Are steem dollar conversions to steem still possible

in #sbd • 6 years ago (edited)

Hi All,

I noticed that the price of a steem dollar is currently less than one dollar. It seems that this should incentivize the purchase of steem dollars and the conversion of those dollars to steem.

I also noticed steem dollar conversions are not possible on steemit? Is the steem dollar still backed by steem? If not is it backed by anything?

I found the communication on these basic economic changes to the steemit platform lacking.

Please help point me in the right direction!

Thanks!

#steemit #steem
6 years ago in #sbd by
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     6 years ago (edited)

    They are no longer backed by $1 worth of steem all the time. When the total steem dollars equals more than 10% of the market cap of steem they are worth less than $1 of steem.

    If you look at debt ratio on this site: https://steem-supply.john-at-me.net/

    It is capped at 10%, so steemdollars are worth $1 maximum with essentially no minimum value now, just a value that ensures all SBD are worth less than 10% of the steem market cap.

    Also you can't convert on steemit anymore, try https://steemworld.org/@paws1t1veev in the options if you really want to convert.

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     6 years ago 

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