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RE: The Economics Behind the Steem Dollar Arbitrage..
Nope. That is certainly not what I'm saying.
Duering distribution phase (which we are in) there is a capital restructuring ongoing, increasing sell side volume and putting pressure on prices.
This is a short term phenomenon which will recorrect itself as we move toward the 90% Steem Power to Steem ratio, as jl777 posted above (whose analysis seems pretty good to me)