I support a high bias. The purpose of SBD is low volatility. The bias and the APR are the only tools the witnesses have.
They can move the bias lever higher to bring down the price by increasing supply (which we need now). Alternatively, they can increase the APR to incentivize people to HODL. Hodling decreases the supply on the markets and increases the price.
I was tempted to write about the APR here but didn't want to blur the policy debate. I personally believe that the APR should probably be zero or maybe even negative, but a positive APR is inappropriate at this time.
I'd say a positive APR is irresponsible. Idk about a negative APR. It seems a little unfair. Or maybe it is irresponsible to sit on SBD when the price is so high.
Yes, it's a whole other argument to have. Feels a bit too much like central bank policy for me to be totally comfortable with it :)
Lol not even the fed does that. They can change the lending rate (no real parallel to Steem), print money to buy corporate bonds/call in the bonds (kind of like the bias), or increase the minimum reserve the bank must maintain (kind of like APR). Thankfully the witnesses have less power than that.
Negative central bank interest rates are actually quite common in other parts of the world....
Interesting. I will have to do more research on that!