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RE: Campaign to get SBD listed on Binance
Is steem on binance? I read a post about how sbd is supposed to be pegged to USD and only steem is supposed to change value.
Is steem on binance? I read a post about how sbd is supposed to be pegged to USD and only steem is supposed to change value.
Yes, STEEM is listed on Binance. SBD is not.
Yes, SBD has mechanisms that peg it to the US dollar.
How this works is each person has an option to collect rewards in SP or 50/50 SP/SBD. Since you are getting paid in quantity of SBD instead of the equivalent US dollar price, the 50/50 reward pays back substantially more when SBD is over a dollar. This incentivises people to collect rewards in SBD and then sell it. This introduces new SBD into the market. Supply and Demand take over from there. When the market is flooded with SBD, it drives the value down.
Once SBD value goes below $1 US dollar, then people change their option to 100% SP rewards because it pays better. This stops the supply of new SBD which pushes up the value of SBD. Also, when SBD value drops below $1 US dollar, then interest is paid to the holders which incentivizes people to hold SBD further driving down supply and driving up price.
The problem is that the price of SBD is lower than it should be in the current market. The reason is it is not available on major multilingual exchanges. We need to change that.
If we introduce SBD to new investors, that will boost price and promote Steemit growth. Ultimately, STEEM price will go up as well as Steemit grows.
It would be nice to use earned sbd to pay for things outside of steemit and that would help. Potentially could bring more users to steem as well.