Unpegged SBD: A Pointless Speculative Asset
You know what they say. You can't teach a sheep economics. Actually, no one really says that but the fact that so many people are favor of having a SBD that has no use case other than to be a speculative asset really surprises me. I mean everyone raves about Steem's use cases while SBD (that other currency) really has none. You can not really use it as a means of exchange because it is not stable enough. It doesn't work as a good peg because the supply is too scarce. Hear me out.
![money-619019_640.jpg](https://steemitimages.com/640x0/https://steemitimages.com/DQmQjVMJupDLLZhth8xHPLxouKwrAwQ1MtgNDbSQvTXDH28/money-619019_640.jpg)
Let's go over some of the pros of keeping SBD as a speculative asset and dissect why these aren't really that great of a reason.
Post Payouts Would Go Down
This is not exactly true. Since SBD production is dependent on the Steem price in USD, you would still receive the same amount of SBD and Steem unless the Steem price would change. But the argument here is that you won't be able to trade SBD for as much STEEM or other assets. The argument is that you lose the "arbitrage" opportunity.
But this "arbitrage" opportunity is based on the fact that SBD should be $1. So the suggestion here is that the price SHOULD go down to $1 in the future. But the free market could keep at $5 forever, so your perceived "arbitrage" is based on that the peg will be enforced in the future. So basically the argument is greed. You can make more money now and then once you got your fill, you can use the instrument as it was intended.
Or the free market could continue to speculate on the object and your "arbitrage" opportunity should be realized. I mean eventually as Steem goes up more SBD will be introduced to the market. But this reduces again to greed. Just long-term greed. In the meanwhile, SBD will suffer from wild swings in price and to the whims of the market, so essentially a gambling tool for "arbitrage".
But let's look at the ethics behind this idea of "arbitrage." You are essentially hoping for suckers to buy into an instrument that is unstable, knowing that it should be worth less in the future as the Steem price raises. That's not very nice. But trading is a cutthroat world.
This Would Punish Speculators Of SBD
And what's wrong with that? Trading is a cutthroat world. People should research assets before they invest in them. The whitepaper discusses SBD as an instrument that was intended to follow the value of the US dollar. So, if changes were made that made that a possibility, investors shouldn't be unhappy. They took a gamble that a pegged instrument would stay unpegged. And they know the risks of investing. So, are there any really problems, here?
Also, as Steem increases in price and SBD becomes more available, they would get punished anyway. Basically you are arguing in support of a gambling market. Granted that we haven't found a use case of SBD that does not involve trading in order to get a more valuable asset with actual use cases, well, you can see why I call it a pointless speculative asset.
This Would Punish Authors
Since, we are not implementing any sort of peg today, you have plenty of time to cash out that valuable SBD. If you are reliant on the price of SBD for your livelihood, I mean maybe you should make more prudent financial decisions. Especially since that would be gambling on SBD's volatility. If the whole market crashed 90% tomorrow, SBD would be $1. There's the problem with your speculative asset.
If it was stuck at a dollar, authors could make more rational decisions with regards to how much money they are actually making rather than being stuck at the whims of the market. And if the market crashed, authors would have more of their value preserved than with high SBD which would crash to around a $1.
User Retention Could Drop And Growth Would Slow Down
Since the only use cases have involved "arbitrage" and gambling on price, I not really sure I would really want the people around who only use the site because SBD is in that state. But a stable SBD might appeal to non-investors who want something connected to their precious fiat money. Unstable SBD adds more confusion and is less user-friendly. Being more user-friendly could help growth but maybe it won't.
That being said, this argument is speculative and is dependent on users who are greedy people. Just ask yourself. Are you the type of person who would leave Steemit if SBD was stabilized at $1? Because I find that kind of person unhealthy for the development and health of a community that cares about people over money. Because those communities are the ones that last.
Demand For Steem Could Decrease
This sounds like another argument derived from greed. You really don't have a good reason, outside of that? Well, let's say the value of SBD falls to $1. Now there's only one speculative asset on the platform rather than two. There's less competition from SBD amongst the speculators outside of Steem. Now they might chase another asset, but how many people are speculating on Steem solely because of the SBD price?
Sure the demand might go down, but people don't know Steemit as the place where SBD pumps and provides good opportunities for "arbitrage" of speculative assets. It's a social media platform that pays you to produce content. And again, if the price does go down, we purge some of the greed off of this platform. That's not a bad thing.
