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RE: Impending STEEM DOLLAR Purge : The #1 Key Indicator To Watch
It looks like the bulk of the SBD Circulating Supply is sitting on Exchanges, so it is likely just in the hands of speculators. The Bittrex wallet alone hold 65% of the SBD supply and since Upbit consistently has a higher trade volume there is probably a fair chunk of it there too, but I don't know what the holding account for Upbit is.
I'm guessing people are waiting for another pump to offload them?
It was a good call you made 6 months ago. If you were a witness, how would you set your price feed at present?
https://steemit.com/witness-category/@dragosroua/adjusting-my-price-feed-to-2-sbd-may-cross-below-usd1
I wouldn't be going negative. I think zero is fair but I'd still lean to a positive bias as long as SBD is above $1 and/or the debt level is over 2%
I know it is an unpopular view but I do think a gentle push into the high 90s is needed to create the incentive for SBD -> STEEM conversions to resume and reduce the debt level. If the SBD Purge can be gentle and orderly, spread over the course of a month or two then that is probably best case scenario for restoring system health.
Cool, thanks for the insight. We might give a small positive bias, although it's more of a token gesture in the grand scheme of things.
I suspect some are now holding their SBD for a pump, but if they can level off or STEEM goes sub SBD, then hopefully some will consider converting. That's what i'll be doing where possible.
You are exactly right I think. There will be some (maybe even myself) who would hold for the next SBD pump if the peg doesn't get fixed. But once it drops sub $1 the opportunity is there to convert to STEEM to re-buy at a profit and that's where the SBD destruction and debt reduction occurs.
Do you follow @burnpost?
I think it could be nearing the time for @smooth to take action with his experiment. If only the account had the same number of SBDs to convert (and then burn the STEEM) as @freedom 😁
No, though I am aware of the burn experiment that @smooth was conducting. It didn't make a lot of sense to me, but maybe I just didn't understand the point he was trying to make.
I think he just plans to burn the rewards at some point, when SBD is on a par with STEEM.
If it's not making sense to you then I'm probably missing something!