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RE: How SBD peg actually works OR How the @sbdpotato conversions won't affect SBD price

in #sbdpotato • 5 years ago

I agree with all of that. But a system that takes years to work itself out isn't useful as a stable coin.

Right now you can buy SBD on the open market, hold it for a (long) time, and be reasonably confident that you'll make 60% gains. Like I said though, that's speculation, not using it as a stablecoin.

5 years ago in #sbdpotato by
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     5 years ago 

    Therefore, buying and holding it to await for the price to rise is actually pushing the price back to 1 USD, so, working as designed.

    At this moment, it is working as a speculative asset for basically 2 reasons:

    • the 2017 sudden price spikes followed by the price drop created an internal recessecion. So the system is prioritizing not increase the STEEM inflation even more over creating reasons for the market to push SBD to 1 USD.
    • there were never many projects to make a good use of SBD, and some of them missed an great opportunity to create value for SBD. For example, if the tokens on Steem Engine were paired with SBD instead of STEEM there would be a reason to buy sbd.
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