It would be handled by the witnesses, first and foremost.
As for why we would want this. Look into the history of how the Brazilian Real came to be. It was a stable currency in the face of a highly volatile economy. The SBD would fill a similar role. It could fill the role of a stable coin, countries with volatile economies could use it should they so desire, there's a lot of reasons why it would be good to lock it down now.
Back when the conversation was ongoing, the SBD was significantly more valuable. Causing a sudden 60%+ drop in value would tank the whole Steem economy. At this point in time, though, it might actually be a good thing.
My only concern is the US dollar keeps getting devalued. If we peg it, it will be devalued along with it. The US dollar is living on barrowed time as it is.
Nothing is perfect, but shouldn't we peg it to something with a higher probability of longevity? Or maybe the value of a dollar on a specific date. When the peg takes effect maybe?
I'm not sure what the right answer is. Maybe I'm thinking into this to much. Lol.
You kinda are, lol. The US Dollar may be driving itself into the ground, but to the "normies" out there and the investors, it's significantly more stable than any cryptocurrency. Compared to the Venezuelan Bolivar, it's incredibly stable.
From an outreach perspective and from a business perspective, I like the idea of the SBD being a fixed or pegged asset, even if that peg is to something that most of us would consider worthless. There can be a market for it as a currency, even in its weird state.
It would be handled by the witnesses, first and foremost.
As for why we would want this. Look into the history of how the Brazilian Real came to be. It was a stable currency in the face of a highly volatile economy. The SBD would fill a similar role. It could fill the role of a stable coin, countries with volatile economies could use it should they so desire, there's a lot of reasons why it would be good to lock it down now.
Back when the conversation was ongoing, the SBD was significantly more valuable. Causing a sudden 60%+ drop in value would tank the whole Steem economy. At this point in time, though, it might actually be a good thing.
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My only concern is the US dollar keeps getting devalued. If we peg it, it will be devalued along with it. The US dollar is living on barrowed time as it is.
Nothing is perfect, but shouldn't we peg it to something with a higher probability of longevity? Or maybe the value of a dollar on a specific date. When the peg takes effect maybe?
I'm not sure what the right answer is. Maybe I'm thinking into this to much. Lol.
Posted using Partiko Android
You kinda are, lol. The US Dollar may be driving itself into the ground, but to the "normies" out there and the investors, it's significantly more stable than any cryptocurrency. Compared to the Venezuelan Bolivar, it's incredibly stable.
From an outreach perspective and from a business perspective, I like the idea of the SBD being a fixed or pegged asset, even if that peg is to something that most of us would consider worthless. There can be a market for it as a currency, even in its weird state.
You're right... And we can always change it later if need be...
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