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RE: A Little Something About SBD
I'm glad to see that someone is finally saying this! You wouldn't believe how many posts I've commented on trying to explain to people that the price will go down eventually and they should enjoy it while they can. I actually saw an article the other day that was encouraging people to hold their SBD so that we could defeat the whales or something... *facepalm
I think they should just make a reverse conversion so that you can get 1 SBD for $1 worth of steem with the same 3.5 day waiting period. That way, this wouldn't happen and confuse everyone.
I agree. The euphoria is a bit concerning. I appreciate this article from @eonwarped because it better explains how this works. Although I must admit I'm still confused. But I wonder if the Witnesses are doing something that is contrary to the whitepaper or are people making money and hence loosing site of checks and balances. Poloniex has halted sbd and steem and in their message state that perhaps the issue needs to be addressed on steem's end of developers. I hope that Witnesses are maintaining some integrity because the future is bright for us all if we don't let the powerful few get too greedy.
I believe from page 10 of the white paper they are saying that the reverse conversion is not wise:
I have heard that idea thrown around, but do you know if someone responded to this critique?
Thanks for bringing this to my attention. I'm glad they at least thought of this and their reasoning seems to be correct. I think we just have to wait for more people to figure out that the price will go down and they should sell all they've got!