High SBD Is Growing The Community Now
First, correlation does not imply causation. Basic statistics here. Second, the price of Steem has also risen. So you don't know whether the correlation belongs to Steem or SBD. Third, let's say that you could determine that SBD and increased user growth were indeed related independent of the price of Steem. Is the price of SBD going up resulting in more users or are more users and activity resulting in a higher SBD due to its scarcity?
These are all questions that need to be addressed with statistic facts (rather than speculated about) in order to provide enough evidence of this. As Steem becomes more mainstream however, less people will care about high SBD because the Steem token is the main draw and they will be less familiar with investing in the cryptospace.
Final Overview
So, let's take all of these pro-unpegged SBD arguments. We see that all these reasons can be reduced down to one reason. Money and the greed of people to maximize that money. No use cases are really discussed and no real benefits can provably be observed from leaving SBD unpegged. If the asset serves no purpose but to be a speculative asset which Steem already is and is easier to manipulate than Steem due to its scarcity, then is there any point in having it? We should either scrap it or enforce a strong peg.
But perhaps you need use cases for SBD to be fleshed out if it were pegged to a dollar to be convinced. The first use case is that it becomes an instrument for trade. You can now develop an economy on a resource that has it's value preserved and stable. That way you can buy and sell things without the fear of losing value. With unstable SBD, a pizza could be worth 10 SBD one day and 2 SBD the next day. The person who the bought the pizza isn't happy.
With unhappy pizza buyers, people would be less encouraged to circulate SBDs and we lose out on developing a potential economy on top of the Steem ecosystem. A reason that there is little development of an actual economy within Steem and the cryptospace is because the value fluctuates and encourages people to hoard rather than spend.
The second is that it can be used as a protective instrument. You have a feeling that the cryptomarket is going to crash? With pegged SBD, you can preserve nearly all of the value in the asset. With unpegged SBD above $1, you are going to lose some value when the SBD crashes towards $1. Volatility is good for making money when you have a stable instrument to trade against. Why not have a crypto-dollar instead of moving into tether (with all the doubt there) or fiat money? That might drive more people towards Steem.
There are actual use cases here beyond that of the Steem token. That's the reason a pegged instrument was purposed in the original whitepaper. Because those sorts of things are useful. But if you would rather have an instrument that satisfies greed rather than one that has useful properties when stable, then that's your priority. I am just a long-term thinker who is sometimes wrong. But more often than not, vision is rewarded over short-term and money-centric thinking.
But this is a community decision and I recognize this is a democratic process. I can't make your mind up for you. I can only make my case. But if you do agree with me, I encourage you to vote for witnesses in favor of a hard-pegged SBD as they are the ones who ultimately update the blockchain with changes.
I am happy to hear your thoughts, concerns, and questions. As normally, 100% SBD of the post goes to the best commenter.
Sources:
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Witness Discussion - SBD price and reverse peg by @reggaemuffin
Still in Defense of a High SBD by @aggroed
Any market could crash 90% tomorrow. That doesn't mean you should peg all those markets to $1 USD
You don't want users around that are here for "the money"? Well, anyone is free to flag those users to decline their payouts.
One shold make better financial decisions? Yes, of course, and that could be said about many many beginner traders. But this is still not an argument why one should destroy SBD and force it to $1, ruining the economy for everyone. Also, there is literally nothing that says SBD can't keep this price for years and go even higher. That being said, those financial decisions will in such a case be pretty good.
All these are non-arguments for destroying 700% of something's value. Go make your own cryptocurrency which is pegged to the US Dollar and let the free market work in peace.
That why things like tether exist. Traders flip into tether and can buy cryptos at a lower price. We already have a speculative asset called Steem on this platform. What's the point of having two? To confuse people? If even have a better tether, then think about all the people we could attract to Steem.
No, it is fine if users are here only for the money. I won't feel bad if they leave simply because the price of a speculative assets decreases. It means they lack long-term perspective and didn't really care about the community.
Looks like someone has not read the whitepaper. Not saying that you have to, but it good to understand how these mechanisms work. 10 SBD will be produced for every STEEM when STEEM is $10. 100 SBD will be produced for every STEEM when STEEM is $100. 1000 SBD will be produced for every STEEM when STEEM is $1000. If the supply grows faster than that of Steem, people will eventually figure out that asset loses value as STEEM goes up. So, your argument is refuted by math. Just because whales can pump the price and draw out suckers doesn't mean they'll do it and be able to do it forever.
