I use SBD as a value indicator as well. The fact that we have been well under $1 at the 60 cent range shows that the alt-market is incredibly oversold. Once Steem moves back into a bull market we'll see that volatility go the opposite way. No one liquidates SBD for Steem when SBD > $1. This cuts our inflation in half and makes us even more volatile in the upward direction.
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Yep, everyone talks about the inflation increasing when SBD gets printed at higher prices, but when things stabilize like they have, the inflation is actually lower than advertised.