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RE: Debating Steem Backed Dollars - Come On Baby Let Me Know Should I Stay Or Should I Go
Regarding a phase out, wouldn't it just be a case of unbinding the steem at a particular moment contained in the sbd and transferring it to the user? It is a derivative, and at any given moment there is an internal market rate.
You mean convert it all at once? If the STEEM price is what people are worried about, that would be apocalyptic. If my SBD were suddenly traded for Steem, I'd convert it to something else as quickly as I possibly could. I'd sell all of it, at least as long as markets existed to sell.
I hold SBD for one reason: I want price-stability. I'm sure I'm not the only one. If people want price-stability, it's price-stability they'll get, and they'll get it by rapidly exiting the Steem ecosystem.
Sounds simple enough. Don't understand what you mean by unbinding exactly. Wouldn't they have to sell the SBD they currently have to get Steem?
The steem already exists, you just freeze the internal market and out spills the beans... It would cause a sell spike at first for sure.