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RE: Unpegged SBD: A Pointless Speculative Asset
The market is determining the price of SBD? That’s why it is where it is. If it was pegged to the dollar, developers would be determining the value of SBD. Supply would be increasing and decreasing to match demand. This is not a free market, that would be a manipulated market that has no true value. Because your 1 sbd would be worth $1 dollar now and 20 years from now it would be the same. That is not a free market. That is basically what the government does by just printing more money over time. Set a fixed supply and leave it that way. The market should decide what to do with SBD.
SBD's are designed to not have a fixed supply (even now). They are being printed like fiat money (except slower and less efficiently). The issue is that there is so few of them that when a speculative wave comes they jump up in price and people think they are worth holding. Over time, SBD will return to the peg. Either that or Steem will not increase in price.
There is no manipulation in a peg. It is a market instrument backed by Steem but people are using improperly and reducing it to a speculative token.