RE: Its at 9000 USD ::sadface::
I am all in in crypto and have to live off it. Long term I am extremely bullish, but in the short term I need to cash out for living. In a negative market it is very nice to have a crypto that follows the price of the dollar. The dollar is relatively steady, so then I don't have to cash out cheap BTC, but just the crypto that has USD value what I bought when BTC price was high.
Tether is doing this and Steem dollars are created to do this. However, Tether claims they are backed by real USD, but this brings the risk that governments crack down on it or that it collapse because it turns out that they are not backed. So I find it to risky to keep my crypto in Tether.
Steem Dollar is created to follow the USD value and it did for a while. Since a few months the peg is broken and now it is following the crypto market so it is not uncorrelated anymore. If SD did follow the USD value 1:1 I should use it to hold my money that I want to spend over the coming monts.
Beside that there are many other functions of a crypto that is pegged to the Dollar like tool for arbitrage, easy to understand trading pairs and traders use it to buy when a bear market starts to buy BTC back on the bottom. It should be really nice if Steem Dollar could fill that function!
Now I fully understand what you said previously. If USDT and SBD fail to accomplish this goal, then this is a big opportunity for some other coin to be the alternate. Since you have been doing this for long time, what do you think is/could be the alternate coin for USDT/SBD to fill this gap?
If Steem Dollar get fixed it should be best, also Bitshares has a BitUSD but I don't know if anyone is using it.
Cool. Followed you. Hope to read some good content of yours here at steemit.
Thank you! Decided to make an article about it:
https://steemit.com/steemdollar/@michiel/steemit-devs-try-to-fix-the-steemdollar-usd-peg-in-the-next-hardfork-and-boost-demand-for-steem
Just read and responded. Thanks for sharing.