Good show; nice work Jeff :)

I think it is important to point out a few things:

• You do not need 100 Steem Power to 'power down'; i don't think there is a minimum at all; i just tested it with a balance of 55 SP
• The whitepaper does not say this SMD will not fluctuate more than a penny; it simply states that given the market mechanics outlined; the team expects a narrow spread at roughly 0.99-1.01 - IMO this expectation is because the mechanics allows a SMD holder to get roughly 1 USD worth of value from a SMD even if SMD is trading below value on an exchange (e.g OpenLedger/PoloniEX) as the SMD is backed by 1 USD of STEEM, this method of getting 1 USD worth of STEEM is known as 'converting' and incurs a 7 day wait period; in which time a 7 day mean price is derived from the price feed provided by the witnesses. in addition to this SMD holder get an interest of 10% p/a helping fuel demand;
• Ian is using the convert function (instead of withdraw), the convert function as outlined above does incur a 7 day wait period to prevent market manipulation.