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RE: STEEM Dollars (SBD): Terminal End of Correction Approaching
I wouldn't be surprised if even if the witnesses try and suppress SBD to $1; it won't behave accordingly. Why? Sentiment drives the price....not the Witnesses.
Has sentiment driven the price below $1 USD?
Sentiment is great, but it can not effectively work against smart contract protocols. If a reverse conversion was implemented, SBD would be printed in an arbitrage fashion to keep the peg. I can't imagine any amount of sentiment changing that.
The whitepaper talks about why there was no reverse conversion. The $1 peg is nothing but make believe at this point...
I find the whitepaper's argument inadequate. It may have been true during the launch, but with the liquidity we have in STEEM now, I don't think it's a valid concern, personally.
But yes, I agree with you, the $1 is so broken as to be just make believe (unless it goes below $1).
FACT: The eye makes movements 50 times every second.