Any reason why SBD soars?
I know SBD has been much much higher already... any way I don't get the point why it should be worth much more than 1 USD since the inherent algorithms will push it always back to 1 USD. Unfortunately SBD isn't well-hedged bekow 1 USD any more and can go to 0 theoretically...
Anybody here who can explain who's buying SBD and for what reason x instead of buying STEEM?
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SBD steadily maintains $1 so far
https://www.coingecko.com/en/coins/steem-dollars
Hello @coingecko, unfortunately not... if the market value of STEEM + circulating number of SBD < 10 x criculating number of SBD then there is a proportional 'hair cut' which results in a value between 0$ and 1$ in STEEM. So it's not a STEEM backed dollar any more...
Let me know if I'm wrong.
It is true that Steem Backed Dollar Peg at ~$1 was broken from Mid-Nov to End of Feb and did not ever reached to $1 levels. However, it seems that the price has recovered.
Interesting analysis on the potential scenario that would break the Dollar Peg of SBD!
Let's see what will happen.
Over 1 USD it always has an inherent pressure down and under a certain limit of market value of STEEM it's not backed at all any more... Maybe it's good for something but I don't understand why. In my eyes we now have STEEM and a castrated STEEM called SBD 😒
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