you're correct, which is why I made an approximation
I can see that it can act as a hedge against too much liquid steem, but honestly, when the market volatility is about 5% per day, that's a lot of room to make up for
even with very generous adjustments towards liquid steem/SP ratio I don't see it quite making up for it
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It might be a great idea when there is stability and when the platform has grown significantly but I agree at the current level it doesn't add much when daily volatility is so high.