Youre missing one thing - this is crypto and if some whale / pump group decides to pump SBD to $100, they will do so. The mechanics you're describing are in works since the start of the pump and SBD is still above $5. Free market mechanics of demand / supply have no power here. But from logical point of view you're absolutly right :)
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The point about my post was really that the system mechanics and the inflation of the SBD is poorly understood by many users. The fact some are now using ignorant views on the subject to affect witness rankings is a disturbing new trend.
While I agree it is poorly understood, that does not give Witnesses the right to take corrective actions without community support. I agree the price will fall. I do not agree with Witnesses taking corrective actions without polling the community. I too will be unvoting any witness that takes this action without vetting it through the community.
Yeah but it's like fighting a tidal wave. Once the supply is high enough and it matures, it is not as susceptible to pumps.
True.
How high is that?
Who knows, but my point is about the long term (years, is my guess) state. Admittedly it's not comforting to not be able to give any timelines for this.
What if it's a benevolent Steem whale, who profits after the speculators chasing the pump while giving the bloggers a pay raise?
What is this mythical creature you speak of? LOL
the benevolent whales aren't as visible, typically. or you don't know where to look ;)
there is so much to not understand about what's going on... hard to not speculate on theories and such... think of the grump cat... someone had enough money to buy all that steem, and start regulating on steem no one knows who they are, there isn't enough sp among the other whales, that he can do whatever on steem and no one can stop him.
if I had enough money to profit on a PnD with sbd, while at the same time benefiting the masses on steem, damn right! why not? a fun game where everyone in steem wins except the people hell bent on a peg.
If you can help out with where to look I'd appreciate it.
I've found a few benevolent witnesses that I'd like to network with and help, but the whales seem to be a bit more elusive ;)
:shrug:
I guess they did it once already and will do it again. Since the price has gone down, it looks like the time has come to pump again.