I just saw SBD on Bitrex growing at over 126% while Steem itself is dropping slightly at -14.2%.
Does anyone know why this is? I thought SBD was pegged roughly to a Dollar and that Steem was supposed to be the main trading currency.
Is this because of flexibility? (ie. SBD's are more fluid) or because of some kind of backlog in processing Bitcoin transactions?
If there is a bull rush on SteamDollars and their trading price goes through the roof then how does that potentially impact Steemit if SBD's become massively overvalued?
I'm finding this really weird because I just got my head around the differences between Steem, SteemPower and SBD and I understood it how it was explained by @andrarchy in his youtube videos.
But if SteemDollars becomes a popular speculative destination then can they trade up indefinitely and potentially even become the next Bitcoin. I don't understand how the mechanism to peg them at 1 USD works, it looks like the market will just take them wherever demand wants it to go.
Is this the beginning of some kind of crazy market rush or is it just a weird anomoly?