Steem Dollars are $1.49 right now!
Good time to cash in, for every 100 Steem Dollars you have you could get $49 bonus on top of their nominal $100 value. In the long run they should return to $1 again, so you can always buy them back later! Of course, there is no guarantee the price will go down in the short run, the peg is weak especially to the downside, so they could be above $1 for a while.
Please consider voting for me as witness!
how much are you planning to cash?
I basically sell them for Steem whenever I get them, so I have none right now.
The huge price discrepancy here is very odd - at first I thought it was the demand for upvoting bots, but I now think that Bitfinex and Tether management are purchasing SBDs as part of their portfolio of "assets" to back the new Tether they have been printing.
@alexpmorris gave a good example of why the discrepancy happens in a recent post. Basically traders who have too much faith in the peg put down a short, on the anticipation that it must naturally return to $1. While it's true that it eventually will, the illiquidity of SBD acts against this. Other traders (who may themselves not know what they're doing or perhaps in a deliberate pump and dump) can go long, forcing shorts to cover, and the price to go even higher.
Don't forget that this happened several times in the last two years, long before the BitFinex Tether thing started to blow up with presumed money printing.
Thanks for the reference to @alexpmorris - I'll definitely look up his articles! I don't remember SBDs being this far away from the market price of STEEM before but I'll read up on it.
They are definitely printing a shitload of money.