Let's say that we implement the reverse conversion. The free market determines the price of SBD. If nobody uses the conversion from Steem to SBD, then the price should hold. Why restrict the transfers one-way? Shouldn't we also allow trade the other way and allow smart people to make money? Wouldn't such a mechanism provide a freer market? I would not be destroying 700% of something's value, the free market would. Not that there is anything wrong with that. I'm sure you agree with me on that. The free market should determine the price of an asset. I simply want to free the SBD.
The market is determining the price of SBD? That’s why it is where it is. If it was pegged to the dollar, developers would be determining the value of SBD. Supply would be increasing and decreasing to match demand. This is not a free market, that would be a manipulated market that has no true value. Because your 1 sbd would be worth $1 dollar now and 20 years from now it would be the same. That is not a free market. That is basically what the government does by just printing more money over time. Set a fixed supply and leave it that way. The market should decide what to do with SBD.
SBD's are designed to not have a fixed supply (even now). They are being printed like fiat money (except slower and less efficiently). The issue is that there is so few of them that when a speculative wave comes they jump up in price and people think they are worth holding. Over time, SBD will return to the peg. Either that or Steem will not increase in price.
There is no manipulation in a peg. It is a market instrument backed by Steem but people are using improperly and reducing it to a speculative token.
For now I will vote on witnesses that are agains the forced peg at this moment. I say: first look if the price comes down itself from supply-increase with all the printed dollars. If not later, when more sbd's are printed and much more people joined steemit (yes I truly believe this brings alot of people to the platform atm) you can peg it to 1$ for the reasons you described that you think are an advantage of having a pegged sbd. however we'll need a larger supply before people use sbd to safely store their value in the pegged sbd. Then again thether hasnt that big of a marketcap right? I doubt that we would have more benefit from people storing in sbd (pegged) then having these prices atm of SBD. we also didnt capture the market in 2 years but finally this price does alot of good things to the platform. I wouldnt change it quickly. I'll also make a post about it soon to defend my points and tell people to vote to the witnesses they want to follow :). Thanks for putting your toughts in a post it is good to hear out everyone :) (upvoted for visibility)
There's also the benefit of having a stable medium of exchange with regards to SBD. I'll kind of agree that simply using SBD as a protective asset against crashes won't do much to build the ecosystem, but I think the medium of exchange aspect is something the other cryptos struggle with. Nobody uses tether to buy things.
Market is the one that sets the price. If you do not agree with that, then remove SBD from market.
Well the market plus supply and demand. We should increase Sbd supply and reduce steem supply to give a boost to steem holders.
I am in favor of implementing a reverse transfer that would allow you to convert Steem to SBD as described by @reggaemuffin here. The free market would naturally peg the price as a result.
This community is strong and growing BECAUSE of the financial rewards, not despite them. Financial benefits encourage people to fight to improve, to compete for readers by becoming better.
There is an element of strategic gaming involved which again, I think many people enjoy.
Accept it for what it is, a community exchange of ideas and place of learning with added reward. The only way to grow and keep the quality improving is to leave things the way they are. ( in ref. to pegging SBD)
The financial rewards also help to clean the group of spammers and chancers also, this happens to those that come here JUST to earn, if they dont quickly make money with their one word comments and copied posts, they just as quickly stop. This is a benefit of course.
Greed you say ? In some cases, perhaps but in the majority no. Many simply want to work harder and be rewarded accordingly, many others want to create content to earn to give away, others simply want to earn to help lift themselves out of a difficult life. This community allows these opportunities. This is NOT greed and its a rather presumptuous and not very nice thing to say.
Leave the Steem and SBD as they are, it's a dynamic most people enjoy.
Well I think a higher steem and lower Sbd would be good for everyone. Sbd could be a brilliant asset if it had a larger market cap and stayed near 1. It could be the reserve asset of crypto! See multi coins post on stable value coins.
First, leaving things they way they are when they could be better is not a very rigorous standard to hold oneself to. Especially when you have a potential asset that you can utilize to break through the noise and develop an internal economy with the ecosystem.
