RE: SBD Potato: Peg Repair Community Initiative
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Dear @sbdpotato, @thecryptodrive
Finally I had a chance to get familiar with idea behind this project. I have few small questions.
You've menioned that "This is an embarrassment for the Steem Network" that SBD is worth 0,69$ usd. Instead of 1$. And it made me wonder - perhaps pegging SBD 1:1 with usd is not possible in a long run?
We've seen many economies accros the globe which tried to peg their currency to USD and sometimes it's turning out to be very costly to keep that pegged value. Perhaps SBD should be stablized at 0,7 - since it's more of a 'natural' rate?
Trying hard to bring it back up to 1usd can be very costly and difficult.
Based on my understanding (correct me if I'm wrong) - your goal is to use part of inflation to purchase SBD? Isn't going to increase STEEM selling pressure?
And what will happen to those purchased SBD? Will it be send to @null?
Yours, Piotr
The market seems to be responding well, the price of SBD and Steem are both going up, today SBD is 0.84 USD on Coingecko, I believe @sbdpotato can help take it the rest of the way without costing anything. Example a 25K SBD fund can keep cycling conversions to reduce SBD supply by 25K every 3.5 days which equates to about 214K sbd per month.