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RE: Unpegged SBD: A Pointless Speculative Asset
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.