Sure, the community is growing because of the rewards, but I'm not proposing we get rid of rewards. Steem would remain unaffected and SBD would become more useful. The only thing you would lose out on is "arbitrage" which more newer users have little idea about. Nobody is losing out on any money except for a few short-term dollars with the benefit of having a useful asset.
When I saw the overwhelming support (without any good reasoning behind it) for SBD the way that it is, it was due to this notion that higher SBD is more valuable. Eventually SBD will have to decrease since more will be produced as STEEM's price increases. Why not eliminate these misconceptions now and have a more valuable long-term platform?
Think if steem dollars became he new tether. It could happen because what better way to back a stable coin than a social network. The only thing holding us back it too little supply of Sbd and too high a Premium. Imagine if he cap was the same with 5x the supply! Sky is the limit.
I know youre not talking about getting rid of rewards, but you are wanting to change a formula that seems to see this platform on a rising exponential curve. What are you talking about being better?
What I want to see is an improving UI, things to stop abuse by the small percentage of greedy (mainly high level) users, changes in the way the rewards are allocated to increase engagement, I could go on, but this issue, what I perhaps naively consider a minor issue, is taking up far too much time.
I'm never against change, but while the platform is growing and whilst there are more important issues to address, leave it be. Or convince the most important people, the users, what exactly will be better ?
But why should we change the UI? Or stop the abuse and greedy users? That would changing the formula that sees the platform on a rising exponential curve.
I think that both of those issues should be addressed and have talked about them in the past. I just felt like talking about SBDs today since a proposal was brought up yesterday.
My point is that I want the SBD to be more useful and fix problems that coins like Bitcoin are not solving. Like trade and stability. But that doesn't mean that it has to be the first priority.
Also, you are free to vote for witnesses as you please. I'm not telling you that you have to believe anything I say. In fact, I would encourage to vote @aggroed for a witness as he is pro status quo on SBDs.
I did vote @aggroed for witness which Im even more impressed with now as I didn't know his stance on this issue !
I wrote About those high SBD prices a while back, and came to a similar conclusion.
Another point is that high SBDs accomplish another result. They allow authors - the stakeholder group who already has the lowest incentive to hold steem - to immediately cash out a higher percentage of their post's value instead of waiting for 13 weeks, which is probably a big part of why so many people favor it. If that's the goal, though, it should be addressed as an explicit change in the rewards algorithm, not through a back-door.
You make some great points about other users (outside of authors) in that article that I didn't bring up and they are well worth reading. I also agree with your point about how holding SBD is viewing Steem with a short position. If people care about the ecosystem, they should be focused on Steem and its users (beyond simply authors), rather than inflating the price of SBD.
This is an incredible well thought through set of arguments, so props to you for that. I don't necessarily think any of your arguments are particularly right or wrong. As you said, a lot of this future thinking is just speculation until it occurs. A couple points:
I agree that an unstable currency like SBD makes the system way more complicated, and thus not user-friendly. It's a huge pain to explain to my friends just how much my post rewards are worth, and afterwards, I can see that they all kinda think this is funny money.
I disagree with downplaying the importance of the financial benefits of participating in the Steem Blockchain by contributing content. While certainly, the vast majority of users will never make a living off of Steem Rewards, there will need to be a subset of creators who have said opportunity. Recruiting and developing that level of creator within this ecosystem drives user growth, and will generate more value overall. To that end, the current valuation of SBD makes for a much more intriguing and potentially viable full-time job prospect. Yes, instability in the system might worry some, but pegging it to $1 USD, lowers the ceiling on potential payouts for individual posts.
While one could argue that a text based post, or an image shouldn't be worth thousands of dollars anyway, that is not the case with regard to the creation of video content. The liquidity of SBD is necessary for creators to maintain their finances, vs SP which has a 13 week payout, and is only rewarded in relation of the value of the post, not linearly on a 1:1 payout. To that end, the opportunity to earn significant liquid currency for a creator who only posts 1/week is critical. Otherwise we are creating a system that incentivizes well-meaning creators to post more often, even if creatively that isn't what they want to do, in order to make a living.
All speculation, sure, but by pegging the SBD to $1 USD, it does put a lower ceiling on earnings for individual posts, which would certainly create new and different problems (maybe better problems to deal with, but who knows)
It only creates a lower ceiling in terms of trading arbitrage. Since SBD is pegged underneath to STEEM, the STEEM price would need to go down in order for the amount of SBD to go down. With a pegged SBD, you will still be paid the same amount, but the amount would be worth less in terms of USD given the current prices of SBD.
