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RE: Doom, Gloom, and the SBD Debt Ratio
refusing to adjust their BIAS while the pump was actually happening
There were some technical reasons to not support this. I don't remember exactly what they were. It think it has to do with the fact that bias instantly produces more total STEEM (in the form of SBD) while a less restrictive print rate increases the amount of STEEM that is produced in the form of SDB. They aren't equivalent.
The existing system unfortunately has a limited number of knobs and some of them do multiple things at the same time, not all of which are always desirable.
Would the reasons be on the blockchain somewhere? Or were they discussed behind closed doors only amongst our elite?
I recall only about 8 of the top 50 witnesses had a positive BIAS during the pumps. Some even were maintaining a positive APR (which I found astounding) but I don't recall anyone really explaining why they weren't supporting a BIAS.
If you can find a link that would be helpful.
I honestly don't recall where this was discussed. Do you know of a post calling for or discussing a bias at that time? Maybe there are relevant comments. I'm just guessing for the most part.
As for the positive APR, I agree with you. That was stupid.
I found this comment thread
Here is where I commented on the 'spread' concept we recently discussed.
Thanks. I do remember that old post. We had an exchange there too and its good to be reminded of who were providing voices of reason in those heady days...
It's kind of amusing seeing some of the old arguments against the peg. So many points have since been debunked and so many anti-peg proponents have long gone.
Put me down as a reverse conversion with a spread supporter. The time to do this is now (or soon) while the purge / bust is fresh in users minds and the SBD is at least near $1 USD.