I still don't think it is particularly useful to print STEEM instead of SBD. If there were some discussion about turning off or reducing printing altogether then I might be more supportive of it. Otherwise I'm fine leaving SBD printing on unconditionally. If there is too much of it, then conversions kick in and the result is STEEM put into circulation instead of SBD anyway.
SPS (which I had nothing to do with) follows this philosophy and prints SBD all the time, even under haircut conditions. What we've seen in practice is conversions keeping up and even slightly reducing the SBD supply anyway.
As far as reworking SBD, I'd like to see reverse conversions or some other way to put more SBD into circulation when it gets overvalued (which in turn ought to result in it being far less likely to ever get overvalued). Apart from STEEM itself being a basket case in terms of market reception and economics (you can't back anything with an asset that constantly drops 50%/month), that was always the main problem with SBD.
I think implementing reverse conversion shouldn't be too hard as it has been proven to be possible with the SPS account. I would like to see that too but I feel like it's pretty far low on Stinc's priority ever.
Or an entity can make a stablecoin with SMT when it comes out saving us all from the SBD shitshow altogether for reliable stablecoin.
#sbi-skip
Custodial stablecoins where you are relying on a third party to hold dollars (or whatever) can work but they have their own issues.
I mean if an entity like Tether comes to the chain why not? The real question is will any of them ever be here lol
Thank you for bothering with me replying to old post!
#sbi-skip
It's all permisionless. If Tether or anyone wants to create a custodial fiat-backed SMT, they can certainly do so. My comment was more that it wouldn't be a direct substitute for SBD, but could be an alternative. Just as we have no say over who creates an SMT we also have no say over who uses them, so if that's what people want, and there is a willing provider, they'll certainly have it.