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RE: Steem: The Destruction Of Mastercard And Visa
If we want to compete we'll need to fix SBD.
MakerDAO provides us with the perfect solution.
The ability to lock Steem in a smart contract and create SBD "out of thin air" using Steem collateral would be incredible.
Delete the entire concept of SBD. What a waste of code. Stick to one cryptocurrency per blockchain. Either that, or up it to dozens of cryptos. Steem1, Steem2, Steem3, SBDa, SBDb, SBDc, SteemaltA, SteemaltB, SteemaltC, man I could think of names all night! But the extra complexity isn't worth it.
Stable-coins are a big deal, and we are very close to having a valid one. We can't get rid of SBD, it is immortally ingrained into the blockchain's past. Better to fix it's mechanics... the value of an asset pegged to USD will have value for at least 10 years.
Also, using the MakerDAO system, Steem would become more valuable because a lot of accounts would be locking up their Steem into smart contracts and creating SBD with the collateral. These coins locked up in smart contracts wouldn't be increasing vote strength either... making all of our upvotes worth more as well.
Hmmm. We can't get rid of SBD, we can only upgrade it.... and add even more currencies and tokens? So the future is...... complex?
That's what everyone said about the Internet in the 90's.
True, true. And it kind of is. I'm a reasonably clever guy but I'm starting to not really know as much of the internet as I used to. I've always seen it as a game-changer, and embraced it from the very start, but I feel more like a user than an operator nowadays.
Things are going more or less in the direction I want right now though, especially with the decentralization and reduced censorship via blockchain and cryptos. I'm optimistic, just not necessarily fully grasping all the nuances anymore.
Word, just imagine all that code is focused on STEEM somehow, Beginning with the pegging of the steem to dollar not SBD being pegged. Then leave the market to determine its value.