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RE: Open letter to @Ranchorelaxo and @Haejin.

in #abuse7 years ago

The thing is STEEM isn't backed by anything and it can theoretically go below a cent. SBD on the other hand can never go below $1. Even BTC can go below a cent and it's expensive to use and super slow. Compare SBD with BTC. Tell me which one has better fundamentals.
https://steemit.com/steemit/@vimukthi/my-take-on-what-to-do-about-sbd-free-market-all-the-way

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So what is SBD backed by so it doesn't go below $1?

1 SBD can be converted to 1 USD worth STEEM. I know SBD has been traded for 90 cents and few times around 85 cents. Anybody who buy SBD at the price could have converted that into 1 USD worth STEEM if they were willing to wait for 3.5 days. Each SBD is backed by 1 USD worth STEEM. If you buy SBD below $1 you are buying USD at a discount (but it's only spendable to buy STEEM)

SBD on the other hand can never go below $1

It's gone below 1 dollar many times