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RE: Canada Community update 130622
How would you peg the coin price to silver? Is it backed by silver too, or more like HBD, but just pegged to silver's spot price?
0.04019172 BEE
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How would you peg the coin price to silver? Is it backed by silver too, or more like HBD, but just pegged to silver's spot price?
I have thought a lot about this,
There are few more features I would like to add to the token as I gamify this community, but during this phase we are still raising 5000 BEE for the pool. The low price of HIVE makes it a great time to buy BEE, I should check the rate. Only 1093.52 HBD for 5000 BEE today.
There may be a physical silver component, I have the silver maple coin in the main post-- so you know its already backed by at least 1oz, plus all the HIVE/HBD in the @cvault .
It's a great idea, as I do worry about the price of HBD if the dollar is being inflated.
However I would suggest you talk to the Hive Engine ppl about what it will take to maintain the peg, if someone tries to manipulate the price. You'll need a lot of liquidity to prevent it from getting de-pegged like USDT was, and getting rekt. Keep in mind that someone has been manipulating BEE, and through that has also attacked a few other Hive Engine coins on the market.
So I would suggest to do a lot of research into how to stabilize a peg, and prevent it from going into a death spiral. If you can find a way to actually back it with silver, I think this could be revolutionary! Maybe talk to the silver community, and find a way to work together with them. Something that somehow compensates them for backing the token with their silver, and provides a safe haven for those worried about inflation.
However it has to be done correctly, or it will fail, and hurt a lot of ppl. It's not going to be easy to do this correctly, but I am not discouraging you! I am just also on this same learning journey with creating a token for SkateHive, and have learned some hard truths along the way.
Best of luck, I hope you succeed!
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