But having a reliable peg could attract new users as well and increase the price of Steem given that a stable SBD has more use cases and one can earn SBD through Steem-based platforms.
But you make a fair point on the lower potential ceiling. I do not think we get rid of SBD, but should allow transfers from STEEM to SBD that would allow free movement between the two and allow the free market to peg the price.
Sbd is capturing some of the gains that should accrue to steem. If we increased supply of Sbd and reduced supply of Sbd steem would go up while Sbd down. The best way to do this is allow post to pay out 100 pct Sbd. Then the supply will double and steem supply will grow slower leading to steem up and Sbd down. This seems like an obvious move. It takes so long to change things here though.
It's hard to say given the speculation outside of the ecosystem. I'm sure some wealthy individuals simply use SBD as a pump and dump instrument given its scarcity.
I think it’s rising for the same reason as ebtc and bitcoin itself. Limited supply plus a solid use case (remittances or hashing power or even) lead to an appreciating store of value asset. That’s fine but if we have a good store of value asset we should increase supply so it can be more widely used. It’s value as store of value asset will go up the more people have it and the less volatile it is.
Hey @greer184!
I am glad I stumbled over your post. It's good to read well-presented thoughts from one who seems to actually knows of what he speaks about. 🤗
I also read quite some of the comments here and saw, that we have a suprisingly great variety of different views on this topic.
Many of them are contradictory AND understandable. Somehow curious.^^
Nonetheless i want to emphasize only one of the points, which you also brought up and which does have more weight than all others:
A stable currency value allows sustainble Crypto-establishment
Cryptos as currencies primarily used for unregulated trading, do not provide any real lasting benefits for society. It is just a playground for those who want quick money. As long as there is no 'real value' added, there always will be the easy opportunity for the total crash. And unwanted FUD is related to the 'bubble burst' event.
To establish and indeed use a cryptocurrency in a long lasting way, a reliable financial value is an inevitable prerequisite. I'm totally with you on this one.
Again: Thx, for the nice post full of insight!
Best,
mountain.phil28
Pegged assets are inevitable for any real business cases. If Steem platform can't do that then some other better designed platform have to emerge.
The platform has the ability to peg the SBD. @reggaemuffin described a solution which opens up transfers from STEEM to SBD. The free market would push the price back down to its peg.
Whether or not the community wants to get behind such change is another question. And I suspect we probably won't get behind such a change. Which may be a missed opportunity or not. We'll see.
Like i said, the system already push the price down.
But the suggestion of some witness is to create a mecanism ti accelerate the price down.
But this might have pretty bad consequences.
Imagine if sundelly, the price started to fall 90% in Very few days. What Will happen? Panic sell start, wich would drop the price way below 1 dollar. The effort to Bring the price up again to 1 dollar would be way bigger than It was to Bring It down.
I agree with you 100%, will resteem and follow you now.
When I found about about the true nature of SBDs I was somewhere between surprised and shocked: It's an electronic fiat currency and it's in the hand of computer programmers who have only little knowledge about financial/economic aspects of that and zero experience in handling that. It led me to write this post outlining the risks that come with running this kind of scam (because that is what it is if you are honest.)
In the comment section I had a somewhat meaningful discussion with @timcliff, in which my impression got reaffirmed that besides good intentions (and some with Dollar signs) they have no clue about the economic end of Steemit or Steem let alone SBD and its difference to Steem.
This is very concerning because while it might go well for now in the hype-phase that cryptos are in, at one point there will be a reality shock followed by the first real bottleneck, in which cryptos without purpose are eliminated. SBDs are definitively among them because Steem has all properties that SBD has, but it is not fiat. That means, SBD will lose when the verdict by the market comes (Right now there is no verdict or any reality in the market, since nobody knows the difference between Steem and SBD and still SKoreans(?) pushed it higher again.)
One huge problem for the current construction is that markets tend to (ab)use loopholes/design errors as they exist with the two intertwined Steemit currencies. A major weakness is as I believe the idea of holding the SBD peg from below 1 US-$. Lifting it up again costs Steem and if you think it to the end, the peg could ultimately kill of Steemit because theoretically, it would have to eat up all bandwidth to thwart attacks on the peg (yeah, I know, theoretically, but after all possible considering the construction).
