[Prototype] @Bank.SBD - Quick Overview

Quick Description

@Bank.SBD aims to help keeping the SBD-USD peg (keeping SBD price at $1) by creating actual use cases for using STEEM Dollars as currency while valuing it always at $1.

The first way to do this is by selling delegations for SBD. The STEEM Dollars received as payments will always be valued at $1 price - this means that if the SBD is trading below $1, buying the delegation from @bank.sbd will be more profitable than from other services.

The service works as a test case for the idea and is created and managed by @cardboard - you can meet me at the discord channel here.

Example

Using https://dlease.io/market we can see that, while using the market, paying 1 STEEM will give you around 340 STEEM POWER delegation per week.

Because SBD is trading at around $0.7 and STEEM is trading at $0.14, 1 SBD = 5 STEEM so 1 SBD gives around 1700 STEEM POWER delegation per week (5 * 340).

For @bank.sbd SBD is always valued at $1. This means that 1 SBD = 7.14 STEEM so 1 SBD gives around 2430 STEEM POWER delegation per week - 42% more. As long as SBD is trading below $1, @bank.sbd can provide discounted prices for SP delegations compared to other services.

Getting SBD

The service accepts only SBD as payments. If you don't have any - worry not. Simply send any amount of STEEM to @bank.sbd with memo: swap

The service will perform a market trade and within seconds you will receive the equivalent value in SBD. The fee for the operation is 0% so you don't pay anything or loose any value in the process.

Limitations

To create a significant demand for SBD and help pricing it around $1, @bank.sbd would need to have at least 1 mln STEEM POWER. Sadly this is not the case at the moment but I'm planning to feed it daily with tasty STEEM and SBD that it will automatically convert to STEEM POWER. As the project is indented to be a long term one, I hope that in few months/years it will be able to have an impact on the SBD pricing.

How To Use It

• minimum payment: 0.01 SBD
• minimum delegation: 1 SP
• minimum delegation time: 1 week
• maximum delegation time: 10 weeks

Status

You can start with sending 0.001 STEEM to @bank.sbd with memo: status
Within a minute you will receive a message about current delegation prices and how much SP is available for delegation. This step is not needed to buy a delegation.

Buying Delegation - Simple Way

The easiest way to buy the delegation is to simply send at least 0.01 SBD (or more) to @bank.sbd with memo: delegate or lease.
The service will automatically delegate the STEEM POWER according to the payment (the higher the payment the higher the delegation) for 4 weeks (default delegation time).

Buying Delegation - Customization

You can also specify how much SP you want, for example memo with: delegate 150 sp will delegate 150 STEEM POWER and adjust the time of delegation according to the payment (the higher the payment the longer the delegation).

You can also specify for how long you want the delegation, for example memo with: delegate for 10 weeks will give you delegation for 10 weeks - the SP amount will depend on the payment (the higher the payment the higher the delegation)

You can also combine both of those, for example: delegate 200 SP for 5 weeks

Auto Refunding

No matter how much SBD you will send, the service will charge you only for the actually delegated SP and send back any unused SBD automatically.

That's about it for this early version, feel free to test it! For a start I suggest sending 0.01 SBD with memo: delegate and see what happens :)