The debt ratio right now is 6.38% and conversions will pay 100% (since 6.38% < 10%). Recently, as in the last few days, the ratio has been slowly declining as the STEEM price is stable to increasing and some SBD is being converted. Over the past few months it was increasing.
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Maybe you should right up your own post. I thought Tim was the only person on here who understood SBD's. lol
I though SBD's were supposed to be printed if the debt ratio was below 10%.
For a while SBD was increasing extremely fast.
The current rules print SBD only up to 5% ratio (with the rate reduced above 2%). At 10% is where the "haircut" rule kicks in (SBD become convertable into progressively less than $1 worth of STEEM as the ratio increases beyond 10%).
In HF20 @timcliff implemented a change that boosts the limit for printing up to 10% (with rate reduction starting at 9%). That should be active in a little over a month I believe.
Could you show me where is the haircut in the source code?
I found these lines in database.cpp which convert from SBD to STEEM, but I can't see the haircut of 10% there. Thanks.
It is done by adjusting the price feed
https://github.com/steemit/steem/blob/a6e50bed01bbfbb05938669d713c31977849ec12/libraries/chain/database.cpp#L3120
Thanks. Now it is more clear 😉
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