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RE: Steem Dollar Stability Enhancements
We designed the Steem incentives to always push Steem toward a Steem Dollar supply equal to about 5% of the available market cap.
What is 'available marketcap'. The VESTS are illiquid, and not part of available market-cap. If we take them out, then we only have 8.4M SBD worth of liquid STEEM. This means, SBD to liquid STEEM ratio is 25%.
2.1 / ((134.8-129.5)*1.59) = 0.24919900
Using current values from steemd.com
All SP counts as well. Just because it is "locked up" doesn't mean it has no value.
I just find it weird to throw both STEEM and VESTS into the same market cap.
Technically they are not the same thing. They don't have the same value - VESTS need to be adjusted to account for inflation and opportunity cost that comes with the lock-in.
Although now that I think of it, my point on counting only the liquid STEEM is baseless. SBD is created in 1:19 ratio, all of the STEEM being issues as VESTS.