There are many plans for marketplaces on steem that require stable currency and the sbd price kinda killed that. One of the killer apps for steem is a payment solution in SBD and for any merchant to touch that we need a stable price.
I agree with aggroed that a high sbd is good for distribution of STEEM but is stops other opportunities for the Blockchain. And tgese opportunities take really long to develop, many months of time and serious money. I know multiple parties already attempting this, so why kill them off? Why pull the rug from their feet?
Let the minnows cash out their earnings, SBD will slowly go down and we all will be able to pay with our steem wallet soon.
It's difficult to know what to do in a situation like this. Nobody ever thought SBD would go this high and it did it almost in the span of a week. Most people including myself probably had heard somewhere that SBD is closely tied to the value of the dollar and so they never thought to invest in it as if it was a speculative asset. Now everything has changed and people still don't really know what to make of it. I hope Steem can find a way to make everyone happy and if the plan is to make changes with the best intentions at mind, I hope that witnesses and devs at least let the community as a whole take a vote on the changes and make them in a democratic manner. I invested myself in the platform because I believe in its future success and the outstanding community that has formed around it here. Your final statement rings true. Lets let the minnows make a little money here and SBD will probably just normalize naturally. Either way it appears to be a nice reason for holiday glee.
I couldn´t agree more with you on this. SBD´s are meant to be worth around 1$ and as people continue to cash out it´ll slowly get back to that level. It might take days, weeks or maybe months but in the end the market will regulate itself.
It´s definitely awesome for all of us in the short term but just like you say it would do more harm than good in the longrun.
I hope it doesn't do harm. I think in the short term it will bring some amazing growth and speculation around the whole platform. We'll be able to judge the effects of this SBD pump more clearly in a few months from now.
True that, time will tell ;)
I am a minnow and I am not cashign out. I don't think many minnows will do, because this platform is all about building your influence.
I have been converting all my SBD into Steem and then into Steem power and I lost a lot of money. Not only for the conversion, but because I did that convertion through the "convert to steem" button, instead of doing it through the market button.
That's it.
To answer this:
The convert feature makes sense. Like a fire extinguisher makes sense. Just steemit.com advertising it in the wrong moment: 'It is freezing? Use the fire extinguisher!'