RE: Request for comments: HBD stabilization DHF proposal

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RE: Request for comments: HBD stabilization DHF proposal

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themarkymark in #hbd • 5 years ago (edited)

What value do you think HBD has at this point? Even with interest, I doubt we will be able to hold the peg well. Maybe doing a bulk of the time (like we do now with little to no tooling), but in the end has HBD lost it's way?

It's suppose to provide a stable currency for commerce and activities that need it, but it does that very poorly. Even a small 5-10% fluctuation which is a daily occurrence is huge to business.

It is suppose to help buffer the price of Hive, but when most people are selling does it really?

I'm kind of jaded at this point over HBD and I think it overcomplicates a over complicated system with little advantage left. I was always heavily supportive of a pegged asset and what value it could potentially provide, but is it really worth trying to put a round peg in a square hole?

Maybe I'm losing my mind at this point.

5 years ago in #hbd by themarkymark

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blocktrades 5 years ago

I think there's plenty of uses of a stable coin (it doesn't seem like you're arguing against that). This is an attempt to make it more stable, and it requires no change to core protocol to do it. Seems like an easy/reasonable thing to try.

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enforcer48 5 years ago

Can we just use existing stable coins that actually hold their pegs instead?

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blocktrades 5 years ago

No one is forcing you to use HBD.

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smooth 5 years ago

They don't, not all the time nor perfectly. It's all a work in progress.

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intrepidphotos 5 years ago

I agree with this; there are lots of stable coins out there. Hive is complex enough as it is. The inflationary hangover from the SBD spikes in the last bull run drove steem price into the ground for a long time. Nothing but trouble in the long run.

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urun 5 years ago

Agree with you.

Add features to HDB and make it Cool and scaleable ( like loans or whatever)
remove and add some things on it to make it better
or delete it and fuck the stable coin and there will be one second layer at some time.

I think that are the paths we can go.

Ah and wait, the

" Try to fix the system with the proven broken mechanic".

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geekgirl 5 years ago

I think stable HBD has value if Hive coin itself is striving. Since that hasn't been the case, HBD hasn't really served its purpose.

I would suggest either removing HBD completely, or removing haircut on HBD.

Ultimately, best case for Hive and HBD would be moving the rewards for content to a different coin like Layer 2 or SMT/HMTs. That would perhaps remove the sell pressure.

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themarkymark 5 years ago

@smooth, what are your thoughts on this?

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smooth 5 years ago (edited)

I don't buy the argument that it is "complicated" and I never did.

I think we really could do well to leave the "let's get rid of SBD and have one token" trope back in 2016 like all of Ned's other "great" ideas.

The code for it is extremely simple (adds basically no cost to operating the blockchain or maintaining the blockchain code), and it serves a clear and obvious purpose.

It just wasn't that well designed from the start, but subsequent developments to the blockchain overall (mostly involving DHF) have changed the situation such that we can make it work a lot better with very little effort.

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themarkymark 5 years ago

I don't buy the argument that it is "complicated" and I never did.

There is no question Hive is complicated, new users are overwhelmed with RC, voting power, powering up, curation, and all the nuances of Hive. I know people who have been here for 2+ years and still don't understand it.

You don't just buy the token for speculation and wait for a good time to sell. You have to be an author, curator, downvote abuse, to maintain your relative stake or you investment dilutes against those who are doing the same. I don't know of any other chain that has these many rules and actions required to "protect your investment".

While HBD isn't complicated, everything on Hive is as a whole. That is what I was saying. We are not exactly signing up people in droves and when we do we generally lose them fairly quickly due to it being complicated, drama, or they feel like they are not getting their fair share. We can certainly work on complicated, and it is really something we should address.

I think we really could do well to leave the "let's get rid of SBD and have one token" trope back in 2016 like all of Ned's other "great" ideas.

I'm personally on the fence, like I said earlier I was a big supporter of SBD/HBD and saw value in it, but now I don't know, we just can't seem to keep it stable, Hive is more of a stable coin than HBD has been. I understand this proposal would potentially help stabilize it more, but I also think having only one token could be much simpler for getting people interested. I'm not really 100% for either one at this point and why I was curious how you felt. I feel if we can't keep it stable, it just gets in the way. If we can, it offers significant value. Even 5% fluctuation which is fairly normal on a good day is a lot as a business.

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smooth 5 years ago

I agree Hive is complicated. I don't think HBD (or SBD) before it has anything to do with that. Compared with the list of things you mentioned and probably others, in terms of complication, it's just nothing.

Even 5% fluctuation which is fairly normal on a good day is a lot as a business.

I agree that really isn't the goal, its more that it was originally quite flawed and it will take some steps to get it working better.

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