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RE: Report from the shallows. #12
The SBD peg is a long disproved experiment. I wrote an extensive comment about it here.
And by the way, I really appreciate your post. It articulates in a clear yet succinct manner everything that is wrong with the rewards distribution system of the blockchain as it is exemplified on Steemit itself as its first proof of concept.
It's just a sad state of affairs. I am not sure how much longer this imbalance can continue. The Witnesses know it's unsustainable. Steemit Inc knows it too. Continued inaction is inexcusable.
I'm all for the sbd mooning, at this point.
Maybe if it comes back down would be the time to take more drastic action to peg it, but just maybe.
As it is, a guaranteed floor is all we are promising.
I don't see how we can complain when it is selling for more than a dollar, that is the free market valuing the floor at it's market value.
Or, it could be speculators that didn't bother to read the white paper, they shouldn't be speculating in that case and they will learn a valuable lesson while chumming the waters for the little guys, now.
If the speculators want to make posting on steem more attractive by overvaluing sbd that is on them.
As long as we keep it above one dollar, I think our obligation to the speculators is fulfilled.
I agree that it is sad that stinc, et al, find it more important to overreward already rich people while screwing the little people because they can.
That can come back to bite them when we mostly all go to Dan's next version of steem.
Maybe that is the idea, they already have theirs, and are tired of working.
One of the things I don't get is how they thought the peg would be possible with so few sbd in circulation.
We are inflating the crap out of it now, it has gone from 7m to 8m in just a blink of an eye.
That will come back on us, too.
Probably when we can least afford it.
Again, maybe the plan all along.
Time will tell.