Each potential store of value competes with all others. So in a sense SBD competes with STEEM, but it also competes with BTC, USD, gold, etc. This means the effect of directly competing with STEEM is minimal, since STEEM is only one of many choices investors may use to store their capital.
Thanks.
I see. That makes more sense. I hadn't thought of that, but only the debt ratio.
Steem as a store of capital? Hopefully the upcoming changes will make that realistic, outside of SP.
It's possible, and I'm sure it will occur at least on a short-term basis. It will still have a pretty high inflation rate as currencies go, but not absolutely punitive as it is now.
RE: Witness SBD pegging policy update (and more)