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RE: STEEM Dollar Purge Update : The Bonfire has been lit!
Doesnt converting sbd to steem burn the sbds and thus reduce the debt? So the bonfire would be hurting steems price more than anything. Buy sbd for 95c, convert to steem for $1 sell steem. Buy sbd again for 95c rinse, repeat.
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Yes but if is dropping faster than 5% every 3 days you can’t even buy your SBD back with the steem you get . And the flow of Steem onto the market from conversion seems to be making sure this is the case .
You're both right.