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RE: Beyond SBD: A Stablecoin for the World.
One thing to remember from this change is that SBD will continue to be printed FOREVER. This is because the price feed will keep steem price at under 10% of the market cap no matter what, and SBD stops printing at 10%.
It is almost at a standstill now. There are more dynamics. When people were selling SBD in the internal market instead of converting it since that option wasn't readily available to most people, guess who was buying up all that SBD? Whales. All you had to do is look at their wallets. They have been buying and hording that SBD for a few months. They collected so much it is staggering. Now they are selling. They are smart enough to spend all this time to collect SBD in anticipation of the STEEM price drop, you can bet that they are smart enough to slowly convert that SBD so not to cause a collapse of the SBD. They are not dumping all at once to trigger that haircut. As long as they don't trigger that haircut, they can profit.
What was really disappointing is that steering people to the internal market by making the internal market link available in each wallet while not allowing conversions in the same wallet only benefited the whales. People sold their SBD on the internal market at a fraction of the price that whales are now getting for that same SBD.
Enjoyed your replies on this post immensely, thanks for insights! When you say whales, how many people are you approx. talking about? that's a dismal goal, sheez...;(