RE: What Pegs Up Must Peg Down - Is SBD Really A Tether and Is It Doomed?
The markets will always be volatile. The idea though is to be generating Steem regardless.
This doesn't really address what I was talking about.
What's built can't be unbuilt. And the technology build on the back of Steemit is incredible.
I can help out villages in Laos with an upvote. Insane.
All true, however I was discussing the SBD pump and the way the witnesses manipulated the price back down to a dollar because it was 'good for Steem'.
But the reason for the tumble is that Steem (not SBD) is tied to Bitcoin and ALL of the cryptos are taking a hammering.
Agreed, however as mentioned above, this is not about the price of Steem or even why it's going down.
This article was specifically about the price of SBD being lower than a dollar, even though it's meant to be pegged to the dollar.
I also made the point that the fact that SBD is lower than a dollar exposes the fact that it is not a true tether coin, as true tethers have financial mechanisms in place to make sure they never go much above or below (for very long) the price which they are meant to be.
Finally I made the point that the SBD price (as I mentioned at the time) should have been left alone, because tether does not automatically mean stability, especially as the price was $13.
So your points are valid, however we are speaking about two different things and I made some pretty valid points too.