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RE: Witness Discussion – SBD price and reverse peg

in #witness-category4 years ago

It also says sbd is not meant to have an upper peg in the white paper, I believe.

This would also be a dramatic change for marketing. I am finally able to tell people I am making income here. So are others I know of. I finally see friends coming after 7 months here. If rewards drop substantially in 4 days - I do know what to think. The people who think this place is a scam will be sure now!

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Yes and no. The white paper design is not intended to has a mechanism for an upper peg, but it is also assumed by the authors of the white paper that no such mechanism would be needed:

We fully expect there to be a narrow trading range between $0.99 and $1.01 for SMD under most market conditions.

This is clearly not the case, therefore the assumptions made by the authors of the white paper are proven incorrect, not only here, but also on Golos (Steem clone/fork) which has experienced similar or worse de-pegging. The mechanism is deficient to meet the stated (and reasonable) goals and needs to be revised.

True, i second that

Like what you said you are doing good with steem. The propose change is to support long term existence of STEEM that will benefit all of us.

This is great about the community, we address issues that matter to all of us. Whatever the choice maybe, we are in good hand.