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RE: Witness Discussion – SBD price and reverse peg

in #witness-category4 years ago

One of your pros was "post payouts are now exactly as displayed"

Is there a reason the post payouts number can't be pegged so that the SBD portion of the payout is reflected at the market value? It doesn't seem like it would be too difficult.

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Yeah, nice! Payouts are now 7 times less! A a HUGE PRO, right! =D

It would not be dificult but at the time of that decision SBD was meant to be always $1 so the blockchain will handle it that way and effectively push the price in that direction. It just happens slowly.

OK, so maybe you want to ban antibiotics because the experiment was not "meant" to create said medicine? Maybe ban all life-saving, productive experiments for the reason that they did not turn into what they were "meant" to turn into?

You did not get my post. The question was what the reason was. And the reason was because at that time the peg held. Now it does not.

You could say you want to remove the peg completely. That seems what you are after. But don't put random words in my mouth please.

I only addressed the word "meant to" since a lot of people in this post have been using it as an "argument". Sorry you felt I put words in your mouth, I'll be sure to write more carefully in the future.

All in all, I think this discussion is absolutely insane. Only a pure insane person would ever try to make something X7 less profitable. Of course, these people are all from the West, i.e. they have never had to do anything in life to be comfortable, they all invested early in crypto and, therefore, can afford to make an entire platform almost X10 poorer. And their arguments for it seemingly are "because it was not meant to cost this much", which to me is brain-imploding... If they love fiat currency so much, how about they take a couple of their millions and start their own USD-pegged crypto project? Do you agree?

SBD was designed to track the USD and it currently does to some degree. But with the latest pump pushing more and more money into it, getting down to $1 is taking longer.

I have already made my case for the peg. It is like paying $7 for a $1 giftcard and calling the person insane who wants the price to go down to $1 again. Sure you can do that.

I think holding SBD currently is really risky. If you sell them you get the profit. And maybe next month it is at $1 again anyway. Please red up on how SBD works and how inflation rises with price and what that means. To support a $7 SBD we would have to remove all existing peg.

Why the actual fuck would you want it to go back to $1 USD?