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RE: Witness Discussion – SBD price and reverse peg

in #witness-category6 years ago (edited)

Getting rid of SBDs is a horrible idea. Obviously we are in a bullish market right now, but we need it for the flip side if SBD starts to become under 1 USD, and there are many tools at our disposal to encourage its usage (not the least which is the fact that you can redeem them for 1 USD worth of steem at steem market prices)

I don't understand what the rush is. We are still a premature market, as long as there is promise that the peg can be held when everything matures, I don't really see why we can't simply wait. At 4$ USD, we are printing SBD at 4x the rate than we were before.

Are people saying that the reason we aren't getting full blown adoption is that the SBD is not stable? I feel that this is backwards-- SBD can't be stable until STEEM has proven to be successful. And the way this is designed, that's how it works: STEEM's price / marketcap being high will allow the peg to work much more easily.


Edit:
Actually, I take this back: we don't absolutely need it. But it would be very nice to have a token that behaves more predictably once the STEEM ecosystem has proven itself.

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Agreed. Steem has to mature more before things like making sure it is pegged to a dollar even become warranted. The unintended consequences of a switch now would be bad for steem and steemit as a whole. There is a psychological factor behind all this as well.

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