the 2$ SBD joke risks undermining Steem

in #sbd7 years ago

it gives the impression of a dysfunctional system, and it is. it's difficult to take the whole thing seriously when 1 of the 2 key assets is failing to match its peg by a mile. we're 100% -200% OFF with SBD since over a month and somehow it's becoming "normal".

the reverse converse idea by @timsaid would guarantee that the price of SBD would always be around 1$.
https://steemit.com/sbd/@timcliff/saving-sbd-proposal-to-restore-the-usd1-usd-usd1-sbd-peg

since the hardfork a reverse converse is NOT exploitable anymore as @smooth explains
"in the system as it exists today, if someone were to convert STEEM into SBD and produce a large amount of SBD, it would no longer be fully convertable into STEEM, either immediately or after a price drop. The whales in the above-described situation would end up with 50% less STEEM than they started with, obviously not a very attractive 'exploit''

so what are we waiting for?
i hope the @steemitblog team and witnesses address this issue as soon as possible..
"wait and see" makes no sense. even if a steem pump would force more hands to sell SBD for Steem, the problem would reappear even worse during a Steem bear market.
the SBD peg should function regardless of market trends and it can do with @timsaid's suggestion, which would enable the setup of a vibrant marketplace bringing even more value to Steem.

Sort:  

Congratulations @simoneighties! You have received a personal award!

Happy Birthday - 1 Year
Click on the badge to view your own Board of Honnor on SteemitBoard.

For more information about this award, click here

By upvoting this notification, you can help all Steemit users. Learn how here!

Coin Marketplace

STEEM 0.18
TRX 0.16
JST 0.030
BTC 62644.80
ETH 2464.51
USDT 1.00
SBD 2.62