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RE: Witness Discussion – SBD price and reverse peg

in #witness-category4 years ago (edited)

"This is a good thing for posters, but it is a bad thing for services using SBD".... I think that is the problem. What does Steem intend to be??? A blockchain for content creators? Or services?

If it's for content creators, cool, let's do it... If it's for stores, shops, service providers, etc... cool, let's do it... but let's not confuse ourselves and think we can have all of that perfectly hashed out on one blockchain

You will end up screwing one or the other no matter which way you slice it


We have a handful of stores and 50k active bloggers. If we grow the userbase the stores will come and purpose of this place will shift then. If we do it now we'll hurt the bloggers in favor of store owners who aren't here now. I doubt the major problem is a fixed price of sbd and a larger problem of there aren't enough users in this marketplace to merit popping up a store... yet.

There are no arguments for destroying an entire market. Anyone in favour of destroying X7 of something's value is someone so comfortable in their little bubble, completely disconnected from the real world and that can afford throwing away 700% of their money. Pure insanity...

aggroed, please you must fight these economic and wealth destroyers! I will support you.

I couldn't have said this better myself, and I think this should be highlighting the real reason we shouldn't be doing anything funny like reverse conversions.

I keep wanting to say, STEEM doesn't deserve to have SBD be stable yet, but that doesn't sound right haha.

I also doubt that the SBD price is deterring stores from flocking to adopting SBD. And even if they wanted to, stores should just use market prices for accepting currency anyway. Just like how it would be for any other crypto...

Yep, true that

Quite frankly I agree with @aggroed here. Now is not the time, I personally think you risk the fall of steemit. Increase the userbase and keep the returns high so that said users are able to spend their rewards at the shops that pop up over time. What happens to an economy if nothing is pushed back into it and everything is taken out? Its value dwindles and considered junk, just look at my country, South Africa.

To elaborate on this, say steemit turns into a place for stores to run off of the blockchain due to a decrease in rewards and a dwindling userbase. I wouldn't go through the effort of converting my money to sbd to buy something when I can buy the same thing for roughly the same price in dollars using something as convenient as PayPal.

If anyone has a more educated opinion here, do share, but I don't see an upside to doing this.

The difference is, there's not really any other blockchain out there that can compete with Steem on the content creation side... there are shit tons that will compete on the commerce side.

Find a gap in the market, and fill it. Fundamental 101 economics here.

This is so odd to me. There’s no confusion here as far as stores vs users/content.... a store comes after. If they peg this currency and no new users can profit, this will never grow enough to even be a place for stores. IRL you don’t build a store in the dessert when nothing’s there. You build a community and the stores will come.

If commerce is to happen here the people will create it. If this peg happens myself and many many users will leave.