There is currently a lot of talk (and backlash) on the price of HBD which is no longer pegged to $1 and stays well above it, and about the attempt to solve the problem through the @hbdstabilizer project initiated by @smooth.
As a result, most proposals, except those for @hbdstabilizer and a few other lucky ones, are no longer funded. The two main reasons for this situation are:
- major stakeholders' vote removal from the proposals above the Return Proposal
- the fact that @hbdstabilizer proposals are currently receiving almost all of the DHF's daily budget.
Among the people who suffer from the non-funding of their proposals, we have seen uncoordinated reactions, from @good-karma (ecency/hivesigner) by creating a bot to return the overpaid HBD to @hbdstabilizer every hour, from @inertia reducing his proposal daily payment or from @klye stating he will continue to work despite unfunded for nowtm.
While not having his proposal unfunded, @howo said he will adapt his workload "proportionaly" to HBD price.
For my part, I think I was the first to officially react to the definancing of the proposals that I supervise in my previous post: continuing with Hivebuzz and keeping HiveSQL temporarily free.
My personal stance update
The cool thing about a decentralized community is that the situation can change quickly thanks to solutions provided by its members. Of all the reactions stated above, I think the one introduced by @ good-karma is the one that shows the most common sense.
As I announced, the solution put in place for HiveSQL was temporary, with the primary intention of not disrupting the applications that rely on it to function. However, it is hard to drive a project in a serene way when uncertainty prevails.
Therefore, here are the arrangements I make regarding my projects:
1. Commissioning a "Return Bot"
Similarly to @good-karma, I have commissioned a bot that will return the excess funding to @hbdstabilizer as long as the HBD price is above $ 1.
However, I have included two small modifications to his script:
- The bot uses the Upbit exchange rate rather than the Coingecko's rate because they sometimes diverge and it is on Upbit that the trading volume is the most important and therefore in my opinion the most relevant.
- Considering the current Bitcoin rate and the minimum amount required to create a sell order being 0.0005 BTC (approximately $ 30), there may be a significant delay and price difference between the time HBD is returned and the remaining can be effectively sold. Add to this that the goal of @hbdstabilizer is to make the HBD price go down. Therefore, I planned a small margin of 10% on the returned HBDs to avoid having to do convoluted calculations to keep the deal fair and act as a buffer.
The script is now monitoring for proposal #138 (HiveSQL) and proposal 147 (HiveBuzz).
2. HiveSQL
From Monday 2021-04-12 at midnight UTC time, HiveSQL will switch back to subscription mode as long as the proposal is left unfunded. This means that users and services who rely on it for their activities are invited either to activate a subscription before this date, or to encourage the proposal to be funded again with that "return-bot-controlled" rate of 1 HBD = 1 USD mechanism in place
3. HiveBuzz
We will deliver the results of the work accomplished so far and that we had planned to introduce to you next week. Then, we will unfortunately have to reduce the sails a little while waiting for better times. But should the proposal being funded again with the "return-bot-controlled" rate of 1 HBD = 1 USD too, we will continue our work at full throttle.
I hope that with your help and support, we can quickly get back to a safe place, where we can be more concerned with our work than with these financial ups and downs.
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