I think this explanation is missing something because you don't analyze SBD in this. No one holds steem. People only hold SBD and SP. Where does SBD factor into your analysis?
RE: Is Bitcoin a Ponzi too? A Simple Explanation about Where Does Money Come From for Dummies
You are viewing a single comment's thread from:
Is Bitcoin a Ponzi too? A Simple Explanation about Where Does Money Come From for Dummies
True. The main reason is that SBD makes it complicated then hard to deliver my focal point-where does money come from. I will deal with it in the future.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes, SBD makes it complicated, but it is the core of the issue. The claim is SBD is pegged to the dollar because it is backed my Steem such that more Steem can be printed to back SBD as needed. This seems to me to provide a mechanism that enables huge inflationary pressure in a financial instrument that can be liquidated quickly, causing a problem if there isn't enough demand for SP.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
"No one holds steem"
Lots of liquid steem is being held, currently there's 5.31 million of them which are unvested.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I was speaking in hyperbole. 5.31 million is a very small portion of total Steem.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit