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RE: Why Steem "Backed" Dollars are funny money

in #steemit8 years ago

Nobody new will buy steem dollars, they buy steem. The problem is everyone earns steem dollars for their posts, so there will be constant sell pressure. Now that there is a direct way to sell them they will get dumped too, causing a sale like there is today.
This is the first big test of the dollar peg, I guess we'll see if it works.

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