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RE: Attention Keynesian Meddlers - SBD Floor ("Non-Peg") Is Working As Designed
“The "peg" is working perfectly to normalize the price of SBD and has already cut price by 85% in the last 3 months.”
In the context of the overall market correction this seems a bit of an exaggeration. When normalized against STEEM a bit of a different picture emerges. The floor appears to be the price of STEEM and not $1 of STEEM. Do you believe this is this is a psychological level at which point the market forces step in?
Yes, I think in the short-term, the market is irrational, and can stay that way longer than you can remain solvent. In the long-term, I can't see any explanation for SBD remaining above $1 worth of converted Steem, especially given how fast the total supply is increasing.
You are correct this mirrors the general correction. The proof will be if SBD can resume a bull run when other coins with actual projects/uses do. I think it if does, it will end in tears for speculators. We'll see.