The second major black swan event is when the US dollar hyperinflates and becomes worthless as a day to day currency. In my opinion this is the more likely outcome.
Umm, I seriously thought this was already the case, or at least was heading in that direction rapidly.
We aim only to create fair rules to approximate the relative subjective value each member of the Steem community brings to the table. Any value these tokens have will at all times be set by the free market through voluntary exchange.
Surely there is some way to limit the 'free market' effect on the value of the tokens. Something like what the NYSE does if there is ito strong of a push in one direction or the other, they freeze (suspend) trading.
a single exchange can suspend trading, but a blockchain is can not suspend transfers without death.
true, I was only citing that as an example though. There has to be someway to bolster the value if the 'free market' starts driving the price into the ground. How did BTC recover from all the hacks recently? Somehow they staved off the massive slides after every attack......that was where I was trying to go just didn't come out the way I had intended.
The USD will crash and likely in less than a year.
Of course this can't be guaranteed but Gold has been used as money for thousands of years and will very likely continue to be. Even if not as a money it has tremendous inherent value and thus will continue to be valued.