Right, so my point doesn't really dive deeply into the subtle interactions between SBD / STEEM. But keep in mind the fact that there is active maintenance on the SBD's dollar peg makes a big difference if you compare it to the Bitcoin / STEEM pair.

I think the main point I wanted to highlight was the two sequences above. A buyer considering buying into Steem should not care about which route you opted to take. So my intuitive market sense is that it does not matter. There are all sorts of micro adjustments going on due to the effects in aggregate but those all ultimately get corrected in the long run to what the market truly values.

But yes this is all very interesting to think about.