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RE: How do we fix the peg without popping the SBD bubble? I may have an idea.
Yes you are right. When you wrote
This becomes the new peg ceiling
I misread that as implying that it you would allow SBD to float between $1 and the ceiling. But in fact you meant there would be a strict peg that could not move above the ceiling, more or less the same as what I suggested.
In any case, this does not require a SBD price feed, which is fortunate because a code change like that would be significantly more substantial.
What it requires is:
- Bidirectional conversion
- Agreement of witnesses to set the peg high (or at least, as high as necessary) and then move it steadily lower
Bingo! That's a lot easier than I explained.. but I don't know how the cogs turn all that well. It that can be done, then it just takes agreement, and a minor change to enable bidirectional conversion.
Could this work in practice?