I just took a look at the SBD price and saw that it has been up to almost 13 USD in the last few days.
There is only one reason in my eyes how this can be... Someone thinks the price has to absolutely explode in Steem. If not it makes no sense to pay 12 times of what you can get out of it in a conversion which takes the average price of the 3.5 days following the conversion start. It only makes sense like this:
- You want to buy a shit load of Steem
- Buy all the Steem Dollars you can get first and start conversion
- Then you buy as many Steem as you can get. with your limit price in mind. The price for the Steem would have to be 20-30 usd at least, in order to pay 12 USD per SBD.
If the price of Steem would be after the operation less than 15 USD or something like that, it would not make any sense to pay 12 USD per SBD... remember it only gives you the right for 1 USD worth of Steem... so a massive price movement of Steem I guess has to occur...
We had a massive 24h volume of 1.1 million USD... This is not a small fish!!