As the price of STEEM goes up less STEEM is issued and more SBD every day. Currently we are at an 80/20 SBD/STEEM split (84/16?).

It is too easy to make an experience more awesome than anything Six Flags could deliver if the marketcap (by design) is only $6.5m.

The Steem blockchain has a very smart design, a smart design to become a real life economy. The peg matters in that but the peg will first require much more SBD to be issued. And that will take time. As the issuance of SBD is defined by the STEEM price feed.

Focus on free market impact on value of SBD right now is irrelevant an argument. That even more so because of the massive bull the whole market has experienced, and lateral movement of money towards altcoins too.

There is no guarantee that right now any trader, who are enjoying the last 6 months, even understand the design, function, of STEEM. And there’s no need for them to do so either... only 6.5m coins right now. That’s a traders paradise.

Volatility guaranteed with less than US$1mm needed. The daily trading volume of SBD in coins is very low. For all we know it could be just 4-5 cryptowhales riding plenty of awesome (for them) waves.

Addendum: Steemit isn’t supposed to be awesome. Steemit was the centralized initial roll out. Steemit, by design, has much room for improvement.

Because the future of STEEM shall not depend on steemit. The future of STEEM is thousands of sites operating with the blockchain. The “poorer” Steemit is (while still functional), the lower the step-in for new interfaces.

Steem Inc, by virtue of the amount of STEEM they hold are as such much more interested in the blockchain than in Steemit as well. Think about it: Steemit is not supposed to be the most awesome experience. It would leave less room for other interfaces to join the fold.