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Is this part of the play? Pump SBD because it's far easier, break the SBD/Steem correlation, jump into Steem and let the momentum of the trade itself pump Steem until the ratio improves and then dump Steem for fiat? It seems almost too simple to be true, but we've seen lazier games be played on the market so...

SBD seems to be the "lens" which "magnifies" the value of STEEM in this game...

Absolutely. It's the kindling for the fire and they sell off before it burns down. Let's hope we aren't left with coals when they decide to move on to another game. And I wish my upvotes could generate more KRW for you!