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RE: Unpegged SBD: A Pointless Speculative Asset
I do not know if you saw the post by @reggaemuffin which described a good way of preserving SBD and truly pegging the price to a dollar which would give the SBD some actual utility. If we allow users to convert from STEEM to SBD, then the price of SBDs should fall downwards given market pressure and an influx of new SBD.
However, I do agree with you that if SBDs are only to serve as speculative instruments rather than a peg I would rather just stick with Steem as the speculative instrument and remove the SBD for the sake of simplicity.
reggaemuffins plan could be a good compromise and what he proposes should work theoretically. But I don't trust this market, it's too irrational. I wonder how likely it is that the speculators lose trust in Steem as well? After all, those who hold SBD outside of Steemit will lose a lot, because they don't even have the chance to compensate with Steem trades. When they see SBD in free fall, it might pull Steem down as well and it might be for good.
I would completely remove SBD too. But when I was taking to timcliff, he made to me the impression that witnesses have zero intention in doing anything in that direction. I don't know if that is what they all think or most of them, but it will be very hard to convince them to make such a big change to the platform. After all: They are not economists or business people, they are programmers and enthusiastic about this thing. For them it's a working deal and why change that, it makes no sense for them.
I know for a fact that the witnesses have zero intention and will never remove SBDs unless a large enough population mobilizes against them which I don't see happening.
As for investors pulling out of Steem if SBD's plummet back towards $1, that might not be a bad thing. It helps to reset the market and return things to normalcy. It also helps to remove some of the short-term profit driven investors. It's not really our responsibility to make sure that they do their due diligence and research their investment by reading whitepapers and understanding the mechanisms behind different currencies on the blockchain.
Good to know...
Me neither... One correction here: It's not the size of the population that matters but the number of vests that you can mobilize. That is what drives the witnesses, because your vote for witness only counts as much as you have vests.
I didn't have time to look up the vest structure, which is basically equal to the ownership structure, but I have a hunch that the vast bulk of vests are in the hands of users who don't respond to the SBD issue (or maybe profit too much from it and don't want to change it).
So, I guess the next step would be to look up:
;-)