RE: The STEEM DOLLAR Purge Begins : This is what we need to DO

[valued-customer]

I do not see that anything Steem does can prevent such a thin market as exists for SBD from being pumped. It only takes a few millions of dollars to control the price of SBD.

The best Steem can do to control the price is to react slowly, as it has, to print more, or burn more. This can't affect relatively instant pumps.

I'd appreciate a better explanation of 'purge' in this context. My best approximation of understanding your use of the term is that SBD will be valued at less than the stated peg of $1 of Steem during conversion.

Could you confirm this is what you meant?

Thanks!

Comments

[buggedout]

"This can't affect relatively instant pumps."

It can if you enable reverse conversions. Supply can be ramped up very quickly and the speculators will get burnt.

Definition of Purge at www.dictionary.com :-

"1. to rid of whatever is impure or undesirable"

In this context I am talking about reducing the circulating supply of SBDs (reducing system debt)

[valued-customer]

Thanks!