Hi guys,
I am studying STEEM these days as a way to study blockchain and I'm stuck with two issues now.
How conversion ratio btw SBD and STEEM is determined on Steemit?(lets forget about outside exchanges)
I thought SBD can be pegged to US$1 by interest rate and conversion rate controlled by witnesses.
So my question is
What is price feed? Are the witnesses gathering price information of 'STEEM' from exchanges? If so, how STEEM : SBD conversion rate is determined?
or, is that price of 'SBD' that witnesses are proposing, and we call that price feed?Are people using SBD → STEEM conversion on Steemit? it seems that it would be much better to sell SBD on exchange and purchase STEEM on the exchange(if Steemit sticks to 1SBD = $1 as Steemit intends to maintain the peg)
Thanks for reading. God bless you