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.
Posted Using LeoFinance Beta
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.