem to Bitcoin, Bitcoin Cash if he/she is smart IOTA or to the at the moment because of this cryptokiddies-madness blocked/handicapped Ethereum.
So there is no reason to keep so mandy different categories.

But I disagree that it should be the Steem Dollar that should be omitted, because although the value is higher than the dollar many people trust this "term" that it has value because the are used/conditioned to it... This term definitely makes it easier to start steeming...

I even got a new idea while writing this: Instead of real silver, diamonds or platin the Steem(it) society/admins could also collect some Bitcoins and keep it the savings connected to the Bitcoin. So let's eradicate the savings column and make "Save as Bitcoin" -category...
But we almost have to keep the dollar to attract newbies to cryptocurrencies.

I also read many at steemit before I bought some Bitcoins because i wanted to understand this "crypto-trend"...

That's a interesting concept if I understood @dantheman's post correctly. SBD price gets driven up, plow it into Steem and Steem Power as a force-multiplier. This is awesome, such a great time to be on Steemit!

I think that there is always a discussion going on if something after a long time has been the same suddenly takes a different turn. In my opinion, it is always good to keep your eyes open and to see if the ideas that have ever been conceived are still applicable. On the other hand, you do not have to suddenly change a properly functioning system based on a one-time event to the system. Just my 2 cents on this

This isn't really a one time thing though. I predicted something like this would happen, maybe a few days ago or so. We have gone way over the $1 pegg before.