Does The Steem Chain Want a Crypto Currency?
The Hive
Does the Steem blockchain want a Crypto Currency?
There seems to be no place to gain an answer to this. Discussions with people I have came across turn out the same. Just don't know or dismissal of the subject. Maybe someone can leave a comment and clarify a yes or no to that question. Right now speaking only for myself. It does not appear that there is any ambition to develop a currency using the Steem Chain.
At the same time financial institutions are gaining knowledge and method of how to gain control over the Crypto currencies. We are on the losing side (all of the Crypto) unless we organise to make a difference. To continue along the path of, I will get mine when the Steem price moons is to dream on hope alone.
On the surface of things it does appear that from my beginning on Steemit and having both Steem and SBD. That a want for a currency to be used in the daily workings of peoples life was intended. It relies on the balance of 1 SBD to equal 1 USD. Currently this is not the case. 1 SBD is worth about 0.60c USD. Way below its target peg.
Looking at the way things have gone (outside influences have impact too). One of those influences is not Bitcoin. If Bitcoin was one of those influences, the price of Steem would rise when Bitcoin does. That does not happen.
Demand for Steem/SBD is low because it has no use as such except to give you more Steem power or convert it to FIAT. Other than that there is not much else can be done with it. There are a few games out there that you can spend your Steem on. Shop owners will not take it. The value can fluctuate too much, from the time of accepting to the time needed to restock a merchants shelves. To convert to FIAT the merchant will also incur charges, meaning he will have to charge more for a product purchased with Steem as compared to a FIAT form of currency.
It seems to me the ambition to remove power from the current financial systems Is nothing more than hearsay propaganda to attract new investors to the Crypto markets.
If, yup a big IF! a Crypto does happen to go mainstream that is not controlled by the current financial institutions. It will be the one that can function like a currency. The value of that Crypto will not rise and fall daily but hold a fixed rate of exchange.
The Steem chain or those on Steemit have the power right now to create a currency that can be used in the daily lives of people. With a set value that does not alter dramatically from day to day or hour to hour.
A new peg for SBD.
SBD being on a market should make no difference with the establishment of a new peg. SBD being able to be transferred from one user to another by wallet or via an exchange should remain available.
Steem can do what it likes, up down sideways or null. It will make no difference to the value of SBD.
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That is the feeling I am getting about Steem also. I tried to sell something for Steem but no one was interested. I will try it again soon and see what happens, my opinion is like yours, that people post to get liquid Steem to turn into Fiat or build Steem power to upvote themselves to make more to sell. I do not think there is a easy fix to the problems with Steem.
My view of now is,There is no oe in the Crypto market wants to see Crypto become a currency . Those who have only want to see that token they hold moon.
On Steemit it is the majority who feel that way.
Silver Quest will be trading with Steem as its primary currency. The amount of Steem will be related to FIAT value. Essentially though, FIAT is still the main focus of others and prices will be shown in FIat, Incoming FIAT gets exchanged for Steem.
Yes, I agree! The only reason it is related to the amount of FIAT is that there is nothing else, at this point to really relate it too. Unless you use BTC or ETC but even then it is all related to FIAT.
All in takes is integration of one standard item, and a community to make use of it in the physical world, This anyone can make happen.
However, here on Steemit the Steem chain it is not a thing they have any interest in. I can say this because of the mute gained from mentioning someone in the post, They do not want to even hear about the possibility.
Yes, that is sad as the Steem blockchain would be a great stepping stone to this type of integration! It would give the value of Steem a boost because people would be buying more Steem to make purchases and such. IDKM!
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