STEEM BACKED DOLLARS (SBD) Sitting On $1.62 Support
SBD has been sitting above this $1.62 support level for the last couple weeks. Theoretically, SBD's are supposed to be valued at around $1 USD. They are supposed to be backed by STEEM to allow us to do things on this site. I personally don't really get the use of them besides transferring around on here (which seems like we all do that with STEEM anyway).
One of the interesting things about SBD's is that when you get one, it is completely brand new! Yes, the new SBD's you add to your account for curation rewards are newly minted shiny coins. Usually they get traded for STEEM or sent somewhere.
Back in December, we saw SBD's shoot to a price level of almost $19. Can we see this again? Probably. Right now, we seem to be sitting comfortably below the $2 level though. I think this is a good spot for it. I'd LOVE to see these go back to $18 though. When prices were that high, we see lots of curation rewards being generated and lots of people driving into this site. Right now, rewards slow down a ton with the diminished price of SBD.
I think $1.62 is a good support though. If this breaks, we'll be looking to test $1.50 and lower down to the $1.20 level.
Thanks for the update. I appreciate the information.. sbd seems to be out of gas lately. Hard to say what is best for this one.
Yea. Kinda annoying. Wish they only had steem and sp.
I remember when they sat at $19. Curious as they are supposed to be a stablecoin similar to USDT.
Correct, I don't get the purpose why people want them to purchase that much for? Oh well....works for everyone I guess if/when they go up.