RE: Our monetary system is doomed and experts are all in agreement...?
I agree - will be tough time and I am more and more convinced that the probability is high that we see a collapse. I start thinking that it makes sense to take money in my hands to prepare for that.
One thing I already knew but brought to point on the conference: bitcoin and most of the cryptocurrencies are no final solution. Why that? Because if there is no elastic amount of supply (bitcoins total supply is limited as we all know) that leads by mathematic to high volatility of price (and interest). And that does not make sense for a day to day currency. I still believe that blockchain / crypto makes sense from a technology point of view - also getting decentralized will lead to more trust and sustainable decisions but the problem on how does the ideal money system look like needs still to be solved either on blockchain or in fiat. And I don't see any currency yet which comes from the monetary economic point of view (maybe I missed something though).
Well, a SBD pegged to 1$ could be used as „regular money“ - the transaction speed + zero fees would be great as well.
I know, it‘s a long way and I don‘t think SBd will replace $ or any other big currency. But it sure could be a stable, real-money-alike, currency people could use on a daily basis!
It would solve the monetary system problem as the USD is debt based. So SBD is just inherit all of those problems. Is the total supply floating? I am not sure but if so it would solve some problems yes.
BTW reading your post I get the impression you think SBD is pegged to 1USD which it isn't as we also saw the last weeks. There are quite good articles around e.g. from @knircky to explain that - just in case - but you wrote "could" so you might be aware of that anyway.
There are always being mire SBD created, so there would not be no future limitation problems as wit BTC f.e.!
SBD should be pegged to 1$ according to the whitepaper - the mechanisms just are not working fine. But there is an ongoing discussion on implememting mechanisms (mainly starting an option for reverse conversion steem - sbd)!
There is a good post by @reggeamuffin about it - I will drop the link when I am back home ;)
Thanks for letting me know - I am aware of that discussion. Just meant current state. But sure - drop the link. Always worth reading something about steemit and its mechanics!
This is the standpoint from witness @reggaemuffin and others who are in favor of a better pegged 1$ SBD; https://steemit.com/witness-category/@reggaemuffin/witness-discussion-sbd-price-and-reverse-peg
@aggroed and some others are against that.
What is your opinion?