I am still trying to learn about how the things works. It was an interesting article and I enjoyed reading the post. I am still in learning phase so maybe it'll take some time to understand how things works beneath this blockchain. But there,s one thing which keep popping in my head is that " If Steem is trying to peg the SBD at US $1, why they can't just remove SBD's from all the exchanges ( I maybe naive ), it will stay away from speculators and price won't fluctuate and steem could control it with internal conversion. But if we are trying to peg it after it's getting listed on various exchanges it will be very difficult".
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"Earning 7 times more is such a tragedy" - is basically what I'm hearing from the whales in favor of this seemingly mad idea.
They want to make people poor to satisfy their goals. People like me will have no choice but to power down and find other ways to make income aside from Steemit
Yeah, I know. It's a crazy and destructive idea and I hope it NEVER comes to fruition.
I'm powering down and leaving Steemit. If the witnesses get what they want and I'm sure they will get their 1$ SBD , then there will be huge consequences and it'll look like another Bitconnect. This isn't decentralized. Witnesses are like the Feds, having control over a market, the power to destroy it. If the reverse conversion happens, what makes you think they won't do the same for Steem to hyper inflate it? Lost of trust. I'm sorry, I loved Steem, Steemit in the beginning and had great times here, met great people like @steemitqa though to me Steemit is going downhill. It won't be just be me leaving, many others will
The witnesses want what's best for the platform long term. Why is this in question? To compare STEEM to Bitconnect is absurd. Witnesses can't "control the market." How would we? Why would we implement a policy the community doesn't want which then lose us our position as a Witness?
"They want to make people poor" is such a gross misrepresentation of reality. It's truly discouraging to see. Please, read my post again and understand I'm trying to make everyone here rich. A broken peg may not be the best way to do that, nor the best thing for those whose local currency is completely broken and they need something stable in order to build a functioning economy. Increasing the rewards pool by increasing the value of STEEM might be the best forward, especially if that speculative token has a stable place for them to store their value.
artificially controlling a market is never the answer
Which market is artificially controlled? Are you saying the pegged floor of SBD is a mistake and SBDs shouldn't exist at all?
Do you think bitUSD is an artificially controlled market or a well-functioning pegged asset backed by real collateral value?
I really don't understand where you're coming from. If you have some reasonable evidence to support your claims, I'd enjoy seeing it. All cryptocurrency markets get pushed around by whales, but you seem to be directly accusing witnesses of something nefarious. I want to know what that is.
We can't control what exchanges list, nor would we want to. This isn't about centralized control, but about providing individuals with tools to profit from speculators who, as the white paper describes, are "manipulating" the SBD peg. If we allow for a STEEM -> SBD conversion, more SBD will be created which will eventually drive down the price to something stable. Other assets like Tether and bitUSD (and all the others listed in the paper I included in my post) have done it. We can too.
Oh thank you, I got to know more about Dan's vision about steem, in the post you have shared ... I could minutely understand why peg is important ... and steem could be in future if everything worked the same way as it was planned ... but I just wanna add something ... if people need to work on the pegging they should delay that a little bit... cause high sbd is attracting people to this platform maybe after we have acquired 20 million and more, they could start working on the vision. cause by then we'll have several marketplaces here on top on steemit like steemgigs and more, and people we'll be willing to have a pegged currency at place.
Disclaimer : I maybe Naive and I haven't read the whitepaper
What if those marketplaces won't form without a pegged asset to support them first?
Why is it high SBD attracting people and not high STEEM which has more impact on the total rewards pool and post payouts?