Thanks for explaining! I'm new to Steemit, had already bought some Steem, wasn't really shocked by the price drop. It's not unusual for cryptocurrencies, or government money for that matter.

Less inflation and lower interest, sounds good. But maybe they could have done more to spread the wealth, in return for the lower inflation which benefits whales the most. At the end of the day, the whales need the community - without users, their coins would be worthless. The community doesn't necessarily need this version of this open source project.

Do you think the Steem Dollar peg is tenable, even with the new limitation? I think it was a bad idea in the first place. It offers a false sense of security and it seems to put downward pressure on Steem itself. I don't know how much I'll receive before I post an article, so it doesn't really matter whether the reward is shown in dollars or in a coin with unknown value.