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RE: A SBD-USD Hard Peg? At What Cost?
Very interesting points you bring up.
Yes either scenario would overrun supply of STEEM in a quick period of time. Perhaps this was the publicity that the steem blockchain needed. With all the chaos surrounding tether, people are looking for something else. Perhaps their "flight to safety" is SBD.
We had a pump last nigth which might have been tied to the run up in SBD. Nevertheless, for the most part, STEEM has held up nicely. It is off the highs but still above the trading range it was in before.
What comes next? I think STEEM gets the kick in the pants it needs. You might be right, SBD could continue higher. If SBD were ever to replace the USD, it would make the price of BTC look small. You would have to see $500K or $1M SBD...to start.
Yeah, the bit about 'replacing' the USD was a bit tongue-in-cheek in order to make an important point: is the plan to tie our fate to the USD, or offer a legitimate alternative? And I think you're right about the pump in STEEM last night. Definitely related, but the more I look at this, the more I study it, the more I think this is smart money, and smart money tends to be patient. We'll see, but if I'm right about this, we'll have more opportunities to buy before the main train leaves the station. Great publicity for STEEM, no doubt about it, and, again, being such subtle publicity, perhaps it's only the smart money for the time being.
Buy which? Steem or SBD?
I started taking my rewards in a 50/50 split. I wonder if it is wise to hold some in SBD for a while...paying 3+ SP for every SBD right now. That is a nice conversion rate.