<center>![SBD 1.jpg](https://res.cloudinary.com/hpiynhbhq/image/upload/v1521124474/ahinuwsnbexipf0gzlv5.jpg)</center>

<center>*Don't let "The Wealth Of Nations" hit you on the way out, mini-Krugmans.*</center>

First, let's get something out of the way.

SBD isn't pegged. It has a price floor. That price floor is a minimum of $1 of Steem via the conversion tool. This has always worked, would be working now (if implemented to the UI again), and will theoretically always work. SBD will never be below $1, at least not materially, or for any substantial period of time.

There, case closed. The "peg" is not a peg, it's a floor, and it's working as well now as it always has. You are demonstrably wrong if you think otherwise. You disagree with reality.  /Thread.

Now, let's get one more thing out of the way. The Steem White Paper is not a bible (and, it's a bit long.) Just because something is in there, doesn't mean it's gospel. 52/104 week power downs and exponential whale-voting are also in the white paper. How come I don't see arguments for reviving those artifacts? Clearly, the existence of something in the white paper does not make it automatically correct nor immutable (unlike the blockchain itself.)

However, let's continue and make the great concession that SBD is "pegged", even when that is demonstrably false and it is not pegged and has never been pegged, it merely has a price floor.

If you think SBD is (or should be) pegged, and you are complaining about how the peg is broken and not getting fixed, you're blabbering on without having the faintest idea of what you are talking about. The "peg" is working perfectly to normalize the price of SBD and has already cut price by 85% in the last 3 months.

<center>![SBD.png](https://res.cloudinary.com/hpiynhbhq/image/upload/v1521124260/lcnpcitbgcy78y593h5e.png)
</center>

That's it, end of debate. SBD are working perfectly. The increase in supply as more people are posting to receive the higher value payouts has massively inflated the supply and market cap of SBD, leading to an 85%+ crash from around $15 to $2.25 today.

<center>![SBD 3.png](https://steemitimages.com/DQmb8W3PNgPpbB2Um4j2RocPuLwFZp1NrPSwEFU7cSo5jnj/SBD%203.png)</center>

Even the precious whitepaper specifically disavows two-way conversion. Without it there is no, and never was, a peg.

I don't know what else to tell you.

Don't be like Krugman.

<center>![SBD 2.jpg](https://res.cloudinary.com/hpiynhbhq/image/upload/v1521124711/qdfpnlpdkx5inun8wk7p.jpg)
</center>

<center>*Yes, Krugman, you have indeed been a complete waste of space your entire career.*</center>

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