We need more Steem Dollars
Steem dollars are trading at a premium at the moment (1.37 USD), which I believe is because there aren’t any other reliable stable currencies out there.
Traders need to hedge their winnings or mitigate their losses against a stable currency. This was mainly done through Tether USD (USDT), a stable and centralized crypto-currency that guaranteed a $1 dollar peg…. until it didn’t! due to bank problems USDT holders can´t withdraw their funds to bank accounts, which caused the price to fall to 0.91 cents and has slowly recovered to 0.95 cents, but still not quite 1 dollar.
Another common option is BitUSD, a btishares token that works very similar to Steem Dollars, the problem is that BitUSD was removed from Poloniex a while back and it is only being traded at OpenLedger, so its unavailable for most traders.
Nubits used to be another option, until this happened…
In the future and as the Steemit community grows, we will need a mobile app to send and receive steem dollars and a FIAT bridge, which is a platform for users to convert steem dollars to local currencies and vice-versa. These two things are needed to allow local shops and businesses to accept Steem Dollars in an easy and convenient way.
But for now, we can all enjoy a nice premium on our Steem Dollars!
I still am amazed that Steemit pulled off both creating a social media platform and a stable coin on their own blockchain.
Operational!
I think the most interesting thing will be to see which plays out as the primary use. I was drawn to steem because of the social platform (Just got approved today!), and I hope that it continues on strong in that use.
Congrats and welcome!
Great point.
Posts with 100% power up. :D
Haha
haha you know that was actually a mistake and I realized seconds after I clicked "publish".. what an idiot! LOL
That happened to me yesterday as well, lol, twice in a row.
Once again...priceless
:D haha
hehe...it sucks!
Eso es gracioso.
We need more Steem dollars but not to much or the price will eventually drop below 1$. I think it will pass some months bouncing up and below 1$ until it stabilizes.
It is not as easy to maintain a fixed price. I had some nubits when the currency crashed and I hold them until they recover up to 0,95$. It is a pretty solid option and it has a quite interesting price stability mechanism, some of them like liquidity pools may be applied to SBD in the future. I should have bought more then :-(
HaHa!
For more SBD you need a higher STEEM price first brother.
excellent post @chitty and it is possible to run a gauntlet of trades and turn Steem or SBD into fiat currency but it is not easy unless you know of a way
As far as I know the only direct path from SBD to FIAT is via Open Ledger. Info on this post from @blocktrades
How long do you suspect this will last?
upvoted, resteemed
@shayne
I guess there's a potential for a localsteem.com as oppose to localbitcoin.com. This should seriously be considered at some point.
Be patient the price will change.