The pegging mechanism is incompatible with the incentives in place. But it is useless to argue about the fundamental flaws from a theoretical point of view when there is an undeniable empirical evidence like this:
(with BTC nearly flat during the same period)
Calm yourself. It's just a whale taking a dump...
https://steemit.com/steem/@tinfoilfedora/whale-dump-alert-steem-and-steem-dollars-are-on-sale
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I upvoted You
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Ask yourself, who is buying Steam Dollar for what reason?
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Nobody new will buy steem dollars, they buy steem. The problem is everyone earns steem dollars for their posts, so there will be constant sell pressure. Now that there is a direct way to sell them they will get dumped too, causing a sale like there is today.
This is the first big test of the dollar peg, I guess we'll see if it works.
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Who: the gullible. Why: because speculation.
You cannot spend them anywhere, and their so-called "interest rate" is actually debasement.
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Yeah the concept of steem dollars is my least favorite part of steemit.com
Seems like the community would be better off with out them....
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