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RE: I said sbd is usd backed... That was stupid of me! Don't repeat my mistake
The way SBD works is confusing. It is backed by $1 of steem or upto 10% of steems market cap, what ever is LOWER. So if steems market cap is $100 and there are 5 SBD they are worth ~$5 (Personally I find them worth about 0.98cents and never more). Equally if market cap is $100 and there are 10SBD out there they are worth ~$1 each.
Now, the tricky part. If there are more SBD in circulation than 10% of the market cap (say 12 SBD and a $100 marketcap) They are worth 10% of the marketcap combined (so 10/12 ≈ $0.83 each).
Effectively, 1 SBD is worth a maximum of $1 and a has no minimum, so if steem is doing badly, SBD will follow suit.
Cool stats: https://steem-supply.john-at-me.net/
Although consufing, I find that very attractive. Basically it's worth buying sbd when it's reached more than 10% of the market cap, then wait.