The First Conversion
Yesterday was the first day of the rinse-repeat conversion cycle. The first posts paid out and the @likwid service worked as intended, making available the entire post rewards as liquid STEEM. Only the initial post didn't use Likwid and thus the earning from that are being powered down at 8 STEEM per week.
As suggested by @cardboard, the STEEM earned from the posts was sent to his @bank.sbd tool with the memo
swap and was instantly sold at market with no commission, to yield around 46 SBD which was sent back to @sbdpotato. The SBD was then put through the conversion process. The conversion will take place over a 3.5 day period, after which liquid STEEM should be available to purchase SBD again and so on.
In the meantime, post earnings will increase the overall amount of funds within @sbdpotato and each week the recycled SBD amount available for conversion will be larger.
Vote for this post to help fix the Steem Dollar Peg!
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): 0.601USD
Current Debt Ratio: 11.75%
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
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.
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.
If you would like to have your banner featured on the daily posts, simply upload your banner in our comments sectiona and pledge to vote for @sbdpotato daily and/or include @sbdpotato as beneficiary of your own posts!