SBD - Also Means SILVER BASED DOLLAR
This question just came into my mind!
Why not peg SBD with 1 ounce or 10 Grams (or 1 Gram) of Silver?
I am not an expert, is it possible?
Is it possible to keep 1SBD = Value of 1 Ounce of Silver in STEEM?
Any thoughts?
As per my knowledge STEEM is not created out of thin air. Lot of energy, time, skill and resources are required to create quality content which is rewarded with STEEM.
For example; I think of myself. I am an accountant with a math and science teaching background. Right now my 1 hour worth about C$80 to C$120 when I give my accounting services to my clients.
I also create math worksheets to contribute to steemit platform. I got rewarded for my work in STEEM or SBD.
For me it takes about 1.5 to 3 hours to create a post on average. This is about C$150 to C$300 of my work if I do my day job. My average post earnings are about C$12. Too low compared to my earnings from my day job. That's why I think STEEM is way way undervalued right now!
This shows I am working hard as compared to my earnings at steemit (as long as STEEM stays at current valuations).
Still, I don't understand when people out there say that crypto currencies have no tangible value! They are created out of thin air!!
No STEEM is not!! It is created by the sweat and blood of hundreds of thousands of steemians working round the clock to create quality content.
If the SBD to bind to the silver ,it must be provided with silver.Any virtual currency can be tied to silver or gold,but not converted to silver or gold,then the system will work.
Right then there have to have a lot of silver for the conversion. So we need a STEEM Exchange for it!LOL..
It would be quite a complex task. The silver would need to be stored and audited (cost). All most of all it would need trust. Is Tether really backed 1 to 1 with the USD?
But there also could be a good side, DigixDAO is backed by 1 gram of gold. DigixDAO is at $95, a gram of gold is $40. Go figure.
Actually that may be possible because lot of crypto now back up gold for instance digixdao and that is a stable coin too so a nice idea there and also the steem that would be require to back up would be less so a wonderful concept it will turn out to be :D
You are r8 sir....
Good explained.....
You are absulatlly right sir...
Estoy de acuerdo contigo, yo soy ingeniero, no habia pensado tu planteamiento, estoy de acuerdo, saludos.
I agree with you sir, it is very true
Great idea sir,we need this one to impliment.