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RE: Morning Wrap: Ether on the move again, Bitcoin remains bid, NotPetya revenue fail and Cardinal Pell charged
Thanks for the post. I'm incredibly bullish on Ethereum and can definitely see it grow past the $400 highs seen last month.
On another topic, anybody find it interesting that steem is pegged to the US dollar instead of being pegged by a limited supply like BTC? I'm still trying to wrap my head around the white paper but it seems like the constant generation of Steems on steeemit requires it to be pegged to some other stable asset.
Steem Dollars (not steem) is pegged to the US dollar. This is to ensure that long term users can have some guarantee when investing in Steem Dollars. A good vid about this
Great simple video, but a lot of the info is now outdated/incorrect ie Power down times and interest
Definitely, I think $500 is pretty much a given.
Re: Steem, it's not Steem itself that is pegged to the Dollar, but Steem Dollars, and these are traded on exchange so the peg is more like a floor. They currently fetch a substantial premium over the intended peg.
You're right in that Steemit isn't supply limited like bitcoin, but the inflation rate does decline each year. By 2037 the supply will only be increasing by .95% pa, which is a lot lower than traditional M growth.