We are seeing SBD rising to 15$ at the time of writing. I would like to provoke a discussion with knowladgable steemit users to clarify this jump in price. Altough, I am a steemit newbie, I am not new to economics.
Economics 101 says that supply and demand dictate the price of every asset in a free market and that is not to be discussed about, that is rule without exception. The whole thing about SBD is unclear and a lot of new people(including me) are confused. It was supposed to be pegged at 1:1 with USD, but now its 15$ with people urging everyone to sell so they can reap the profits( sell while its in an up trend??)
So I have 2 questions(they are not meant to be offensive, they are coming from a steemit newbie):
- What stops people from yelling sell and buying them all up, thus furthering their position and reaping all the profits?
- What will actually drive the price of SBD down if a correction is bound to happen?
I hope knowladgable people on steemit will answer this as I am honestly curious and am looking forward to your answers. Thanks !