Let me know if you understand this post. lol
Fotunately Smooth provided some valuable insight in his comment.
"You can still profitably buy and convert SBD into STEEM if you can buy it for less than about 64c (conversion rate at time of writing, ignoring future price and supply changes, etc.)"
So apparently SBD is not being redeemed for $1 worth of Steem anymore which explains why it's price is so low.
Saturday 12-15
#king
360.092 SP
2,253 VP
Hi
I hope you get more information I have been curious ever since the dollar peg was “broken” not sure of correct term. But I and perhaps others would love to find out more.
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I guess I should have covered it more in my article. It sort of makes sense to me and I think I did read somewhere where they had to reduce payments if Steem tanks too much.
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I wonder if @dustsweeper is also broken. I get only about 1 dustsweeper vote a week now.
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Wow! That's pretty bad!
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Dusty is working but is having a hard time handling more than 1 vote per day. It looks like you didn’t have a lot of qualifying comments, either they had no votes or above 0.02.
You had this comment below voted recently and you seem to have a bunch of 4 days old comments which should be swept soon.
Hope that helps.
https://steemit.com/birds/@frankvvv/re-steven-patrick-hooded-merganser-birds-of-northern-california-32-20181211t141604946z
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Thank you very much for giving this info!
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Are you aware of Dusty's Discord server?
You can check account stats, see when your account was last scanned for dust etc.
Here is the link:
https://discordapp.com/invite/z48vwEu
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Ah, I did not know I could check that over there. Thanks!
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Wait... there is a word for when someone sells you something and tells you, that its worth is higher than it actually is... yes.... "scam" was the word I was looking for...
Seriously, did Steemit not tell everyone, that SBD will always be 1$ worth of Steem?
Isn't this the actual concept of SBD? This is like Tether telling everyone, that USDT is now suddenly only worth 60 cent....
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It might be in the whitepaper somewhere. lol
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Wait... there is a word for when someone sells you something and tells you, that its worth is higher than it actually is... yes.... "scam" was the word I was looking for...
Seriously, did Steemit not tell everyone, that SBD will always be 1$ worth of Steem?
Isn't this the actual concept of SBD? This is like Tether telling everyone, that USDT is now suddenly only worth 60 cent....
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I was thinking fraud at first. lol
To be fair it is sort of a bankruptcy thing. They stop printing SBD's when the debt ratio drops below 10% and they might not be able to pay them out from the pool but I'm not sure.
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Interesting, I will search the platform for an article by a witness explaining why SBD isn’t worth a dollar anymore. I think I read they stopped giving SBD as post rewards, and it had something to do with inflation. So I am trusting that there is a good reason the price of SBD is no longer pegged to the dollar due to the interconvertibility with Steem. 🤷♂️
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It kind of makes sense that they would not be able to fully pay out for the SBD's sense the rewards pool is limited. Eventually I think the SBD's should go back to $1 unless the platform collapses.
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