Speaking of price manipulation the koreans are at it again:
This has been happening over and over again since Hive came into existence:
- The HBD price tanks on Upbit.
- They buy at a discount.
- Convert it.
- Sell Hive for BTC.
- Rinse and repeat.
If I had the capital I would arbitrage the hell out of their shenanigans.
The witnesses should protect the network from this by modifying the bias factor so that conversion don't pay a full dollars worth of hive and instead incentivize holding HBD by paying interest instead some want to reduce inflation...ffs.
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The Hive network can't enforce the peg on an exchange... if users on Upbit want to dump under $1... that's on them... they are the ones throwing away money. This isn't an attack on Hive... it's just people being dumb. That HBD would get converted either way.
If we want HBD to trade higher than $1 and stop the conversions... we need to create demand for it.
Yep, I've been longing for businesses and merchants to use HBD, it would definitely enforce a stronger peg. People also forget how amazing it would be to use feeless Dollar transactions on tips and gifts.
@buymeberries already does this @acidyo ! 😁