Dan, and the good people at Steemit purposely introduced STEEM with high SP inflation as a system test to force a "black swan event."
A black swan is an instance of high volatility in a market that relies on price feeds. Now that the world has witnessed that STEEM can sustain a 95% drop in price value and still function, is a testament to the robustness of the platform. Now that the emission characteristics of STEEM more closely resemble those of bitcoin, the American public can now more easily comprehend the science behind public blockchains like STEEM and bitcoin.
If voted President of the USA, I promise to teach Congress the importance of public digital currencies in preserving our sovereignty and control over our own property. Now that the financial stress testing of STEEM as a distributed bank/currency has been successful in real world applications, we can now proceed to the next phase of launching our new global reserve currency which resembles that of China's bitcoin, but with a few differences:
STEEM and bitcoin similarities:
- Both were mined into existance
- Both currently have similar emission/inflation
- Both pay miners to secure the system
- Both can be obtained 3 ways: direct purchase, mining, or by doing work and getting paid in the currency
STEEM and bitcoin differences
- STEEM fees are free
- STEEM transactions are instant
- STEEM rewards never get abruptly cut in half
Now that STEEM has survived, the financial stress of trying to collapse the pegged system in to a fiscal black hole, we can now start the process of petitioning the current banking system to change the Basel III guidelines to include acceptable reserve positions for STEEM currency. I'm not using the term "Global Reserve Currency" in the sense that all the mainstream pundits use it. One major difference between my campaign and every other presidential candidate is the fact that I will never push the acceptance of a single currency on anyone. America was built on competition, and STEEM is helping make us great again in this regard. SBD will not be included in Basel III because the value of the fed asset (the USD) is not backed by any real labor.
Thank you Steemit.com for helping me make America great again!
Good luck America. If you hope to preserve your status quo of having Civil War reenactment picnics over huge food spreads, then you know what to do this week. Because if you vote incorrectly...
Well let's just put it this way:
When was the last time you saw a NUCLEAR WAR REINACTNENT?!
Global Reserve Currency does not mean EXCLUSIVE global reserve.
This is not a joke:
Facts taken from:
http://www.coindesk.com/china-miners-big-blocks/
"It was not entirely an idle joke when one speaker at China's first miner conference quipped that if the audience decided to launch a 51% attack against the bitcoin network, they would probably be able to pull it off."
nawwwwww.
I enjoy political humor as much as the next guy, but I can't wait for this election to be over. The whole thing has dragged on quite long enough.
I wonder how much Trump really knows about cryptocurrencies? The market cap of anything besides Bitcoin itself (and maybe Ethereum) is so small that it's not inconceivable some enthusiastic rich guy could come along and buy up all the supply, thus literally owning a majority stake in an entire currency. I'm actually kind of surprised that hasn't happened yet.