I'm seeing the market price of Steem Dollars fluctuate. They've skyrocketed after Poloniex and now they are approximately at 0.82$ each (0.00127 x 650$)... which means they are undervalued.
The backing mechanisms seem to be factoring a higher price for STEEM but when the 7-day price is adjusted to its current lower levels (closer to 0.004), it is inevitable (?) that the ratio should be closer to 1:1. Right?
So unless Bitcoin does a huge spike (for those using bitcoins instead of fiat), it seems like a nobrainer to buy SDs at 82 cents...
Am I overlooking something?