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RE: I submitted my first hardfork pull request to the Steem blockchain! (Updates to the SBD print rate.)
For SBD do we need it to be a dollar? Would it be better to give it a use and let it go as high as it can. If the value goes up then people on steemit are getting two coins that are worth a lot and will make double the money.
If we are going down this path, then why have SBD in the first place? Why not just simplify the system (since lots of people complain about the complexity) and just have STEEM?
I think we should just have Steem.
The peg use case seems to have failed.
And like the other poster says above, pegs don't really work. Governments use them for completely other reasons. Meanwhile the complexity drives away many prospective users.
I agree. The challenge would be to convince the community to drop the SBD. You might have to do a buy back of SBDs.
The complexity and the fact that trading crypto to crypto is a taxable event in the US and possibly elsewhere. So if someone has to get paid in SBD to maximize the return from a post, but has to trade it for STEEM to get more SP and influence on the platform because they're a good little steemit citizen, then boom, they'd have to hold it for over a year to minimize the tax damage. It is a ridiculous system that creates huge tax burdens for no reason other than a convoluted desire to achieve what currencies by design in open markets cannot do and it certainly scares away many possible investors who are rightfully worried about the tax burden because of how the two coins are generated and need to be traded all the time.
Exactly, I agree with this, we should get rid of SBD, it adds unnecessary complexity which most people do not understand. Post rewards should be in STEEM and STEEM Power only. The SBD peg to USD will never work as is designed. If people still want a coin on the STEEM blockchain that is pegged to USD an SMT can be created that works similar to BTS, but even that is not guaranteed depending on the economic situations that can occur with USD...