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ESTIMATE_GBG_DEBT.md

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estimate_gbg_debt.py

This script is intended to estimate following values:

  • Possible minimal price of GBG/GOLOS. This price limits GBG debt to 10% of GOLOS market cap. Witnesses just can't set lower price than that.
  • Percent GBG. This value is shows current system debt size. It is ratio of sbd\_supply/median_price / virtual supply
  • GBG print rate. This value show the which percent of 1/2 author's reward will go to GBG. The remain will go to the GOLOS.
  • Approximate BTC/GOLOS price at 10%-debt point. How low market price should become to reach 10% system debt.

System logic

The following describes golosd logic you can find in libraries/chain/database.cpp.

  • When GBG percent is below STEEMIT_SBD_START_PERCENT (2% currently), GBG print rate is 100%.
  • When GBG percent is above STEEMIT_SBD_STOP_PERCENT (5% currently), GBG printing is completely shut off.
  • When GBG percent is between START and STOP, GBG print rate varies linearly depending on difference between 5-2. E.g., at percent GBG 3.5 print rate will be 50%.

So, STEEMIT_SBD_START_PERCENT defines a point when system start descreasing of GBG printing, and STEEMIT_SBD_STOP_PERCENT defines a point when GBG printing should be stopped.