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RE: Your Estimated Account Value is Way More Than You Think It Is : Everything About Steem Wallet Value

in #steem • 7 years ago

Why do people buy SBD at more than 1 USD when the issuing Steem blockchain only values it at 1 USD?

This irrational demand for SBD is destroying the utility of the pegged cryptocurrency which is to give holders of SBD some stability and some tether to fiat currencies.

7 years ago in #steem by
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     7 years ago 

    Thats true.. but you already gave the answer to your own question. Why do people buy SBD at more than 1 USD? Because it is stable and tether to fiat currency. They know it is not just a random sh*t coin which is trading at 4$ today and will tank to 0.4$ tomorrow.. thats why people buy SBDs.. and the huge demand of SBD has led to increase in prices..

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     7 years ago 

    I understand traders have lost some faith in Tether (USDT) and have instead opted for SBD but why then hasn't the same happened to other pegged cryptocurrencies such as bitUSD (BITUSD)?

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