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RE: How The Introduction Of Resource Credits In HF 20 May Increase STEEM Price

in #steemit6 years ago (edited)

Well, to me this hardfork (which for all practical purposes was a major fuck-up by the way) looks like one of those "currency reforms" common in communist countries during 1950-ies: in order to restore market equilibrium in an "economy" where scarcity of tangible goods was a norm they introduced new currency but conversion rates applied to cash and prices were different. In Poland for example they exchanged cash 100:1 but prices of all goods and services were converted at the rate of 100:3

As the result the population was robbed of 2/3 of its cash holdings, or better to say that buying power of cash was reduced by 66%. And here the same was done while converting "bandwith" to "RC".

Results of those "reforms"? Social unrest, inflation, run from local currency and effective devaluation versus those currencies not subjected to such experiments.

And I am afraid that probability of such scenario materializing here is very high.