Holy cow. You managed to legitimately create an exception to Betteridge's Law. Congrats, that doesn't happen often.
Yes it is working, in the sense of restoring the price back to $1 (just as it did when the price was $10, BTW).
It isn't ideal, we would absolutely prefer that the price stay close to $1 more of the time in order to improve the utility of SBD, but nevertheless it is working in the sense of being pegged (if slowly) to $1.
Not only restoring the price back to $1, but also operating like a hedge against the steem price drop.
Isn't that exactly what we have witnessed?
This genius SBD design took a 50% drop as hedge access point. We experienced a deeper 80% drop.
What we witnessed is that the Haircut Rule kicked in to mitigate the damage done.
When there is a SBD/STEEM conversion, I call that hedging.
I still find this rocket science lmao
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