Buyers have driven the price up. Users are driving the price up. Deciding to peg this to the dollar now would set a precedent that a crypto can be revalued to what the creators want and punish the buyers and users of that currency by decreasing their wallet value.
If SBD was to be decreased to $1, then there is no point in even having the asset at all. Power up post 100% and you would have the same argument that Steem being worth so much is about greed. SBD is worth so much because of economics. Supply and demand. Developers would have to increase the amount of available SBD again and again and again to keep the value stable around $1. This is the same issue with tether. I dont think there is a problem with SBD being a speculative asset.
Being speculative allows for it to rise and fall and grow as a currency. The price will stabilize eventually when the circulating supply decreases because everybody has the asset. To keep SBD around a dollar you would need to contract and expand the supply with every purchase of SBD or sale of SBD. To me, this is market manipulation. That is basically what governments do, just print more money. Crypto is supposed to be different.
I am ANTI-PeggedSBD
Do you know why everyone is recieving more sbd as rewards? Because the amount of SBD printed on each cicle is increasing exactly because of the high price, Just as implemented on the system.
SBD already is pegged, Just not "hard" pegged. It is still volatile, but If have an intrinsic mechanism that drives the price down and up:
Above one dollar: more SBD is printed, increasing supply.
Below one dollar: interest are paid, making a good move not to sell your SBD, and a direct conversion to steem become avaiable, wich Destroy SBD.
People dont buy SBD, they are rewarded for it. Most people dont purchase SBD from exchanges because that is absurd. People are rewarded and use it to buy steem, which is helping to raise Steem value. Isn’t this a good thing?
If the goal is to have a stable currency for a market place on steem where you can use it to buy things, why not just create another assets based on the Steem blockchain that is actually pegged to the dollar? Why decrease the investments of people and destroy a coin’s market capitalization? SBD would be worth nothing and most people would change to receiving 100% steem payouts if this happened.
The whole ecosystem that Steem, SBD and Steemit live in would be hurt by this change. I wrote a post about it. I’m sure your views will differ from mine, but i appreciate the dialogue and feedback. Here is my post:
https://steemit.com/steemit/@ginquitti/high-sbd-or-usd1-sbd-putting-greed-aside-high-sbd-is-still-best
Feel free to check it out if you want