I was just noticing that debt today. After netting out the HBD debt, their market cap is actually a good bit below 0. STEEM's net market cap, after subtracting out the SBD debt, is in the neighborhood of 19 million, even counting SBDs at the full $1. With haircut pricing, the net cap is more like 21 million.

And all those HBD conversions are going to be an inflation problem for them, too.... as we learned after the SBD delisting on upbit. Although 100K is far fewer than we saw after the delisting. I think we saw 6 million or so.

I agree with your take on unwarranted debt. Debt is ok when used sparingly, but it's a nightmare when it's abused. (And, sadly, I also live in a country with 40 trillion in debt.)

I'm actually quite glad that Steem spent more than half a year burning down the SBD supply from the SPS. If anything, maybe we should've burned more.