As an investor I would also wonder if there is a good product (=Steem) and a bad one (=SBD) or if not both are bad ones because they come from the same cradle. (In an extended thought, that would also apply for Bitshares and EOS.)
These aspects are toxic and they could end Steemit if there is a downtrend coming from the wrong side in the wrong way.
Personally, I believe it is much too risky to keep SBD alive (or allow it to freely flow outside of the Steem environment) and that's why it should be either abolished or reformed that it doesn't harm anymore.
Given the current irrationality of the market, it might not work just printing out SBD to get the price to drop. After all that should have already happened.
It seems preferable to me at the moment to slowly take SBD out of the circulation outside of the Steemit currency market and make sure it gets unlisted on coinmarketcup and other places. An article in a big crypto magazine about the true idiotic and counter-crypto-intuitive nature of SBD might help as well to push the price down again.
As soon as that is done, a controlled peg can be installed, so that services using SBD plus the blockchain as payment system can be developed. But first: Get rid of SBDs in their current form.
You made some good points and added a lot to the conversation, so you win the SBDs associated with this post. The irony also made this a good candidate for winning the SBD too.
omg are you nuts??! You just handed me over some 300 US-$, you know that, don't you?
That's extremely generous of you, thank you very much, but way too much considering the current SBD value (and the overall quality of my comment).
I'm happy to keep the money, but it actually feels wrong. If you have any charity project you want me to vote/resteem/put in some of the $$ or if you need a vote for witness, please let me know!!
If you want to give to a charity, you can. It's your money now. I made a promise a post a couple weeks to give SBD partly as a measure of kindness and partly as a critique of those significantly larger than me to start taking their position of power more seriously.
I also consider delegations a weak form of charity as there is really nothing to lose. Actually putting money on the line is a much better form of charity and it directly impacts people.
I do not know if you saw the post by @reggaemuffin which described a good way of preserving SBD and truly pegging the price to a dollar which would give the SBD some actual utility. If we allow users to convert from STEEM to SBD, then the price of SBDs should fall downwards given market pressure and an influx of new SBD.
However, I do agree with you that if SBDs are only to serve as speculative instruments rather than a peg I would rather just stick with Steem as the speculative instrument and remove the SBD for the sake of simplicity.
reggaemuffins plan could be a good compromise and what he proposes should work theoretically. But I don't trust this market, it's too irrational. I wonder how likely it is that the speculators lose trust in Steem as well? After all, those who hold SBD outside of Steemit will lose a lot, because they don't even have the chance to compensate with Steem trades. When they see SBD in free fall, it might pull Steem down as well and it might be for good.
I would completely remove SBD too. But when I was taking to timcliff, he made to me the impression that witnesses have zero intention in doing anything in that direction. I don't know if that is what they all think or most of them, but it will be very hard to convince them to make such a big change to the platform. After all: They are not economists or business people, they are programmers and enthusiastic about this thing. For them it's a working deal and why change that, it makes no sense for them.
I know for a fact that the witnesses have zero intention and will never remove SBDs unless a large enough population mobilizes against them which I don't see happening.
As for investors pulling out of Steem if SBD's plummet back towards $1, that might not be a bad thing. It helps to reset the market and return things to normalcy. It also helps to remove some of the short-term profit driven investors. It's not really our responsibility to make sure that they do their due diligence and research their investment by reading whitepapers and understanding the mechanisms behind different currencies on the blockchain.
Good to know...
Me neither... One correction here: It's not the size of the population that matters but the number of vests that you can mobilize. That is what drives the witnesses, because your vote for witness only counts as much as you have vests.
I didn't have time to look up the vest structure, which is basically equal to the ownership structure, but I have a hunch that the vast bulk of vests are in the hands of users who don't respond to the SBD issue (or maybe profit too much from it and don't want to change it).
So, I guess the next step would be to look up:
;-)
Two months its too little time for the market to adjust only based on supply.
Besides, the demand for steem coins increased a lot more than (exponetially) than the supply (linear)
Not exactly exponentialy/linear, but the demand became bigger than the supply. Eventually, If the demand doesnt increase, eventually here Will be more SBD on the market than the people on the market Will be able to absorb.
But to force this downward price for a sudden change might be more damaging, bringing the price a lot lower than 1 dollar.