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RE: Should SBD Be a Pegged Asset? If So, When Should We Peg It?
I'll answer your questions using points below here:
"It's confusing"
- There is nothing confusing about 700% more profits.
"If you understood the conversion mechanisms built into this system, you'd have to come to the conclusions they aren't "controlled" by anyone. They are all done voluntarily by individual market actors without any centralized control at all."
- Yes, I do understand that, and it so has it that the vast majority of users have voluntarily chosen not to use the conversion mechanisms as shown by statistics which you can find over at https://steemit.com/@penguinpablo
"they aren't "controlled" by anyone"
- If a couple of dozen people are capable of causing a 700% percent price crash on a platform consisting of 50 000 thousand active users who are here mostly because of economic incentives, how is that "not controlled by anyone"?
"written mostly by an anarcho-capitalist (Dan Larimer)"
- Yes, it was written by him. And the words "SBD is now being traded as a regular alt-coin", which he didn't seem to have any problems with were, in fact, also said by him in a YouTube interview which you can watch here:
Thanks!
I said two separate currencies would be confusing. People are already confused with STEEM and Steem Dollars. How would STEEM, Steem Dollars, and Steem Dollars For Real This Time not be more confusing?
Of course they aren't using it now. Who would? They'd lose out big time because it currently only goes one direction. That's why it was removed from the steemit interface. The point being, anyone can use it. It's not some lever that only some people can pull. As long as enough people use it, the peg will be maintained (at least when it drops below $1).
Can you explain to me how that would happen? Do you really think witnesses would risk their position by doing something 500k people who voted them into that position wouldn't want? The whole point of this discussion is to figure out all perspectives for what's best for the network. There's a sound argument that we've lost quite a bit a money for everyone involved because we didn't fix this sooner and instead Tether went from $500k to $1.6B.
So Dan's opinion, considering he's no longer involved in STEEM, is more valid that the existing 20 witnesses and all the supporters and users we have here today? How is that decentralized? If the network sees the value in a pegged asset and wants one, then the Steem Dollar should be it, as designed. If we can do that after it naturally corrects back down to $1, why shouldn't we? That's what this discussion is all about.