This is a good point. You can probably make a lot of profit by simply holding both STEEM and SMD and taking advantage of the natural trends on the internal market vs. converting. I use the conversion feature because I feel it's safer for my style of investing, particularly because I already have that margin of safety (profit) built-in as long as the price swings are not too radical. But as you said, pumps or dumps can happen at a moment's notice.

Thanks for your reply!