Whispers of a perma-pegged Steem Backed Dollar are emanating out of the witness camp.
I hear about this more and more, and maybe it's all just an elaborate hoax to get us to use our Steem Dollars, but I want you all to know about this, so that you're not left holding bags that were once worth $5.00 or more per Steem Dollar, but have now all of a sudden been insta-poofed into $1.00 per Steem Dollar bags.
Word on the street is too, that the developers will make no announcement ahead of time either, which is rather shady, but it will help alleviate a mega crash in the price back down to a dollar, so I guess I understand.
Anywho, there is no official word on this, and like I mentioned above, there will be none either, so hold them Steem Dollars at your own risk. I myself will be cashing out every-time I hit a $25.00 threshold going forward.
I hope that its not true. The high price of SBD has been great for the past few months for rewards and for growing active accounts.
I could accept the price dropping naturally even if i didnt like it but if the witnesses intentionally kill the price and strip a lot of money from peoples wallets i cant see that they will react too well.
I know you said its talk but to go ahead with no warning will go crazy on the markets where people dont realize what sbd actually is.
Yes I agree, and don't think it would be a wise move either.
However I do think it's crazy, that some people are making well over a $1,000 a day here on Steemit due to the inflated Steem Dollar, and my worry is if this is actually sustainable?
Let's face it too, most of these people are totally gaming the system.
Yes they are. And gaming it a lot as well but with that case sbd should naturally lose value back towards one dollar so what is propping up the price?
There must be people paying that price for it otherwise it would have dropped straight back down after it got pumped before the xmas. I wonder is it just through external buyers holding it and hoping for another pump?
I dont know the technical side of it but if they cut the value overnight back to one it will definitely have a knock on effect for the steem price aswell because they are intrinsically linked together and if people will lose confidence in one then i see it affecting the other in the markets especially with people who dont have the full story about the steem blockchain.
My guess is, as more and more people join Steemit and earn Steem Dollars, the more of them they'll be in circulation, which will inevitably lower the price back down to its original 1 United States Dollar peg.
We will have to wait and see i guess but hopefully they leave it alone for a while. I never like to see people meddlimg in things unless absolutely requured to do so. It rarely ends well.
I don't have this problem :D
I am not active enough on the platform to hoard bagful of steem dollars ;)
Well, you know what you gotta do then Lucy... make more dollars! 😉
how about steem? advisable to hodl?
I turn all my Steem into power, but as you know... I don't give financial advice.
i'm sure soome of your followers would start selling their sbd after reading this article.. lol
Don't worry, it will be a long time before I get to $25
:) lol! Well this is an emotion shared by most of us on Steemit.
Not my intent, but I want everyone to be aware of what may or may not happen.
It was pegged at 1 dollar before i signed up. So, same situation here. I also hardly have anything to lose.
There is always a silver lining :)
@tolkatore, now you are beginning to scare me.
was actually giving this a thought after your update yesterday
This isn't meant to scare anyone, I just don't want anyone to get fucked who may be hoarding a lot of Steem Dollars ya know.
What should we do now?sell sbd?
That's totally up to you mate, I won't ever give financial advice.
Hmm ok Brother
And what about steem?
What about it bud?
Just convert sbd to sp 😃
That's what I do most of the time.
Thank you man!!Thanks for your advice.
Always a pleasure!
Would you like give your mail or other something?
OMG ...i hold all of my sbd...please help me what should i do now !
Sell it chief if you're scurred.
If i sell all of my sbd than how can i promot my post.
I have seen posts on this topic and they are all over the map. The concept is quite convoluted IMO as you have Steem Dollars and Steem which you can trade and also Steem Power.
So are you converting your Steem Dollars to Steem?
It is a bit much, but I do understand exactly why they created all three, but maybe it would be best if everyone just got paid out in Steem instead.
Yes, and why are 2 different coins needed?
