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RE: Campaign to get SBD listed on Binance
May I ask why SBD ? I was rather hoping the witnesses would get the price back to 1 USD and fix the peg, then we could all simply use Steem as it was meant to be. Am I over simplifying things or missing a point ? Cheers
The whitnesses can try to force the price down to $1.00 all they want, but the overwhelming factor in price has been the shortage of SBD supply. The only way to create more supply is through rewards from creation and curation. They can't flood the market with SBD as the SBD is backed by STEEM and we need a particular ratio of STEEM to SBD.
My question to you is why do you want SBD to return to $1.00?
Investors buying up SBD is paying for your work here on Steemit. They do this because they believe that social media exponential growth aspect Steemit will cause SBD to grow in value (at least for the short term). Those investors, believe it or not, are actually helping the growth of Steemit, by incentivizing people to sign up and start earning rewards. By getting SBD on the market, it will add more investors and thus more Steemit growth.
SBD can still be used as it was meant to be. The concept of the peg is for simple minded folks to help them understand the value. It is easy if the value is equal to $1.00.
Arguing that the price of SBD is too high is like arguing that you are getting paid too much at work.
Bottom line is there is nothing wrong with SBD price over $1.00. That incentives people to sell their SBD which increases liquid supply of SBD. Eventually when Steemit gets to the size of many millions of users, the price of SBD will settle out to $1.00. You just need to hold on to your boots. It will happen. In the mean time, enjoy getting paid more. That money is coming out of investor's pockets straight to yours.
Excellent answer, thanks. Just a note. I read the witnesses were actually dumping more SBD into the pot as they attempted to manipulate its price to drop. Obviously not working too well but it could affect the Steem price as well. It does worry me somewhat that confidence in the platform might fall if people thought so much manipulation by so few were possible.
...and just re reading your link :-)