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RE: Addressing the Steem Dollar Situation
I completely agree @calaber24p and the long term value and confidence is much more important! Thanks for articulating this so clearly. Resteemed
I completely agree @calaber24p and the long term value and confidence is much more important! Thanks for articulating this so clearly. Resteemed
Thanks for resteeming this Ruth, and thanks for writing this @calber24p.
Being late to the crypto game, and missing out on Bitcoins run all together, isn't this kind of the new normal the way all cryptos have been moving lately? Why shouldn't steem/sbd get a piece of that action and a good piece too?
I think bitcoin has gotten way ahead of itself and with the new wallstreet derivative of bitcoin there could be huge money moving out of it and into other lesser known cryptos like.....steem and SBD. Doesn't a rising crypto tide lift all ships anyway?
On the other hand I don't really get the whole pegged one SBD to one dollar in a totally free market. If SBD is bought up and speculated on, then isn't that simply the free market in action? Wouldn't a peg be the opposite? Just some thoughts from a newbie crypto investor, semi-veteran stock/commodities trader.
"A bonus is that many people will also go and buy the Steem they missed out on and it will push the value of Steem up. This, in my opinion, is the best way to handle things."
I agree with what you wrote here as I've already done so with some of my SBD as have many others.
"We should be incentivizing people to invest into the ecosystem and ultimately make the platform more valuable."
What do you mean by "invest in the ecosystem" and how would that be done?
I bet that's a great point to help me understand why I'm off in my thinking. I probably shouldn't have written so much. Sorry all my thoughts came out in question form. This is probably way over my head. Being still a newbie to crypto and steemit, I'm really not qualified to comment on this deep crypto/steem stuff. It's just all too fascinating and as a steemit travel blogger it's hard not to enjoy this move in the markets and it makes me want to improve the quality of my posts too.
By the way Ruth. @sndbox....just awesome. Thank you so much for getting me in!
It is, as long as the steem price doesnt go down, people are entering it because a large amount is issued and sold daily.
The free market and openly traded things are why pegging something is so difficult. The current system we have doesnt do a fantastic job of addressing the system quickly, but pegged currencies in the real world you would basically see governments print more until it reflected the peg. Although for the most part pegs and free markets dont tend to mesh well.
There are many approaches that could be done. We could pay more to people who 100% power up their posts fully. Stop paying curation rewards to people powering down. Starting a fund where we take 5% of all inflation and fund projects built off the steem system. I think probably the easiest would be the lower the inflation rate of steem. Theres a million things we could do. Im sure people have better ideas than me though.
Wow you really know your steemit economy. Thank you so much for the detailed response. So much to learn, you're ahead of the game. Keep up the great work! -Dan
thanks @calaber24 for the detailed response, very helpful
This kind of response - interaction is great and I wish I could answer your questions! I'm not new to steemit but very very new to any understanding of crypto and market factors. I hope that @calaber24p responds because I too would like to hear the answers!
And you're more than welcome, I'm so glad @sndbox is working out well for you. It's a great community in so many ways.
Thanks Ruth :)