RE: AskSteemit #9: What is going on with SBD's?
Nice topic for discussion and hearing other users theories.
Considering that crypto market is all about manipulation, I think that SBD is a much easier coin to manipulate/pump than Steem is.
SBD Market cap is 26 Millions, and circulating supply is 3.5 Millions
Steem Market cap is 436 Millions, and circulating supply is 246 Millions
I think SBD is much easier to be manipulated by big whales.
The question is who is buying SBD at this price?
But oh well... they might have their reasons, whether it is just dumb money or they are expecting SBD to keep rallying. One thing is for sure though, this is all nuts.
Another theory (more of the conspiracy kind) is that big Tether (USDT) holders are leaving the sinking ship (USDT) and jumping into another "pegged" coin.
I say "pegged" because if SBD is efficiently pegged to USD, then I am 6'2'' tall and have a lot of hair. (Disclaimer: I am short and bald)
Wow, I didn't know you had the same thoughts.
Have you read the reply of @thejohalfiles where he shared one of the old replies of @dantheman that:
"I think we as a community can move Steem Dollar to a Steem Silver backing when the time comes. I think it would be worthwhile starting a discussion on when the Steem Dollar would switch its peg so that investors and speculators can factor in this added benefit.
It is clear that hyperinflation of the U.S. dollar is something that we should consider and any kind of "protection" that we can offer would probably help boost the value of Steem Dollars relative to bank dollars."
Maybe it's time to peg SBD to Silver instead of Dollar? Maybe some big whales noticed the comment of @dantheman before pumping SBD with belief that it will be official? Just my thoughts!