That is also true! I feel like Steem Monsters and SBD work similarly in this case. If Steem falls, SBD won't fall too much under the $1.00 mark, but if Steem pumps, SBD won't pump too much over the $1.00 mark.
However, I feel like Steem Monsters has more innate value due to its utility. Furthermore, it's also something to do rather than just holding since you can use them in battles.
Keep in mind that the SBD peg could be broken anytime soon. As soon as the debt rate exceeds 10%, you'll get less than 1$ by converting to STEEM.
That's true as well, since Steem marketcap has gone down so much we're fast approaching that 10%. Also, how do people actually convert Steem? I remember asking a while back on Discord and was told we can't, doesn't that technically make SBD useless?
We're actually very close: https://steemit.com/sbd/@transisto/sbd-debt-ratio-will-be-10-at-0-49c-steem
You can convert with steemconnect for example: https://steemit.com/sbd/@timcliff/how-to-convert-sbd-into-steem-using-steemconnect
And why did we change from a 5% to 10% ratio in HF20? Just to make the run on steem even more catostrophic as people madly rush to convert their SBD
Thanks for the guide on how to convert!
Does this mean people who have been doing this over the past few weeks have been earning a fair bit since SBD is under $1.00?