Why the value of the posts should be in SBD, not USD

Yesterday, @trafalgar wrote a post stating that the value of posts on Steemit should be reflected in USD, not SBD, in order to display the true value of Steemit posts. I responded in several comments here and here. as to why I thought this was a bad idea, but I'll do so here as well.

Steem and Steemit are seeing some incredible growth at the moment, both in terms of signups (which is great for the community), but also explosive growth in value.

For example, as of the time of this writing, STEEM is currently valued on CoinMarketCap at $1.84 USD, and Steem Dollars (SBD) are currently worth $7.80 USD. This is all very exciting, and from what I understand, some of the highest numbers we've ever seen.

Naturally, as people get excited about the platform, they want to find new ways to evangelize and recruit more signups. But I think that @trafalgar's post represents a fundamental misunderstanding of several things: first, what value is, and second, what it is that Steemit is.

First, I'll speak to value. Value is both subjective and relative. You don't go to a non-U.S. country and ask to be paid in dollars (well, in some cases, this happens, but just go with me here). No, you're paid in the local currency, and the prices around you reflect values based in that currency. The number is just a symbol relative to other symbols. It is not absolute.

There are over a thousand cryptocurrencies and numerous fiat currencies. If you go over to Ethereum, people are buying and selling services in ETH. If you go over to Bitcoin, people are buying and selling services in BTC. The same goes for DASH, Litecoin, etc. If you come to the U.S., people are buying and selling services in USD. If you go to China, people are buying and selling services in RMB. Yes, people are buying goods and services in cryptocurrencies, but the official currencies within economies are whatever they are. It wouldn't matter if I went to my employer and demand that my paycheck be denominated in euros when I still have to go to a bank and cash it in for dollars because I was still paid in dollars. I wasn't paid in euros. Google search interest in Steemit is highest in Venezeula, China, and Nigeria. Yes, the USD is the world's reserve currency, but the majority when it comes to interest in Steemit, it still has a long way to go. Based on search interest alone, catering to USD markets makes even less sense.

My second point follows from the first. Steemit is an international platform, and Steem and Steem Dollars are international currencies for the platform. It is not a job that pays people. Yes, you are rewarded with value from the users of the platform for participating, but you are not paid.

This whole notion of 'getting paid to blog on Steemit' is just wrong because that's not what is happening. You're transfering value. You're rewarding good ideas. You're building community. You're not working for anyone. People buy and sell products and services with Steem Dollars. STEEM and Steem Dollars are tradeable for other curriences. The Steem blockchain is its own economy, an economy by which when you sign up you are joining.

Because value is rewarded and transfered within the community, it is still the community that determines the worth of your posts. Yes, it is exciting that a post valued at $0.79 SBD is currently worth $6.46 USD. But last month that same post would have been worth > $0.79 USD. The value in SBD, however, did not change. What matters is whether or not the community thinks my writing brings value to Steemit. Encouraging people to sign up to get rewarded for writing garbage is why platforms like Facebook and Twitter suffer. And that's what we signed up on here to get away from. Or at least that's why I did.

What happens if the value fluctuates again and drops below $1 USD? The value changes minute by minute because the cryptocurrency markets are open 24 hours. Watching the fluctuations in value all day long already drives me nuts. Between the time I started and finished this post, the value of Steem Dollars in USD changed. Posting constantly fluctuating values in USD doesn't invite platform stability. And where were the calls to have value displayed in USD when SBD was worth less than a dollar? Besides, the top dog in crypto right now is BTC. If anything, where are the calls to compare SBD to BTC?

This is about perception and as well as an understanding of Steemit. If Steemit is truly valuable to you, then it doesn't matter what your posts are worth in USD. If newcomers are having a hard time understanding the platform, then it is up to the veteran members of the community to help them and point them towards the resources that will help them understand.

All of that being said, if you are truly curious about currency exchange rates, check out the calculator on CoinMarketCap, which I will link to here.

As always, thank you for reading.

- Josh