When Steem was first introduced, it was way less than a dollar, so at the time I could understand why it needed to exists, but now that Steem is above a dollar, there really is no need for the Steem Dollar in all reality.
I am hearing this discussion since last 50 days. I was against it in the first. Made almost 1000 word rebuttals on witness posts talking about. Asked them to live it as it is. Told them that pegging one sbd to us dollar is like snatching money away from the people. That to almost 4 times of their money.
Many in the witness circle are familiar with the fact that the current high growth on the platform is because of high price of sbd. They know that many 1 dollar worth of post are actually worth 5 dollar.
They are carefully considering this decision. They are almost familiar with the fact that it could cause a FUD, then resulting into panic selling. This could also further damage the brand image of STEEM BLOCKCHAIN. People who buy STEEM and STEEMBACKDOLLARS on exchanges may lose trust on these coins.
I am of the opinion that this should be pegged to US dollar. Yes, my opinion has kind of changed. There is a reason for that. Buying SBD now becomes cheap. Then i know peg will break again just like it happened this time. Then our 100 SBD's which we bought at 100 dollars now becomes 500$ or more with out much effort. I am just predicting though. Don't know if it will become a reality or not.
I think those who have purchased SBD should buy STEEM POWER with it because this would then save their money that they have invested. This is just my opinion not a financial advise. You can take your decision wisely.
They are also planning to implement a reverse buy. I mean they planning to enable purchase of SBD with your STEEM. If say you now have 1 SBD then you can buy 1.215 STEEM with it. Now after the peg, if the price of Steem is 5 US dollars then you can buy SBD from that steem and will get atleast 5 - 6 SBD at that time for that 1 STEEM.
EXAMPLE
1SBD = 1.252 STEEM ( Before peg, and you converted it on time)
1STEEM = 3.857 US Dollars ( Before Peg)
After peg:
1SBD = 1 US Dollar
1 STEEM = 5 US dollar = 5 SBD ( After Reverse buy)
Since 1.252 STEEM was purchased with 1 SBD, you now get
1.252 STEEM = 6.26 SBD.
This you can then use to withdraw without losing any money because of the peg. This is the work around that i am going to use. I don't know if it will be profitable to anyone reading this comment or not.
Whoa, that's quite a write-up ya got their mate.
My worry is, is that certain people are intentionally driving up the price of a Steem Dollar, and then using bots on Steemit to benefit from this high price, is this something that may actually be happening?
yeah, i have same fear too. going with the way some people drain the pool. its quite scary to put all faith into this
As the real users grow, they will outpace the bots, because it's the bots that help the biggest reward pool rapists thrive... so hopefully it all balances out.
thats a relieving news.
i just actually laid off some sbd just now to be on a safer side. lol
Ha ha, "laid it of"f... classic!
from what i know the value of the SBD is always backed by 1$.
the reason it is worth more currently is speculation.
unless steemit will just plain out say 'this can only raise to 1.1$' like tether then i don't think we will see anything like this.
The word on the street is, is that it will either be Tetherized, or removed completely.
without the team behind steemit coming out and saying something i highly doubt it will be made thetherized.
removed would only be bad puplicity for steemit as SBD is starting to get incorporated in stores etc.
if they make is like tether i can see a shit ton of people leaving the platform. people hate tether as is and i for one would not be staying if they made it like that.
i am completly fine with the current system of it always having a min value 1$ but the community can deem it worth more and therefor it's worth more.
I agree, and maybe more witnesses will see it your way, but don't forget to exercise your right to vote, by voting for the ones who want to keep the current system in place.
Why not transform SBD to a Tether like or remove it completely from the ecosystem ;)
Hey now, you mean Tether like, which I agree, but getting rid of it all together wouldn't be a bad move either, because I wouldn't mind being paid Steem instead.
It is better sometimes just to have one crypto that drives the whole ecosystem economy and avoid confusion among the new users.
Personally, the continual FUD or debate to bring the SBD to 1$, it is not a good move.