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RE: Why STEEM Is "Bad" Money And Bitcoin is "Good"
I love our Steemit community but that said steem tokens make no sense as money nor do steem dollars which aren’t even pegged to dollar so they make no sense.
STEEM would work as money if merchants actually began to accept it and people were willing to spend it on those goods or services. Right now there are very few venues to sell your STEEM other than through exchanges. The whole concept behind SBD is rather complicated and is skewed by the external exchanges taking advantage of low liquidity of the tokens. That is why we saw a massive spike above $1 for SBD in 2017/2018. The mechanism of inflation and reward pool control was not fully battle-tested on a large scale and people have definitely found a way to game the system for maximum personal reward.