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RE: Building the Economic System - "Digging deeper into Steem" (Part 2)
I think the Steem Dollar is an entirely unneeded aspect of the Steem concept, because early adopters will be investing in the future of the concept and not view their activity on the site as business cash flow.
By the time it mainstreams to the adoption where mainstream businesses are using it for business cash flow, the unpegged token should have much reduced volatility and it will have become its own unit-of-account.
For as long as crypto-currency remains hinged to fiat as a slave, then it will simply be extraction of capital out of the system back into the fiat system. We have to cross the chasm instead.
What should it be pegged to? Vendors need a consistent trade value. I always someone should invent a cost of living algo and tie a coin to that instead of fiat (but what resources to pool?)
Try to read my comment again. I argued a peg is undesirable.
My argument is that a peg is desirable--but I'm agreeing with your sentiment about a dollar peg.