There is nothing wrong with SBD (SD). It works as it was made to work. It was designed by in an idiot (french meaning of the word - a man full of ideas). And being a genius or not does not change the fact that everyone's ideas are 90% garbage.
Put simple:
- 1 SD is not one dollar it is ' the median 7 day price of a highly volatile coin (Steem)'
- If you have SD and want to sell you have to chose - wait out those 7 days of volatility and get unknown amount (might be $0.90 might be $0.45) OR get a certain discount (say 15%)
Actually this has very little to do with BM being an "idiot" w/ 90% garbage ideas. He has spent quite a bit of time since the early days of bitcoin arguing that there are a few problems needing solved by cryptocurrency:
For scalability and efficiency he developed Delegated Proof of Stake (DPOS), which is used in the STEEM blockchain (thanks to the #bitshares community and @dan)
For volatility there are "smartcoins" that use prediction market mechanisms to peg to the value of various real world stocks, bonds, cryptos, currencies, commodities...etc
Self-Governance
It is possible with DPOS based chains for witnesses to be elected and kicked out of power within seconds should they be doing a bad job or a corrupt actor attempting to do something outside the benefit of the system. Generally 1 share/token = 1 vote...so those with more get more votes.
The design of steem has painstakingly been constructed after Dan learned many lessons in #bitshares. And I can tell you nowhere near 90% bad ideas come from that guy when it comes to crypto, at least...which is mostly what my experience comes from).
Some of this is still being tested, but it looks like @dan got it pretty dang close right out of the gates this time.
It'll take a minute of course, but indeed, I feel that @dan's concepts will ring true in the end here.