Analyzing the markets would be very important to anyone who wants to execute the ACP strategy, and I don't want any mistakes I might make in estimating numbers to distract anyone from the main point I want to convey which is that the two-way SBD peg has a very real potential to be abused. With that being said, I'll try for a super quick rough estimate about how much someone would need to spend to pump the STEEM price 100%, a 2x pump. I took a look at the open orders on binance and it would take around $100,000 in total to increase the price of STEEM by 10% on binance.com in all of the STEEM/BTC, STEEM/ETH, and STEEM/BNB exchanges. I didn't look at the other exchanges, but binance has about 4% of the total volume so a very rough guess is it may take $2.5 million in total to increase the price of STEEM by 10% across all markets. Also based on open sell orders on binance, it looks like the next 10% increase would take less than $2.5 million, and the next 10% increase would be even less than that which suggests it may be possible to get a 2x pump for maybe $15 million to $25 million; however, there are probably a lot of people who don't have open sell orders who would still want to sell STEEM at some point during a 2x pump so perhaps a better estimate is it might take around $50 million to get a 2x pump of STEEM. If it took $50 million to pump STEEM 2x and the average price you paid during the pump was 1.5x then the profit on the phase 2 STEEM would be around 33% of the $50 million or around $17 million. If you accumulated $50 million STEEM in phase 1, then the profit on your phase 1 STEEM would be $50 million, and so your total phase 1 and 2 profit would be around $67 million. It is difficult to imagine a scenario where you would lose more than that in phase 3. For example, even if it took some ridiculously large amount like $100 million to keep the price of STEEM pumped up at the 2x price for 3.5 days and even if STEEM instantly dropped to some ridiculously low amount like $0.01 at the end of phase 3, they you still would only lose $50 million on the STEEM you purchased in phase 3 so your total profit would be still be $17 million even with the ridiculous phase 3 numbers used. However, the key point to make is that the profit can be increased simply by adding to the amount of STEEM you accumulate in phase 1 because if you had accumulated $150 million worth of STEEM in phase 1 instead of $50 million, then your profit would have been $117 million instead of $17 million. I'm not sure how a fee would stop this abuse from happening because even if you imposed a 10% fee on STEEM to SBD conversions the profit from abusing the system would have still been $12 million instead of $17 million (or $102 million instead of $117 million).