RE: Witness Discussion – SBD price and reverse peg
The way I see it, the SBD pump was a bonus. We hoped it would be transient, but it wasn't. SBD was meant to be pegged at $1, but the current situation has demonstrated its failure to achieve that purpose. Also, it failed back in May 2017 when it reached $22. Since many witnesses aren't in favor of increasing their bias (to increase SBD issuance and hopefully reduce its market price), I think it's worth a try to implement a reverse STEEM->SBD conversion and see what happens. Cause that's what the current attitude is, 'let it ride and see what happens' with the high SBD price, and so far nothing has happened 😔
I don't think SBD going back to $1 will hinder Steemit's growth at all. It was already growing when SBD was pegged, right? All the altcoins went up in 2018, STEEM too, and it's not because SBD was high, it's because STEEM was following the market's move. Additionally, when SBD pumped to $10-$15, it took a while for STEEM to increase too, so their market values aren't that much linked as some may think. Besides, even if user retention drops, this is a good thing, we get rid of the gold diggers and retain the quality people that love and believe in the platform.
There will always be pros and cons for any major decision like this, we won't know the result until we try.
Insanity Is Doing the Same Thing Over and Over Again and Expecting Different Results