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RE: Steem post promotion: Past, present, and future

in #steem2 years ago

buying SBD from the open market

Regardless of the source, when there is buy pressure what happens to the price? This is the mechanism that keeps the price near $1 (from below, at least): SBDs priced at <$1 are valuable, so people should want them (slight caveat: the haircut rule is also a factor). It is a distributed, decentralized mechanism. It doesn't work when the price is >$1 because there's no reason to do conversions. Doing conversions would take the SBDs out of circulation and the debt ratio would get better.

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