For many years, the Argentine peso was pegged to the dollar. Now, this broke but while it was able to keep the peg, it was convenient for people to be able to rely on the value of the peso.

@timcliff, you have been here as long as I have. You know, the Steem Dollar was for a long time at $0.80. Now the Steem Dollar had gone to over $18 each before and has been well above a dollar for quite some time.

Those who are against the peg are happy to point out that they do not last forever but that's okay.