I'd say that it would be opening a can of worms. There are over 75 million Tether in existence and if we were to try and handle that sudden demand simply by quickly creating more SBD, SBD would simply become another Tether, or would it? If we have a total supply cap on STEEM and we keep it, then creating more SBD would cause a direct reduction of STEEM in the same amount? And until what ratio should we do that? 75 million would be about, what, a little less than 1/3 of total STEEM? Or are we just talking about the new STEEM coming into existence? Of course it's the latter because the former is impossible, but in trying to keep things in perspective, it's interesting to look at the global theoreticals. So even if rewards went to 100% SBD, for argument's sake, that would still be a drop in the bucket and the buyer/seller imbalance would still be huge. So why even bother? Let the nutcase who's willing to pay a 200% premium pay it. Either way, the premium is still going to be there when buyers outnumber sellers, the only difference is by how much, and why should we jump through hoops just so panicked buyers save a little money. Either way, they need to learn that the real investment they should be making is STEEM, and not SBD when it's above par. Simple. I don't think we should finance their education, but that's just my opinion and reasoning - when presented with compelling logic that shows me to be wrong, I do change my mind, but at this point and time I just don't see where an upside pegging is in our best interest.
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I dont think that there's some uneducated people that are pumping the price. The pumpers are very well educated and they know what they are doing. The question is do we have means to oppose them. Interesting times ahead for sure :)
I don't think it's a pump either. Didn't say that and didn't mean to imply it.
It's a panic buy spike in my opinion caused by people who have sold crypto and don't want to hold USDT. That's my thesis and the point I'm making regarding current SBD pricing. It's obvious that the people buying at these levels are uninformed since by definition the trade is very costly to them. Logically, they would not enter if they really knew what it was costing them. That's the definition of ignorance. But be careful here, I'm only talking about SBD specific ignorance, not general ignorance. They might be great programmers, expert marketing people, who knows, but what they obviously don't have a clue about is SBD. That is evident.
Now, whether we should subsidize that or not is entirely another issue, about which my opinion is negative - I like the fact that a guaranteed $1.00USD instrument can moon if there are people stupid enough to cause it to.
I think we've all got our mouths watering just thinking about buying SBD when it gets back down to $1.00 again . . . because there will always be panics . . . 😎
No, I'm not a bad guy, but I am realistic, and, unfortunately, that's life. It's not my responsibility to cover other people's irresponsibility. I'm already doing all I can by sharing my knowledge without reservation. 😉
Nahh, it's a pump (and dump?). Look at the buy spikes.