SBD is not a stable coin. It has a floor and not a ceiling. Witnesses pushed to remove the conversion option and to never reinstate this option for the average user. They also pushed to remove the conservative cushion that slows/stops SBD print rate. They did this to artificially drive the price down so SBD would not go over $1.00. This attempt to artificially manipulate price of SBD ceiling has backfired. Here is the crazy thing. SBD high price creates a stream of new revenue into the STEEM economy. This is because SBD is a mechanism to generate revenue through selling debt. Think of it like the US Savings Bond where the US sells these bonds to stimulate the economy. Why did witnesses do this? All because they believe SBD should be a stable coin when it does not have a ceiling. That term “stablecoin” confuses people including witnesses into thinkin SBD is something that it is not. Witnesses never understood the impact of manipulating the SBD ceiling. They also don’t understand that a low SBD price hurts the STEEM economy while high SBD price helps STEEM economy.
What everyone needs to do is stop calling SBD a stable coin. Then they need to go and research why economies sell debt. Once they understand what SBD is designed for, then we can use SBD debt mechanism to build the STEEM economy.
We also need to demand to our witnesses to consult an economist before making decisions about our currency. HF20 has driven a change to bring real testing to future Hard Forks. What was missed is there is zero action to bring in economic experts whenever a change affects our currency. Witnesses will still suggest really bad ideas that affect the currency or just blindly accept the change without understanding the impacts.
RE: Beyond SBD: A Stablecoin for the World.