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RE: The Buying Side of Steem Dollars on July 4th? How do we clear some of our Steem Dollars?
If the market is deeper and the peg tigher on the internal market than in the STEEM:BTC market, the net effect of cashing out will be negative for STEEM, wouldn't it. And the opposite too.
Well if nobody wants SD and nobody wants Steem then clearly they are both crashing, but the effect you describe is self-correcting. When the Steem/BTC rate drops then SD sellers will demand even more Steem.