I think no lesson was learned and so history repeats itself. In BTS printing new money for workers was claimed to be the discovery of ‘self funding blockchain’, when in reality it was just what it was – printing new shares.
In this post https://steemit.com/steem/@dantheman/july-4th-price-action
DanTheMan / Bytemaster/ therverseflash offers his opinion on “What will happen after the Steem Dollars become liquid
First let’s see the meat of his argument first (in point #2 of dan’s) which at least on the surface seems to sound logical
”You will get more for your money by selling Steem Dollars for BTC”
The fallacy of the argument is that this SD for BTC trade must exist in a vacuum in order to work as described. In reality you still will need 500,000 USD worth of BTC willing to buy into steem dollars for this scenario to work…where will those money come from? Do you have those investors lined up and waiting to grab those steem dollars of yours Dan?
I think no lesson was learned and so history repeats itself. In BTS printing new money for workers was claimed to be the discovery of the ‘self-funding blockchain’, when in reality it was just what it was – printing new shares. What is needed for funding is what has always been needed – investors/ people holding money willing to buy/invest… but apparently the most important lessons were never learned.
In short on the other 2 points in the post :
“The Supply of Steem Dollars is limited” - limited it is, but it amounts to a ‘limit’ of ‘only’ 500K usd. Which in all likehood is enormous compared to the buying interest into those steemy interest bearing Steem dollars
“A large percent of Steem Dollars are being earned by Steem Bulls" -this is quite illogical argument, bordering on funny. So what is your point dan? That the steem bulls will be willing to hold steem dollars instead of steam?