Not to mention the artificial buying pressure this creates for Steem itself as people continue to rush to swap SBD for them. The Steem is then powered up by most and "held" to create more price stability for a new floor. ...Ignorance is bliss?
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I just read one of @penguinpablo's analysis posts, and for the last week or so the amount of sbd traded for steem (on the internal market, I assume) was WAY down. This answers my question from a week ago about how amazed I was that I was able to get 6 steem for each SBD on the internal market. I couldn't believe that the price of steem wasn't going up. Clearly people have been either holding sbd or perhaps buying other coins with it. I hope they keep doing it, because I'm looking forward to powering up with some coming payouts.
"Clearly people have been either holding sbd or perhaps buying other coins with it."
Yep, this is what is happening. People are holding it and/or buying more of it than they are selling, which is what continues to keep the price high.