Yeah that's pretty ridiculous, Im hoping for great things for steem. If theres more smart media tokens and new ways of doing stuff that require burning lots of steem then steem's price may rise to some nice levels, but not if these whales keep absorbing all the new steem being created...how is steem going to hit $100 if it means these clowns get $40,000 per garbage post?
RE: You are all a bunch of cowards!
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You are all a bunch of cowards!
At some point there will be more visibility on this, and it will keep every legitimate investor in STEEM from buying in. Any actual business or big name thinking about building a platform here will think twice when behavior like this is allowed to go on.
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I agree. It's discouraging that this isn't being addressed from the top down by Steemit Inc.
Utopian is an attempt at doing so - they have strict guidelines on the quality of posts they expect from contributors. But it targets a specific audience of writers.
On a platform as large as Steemit though, it would be impossible to moderate in a similar manner. So the tools to discourage this type of behavior have to be built into the mechanics of the interface and applied to all users equitably. One way is to simply limit the number of posts that one can seek rewards for during a specified time period.
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Isn't Steem supposed to stay near $1 instead of rising to high values like $100?
According to the FAQ:
Will 1 Steem Dollar always be worth $1.00 USD?
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SBD apparently is supposed to be pegged to 1 USD but the market decides the price which is around $6.24
Steems price also is decided by the market, if there are more smart media tokens, kinda like icos, using the steem blockchain, if we grow to millions of users, and if theres new ways to burn steem for whatever purpose, then I can easily see steem going to $100...SBD though is confusing to me lol but who knows maybe the price of that can go just as high
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check out https://steemd.com and you will see the overview of the chain and the economics, there is a price feed being updated by the witnesses that calculates the rewards, the SBD is supposed to be pegged to a dollar and that is how the rewards are calculated, the system doesn't know it's being traded at 6USD outside and if it was the whole math would be different, but it is what it is .... quite sad
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Supposed to be pegged but definitely not functioning that way. I like that it’s not pegged going into potential huge dollar inflation. But I don’t like that it’s supposed to be pegged & not functioning correctly
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