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RE: Witness Discussion – SBD price and reverse peg

in #witness-category4 years ago

First off thanks for bringing out this discussion for all, @reggaemuffin.
It makes the community work much better by having input from all participants.

I personally believe SBD when created to always be pegged to the USD and want it to continue doing so. Just because there is huge demand and limited supply should not allow speculators to re-adjust the value of it. The 50/50 will benefit the whales more because they usually have the most earned. In my opinion whales are behind this over extend price of SBD. Minnows like me are trying to capitalize on this but the reality is in the long run it is hurting the community more than helping. The fractions we get from the higher SBD to Steem is nothing compare to how the whales are spending the SBD. Sorry I do not know what needs to be done to get us to the 1 SBD to 1 USD. Just wanted to vent. Thanks.


sorry man i don,t think so it is also helping us to earn some handsome money it is helping minnows to buy some steem for steem Doller

While you're buying steem with steem dollars they're moving big piles of SBDs to their exchange of choice and cashing the fuck out. But yeah, if they intentionally try to stop the flow of money this site would grind to a halt.

If you look at:

It's simple to see that the majority of trading volume for sbd comes from Korea. Yes, whales, but Steem whales, idk.

They've done that with every coin by leading the price action, and the suspect nature of whether all those traders are actually Korean (who had the largest bitcoin holdings again?) came into play, hence all the raids and taxes.

so what if turn $1 again and how it will be fine for minnowes who are earning only 2 SBD in a week. they will stop working on steemit.

Yes, that would tend to be a side-effect of the price falling, much as interest in the website grew as the price rose. As long as the primary draw of steemit is the income-generating portion of it this will tend to hold true. Vested shareholders have shown little to no desire to give up the earnings they have in order to make the site usable for smaller holders, which will limit growth and prevent it from being widely adopted. Just my 0.001 cents.

@inquiringtimes thanks for the link. mostly SBD are being trade in korea . but how it effects the steemit

Youre too honest amd correct