I think it would be more accurate to refer to SBD as Steem Blockchain Dollars as opposed to "Steem Backed Dollars". Calling them Steem Backed Dollars would be incorrect and misleading. Since I brought up SBD, why is it that SBD is up to over $10 now? Wasn't the idea behind this to peg it closely to the USD?
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Yeah, I think @ned or @steemit is buying them up:
https://coinmarketcap.com/currencies/steem-dollars/#markets