Remember when we could have been the center of defi because we had a popular platform with a unique peg system not back by promises of USD in the bank?
Yeah, that was cool.
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Remember when we could have been the center of defi because we had a popular platform with a unique peg system not back by promises of USD in the bank?
Yeah, that was cool.
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Well...it still requires someone to create a application for it. I am not so sure people would of believed in HBD before the measures were added since the Koreans were able to pump it quite hard and frequently.
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So what happened? I may not have been around for that, so perhaps I missed it.
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Steem was waaaay up the charts I think we were ranked third by market cap. No one could argue that the peg wasn't a good idea. Of course we didn't really advertise it enough. Anyway the Korean market started booming and all of a sudden SBD was $14 bucks or so. People got greedy and let the peg go. They said "it's value is whatever people want it to be." Sure, that's true but if I converted it, it was only worth a bucks if steem. It was essentially a debt note. Steem itself didn’t move up with it.
It was a horrible move. I'm so glad everyone is for the peg now. It's a great low(ish) risk of a money maker. Get in on the savings.
I wasn't around for that so it's interesting to know this piece of Hive's history.
And yea, I'm glad that people are trying to keep the peg now
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Thanks for explaining the background behind the earlier situation. It looks as if Hive learned that lesson.
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Yeah man, Hive has a much better philosophy behind it. The only thing I see drawing huge improvements to the blockchain is a push for more development of apps.