Thanks for the heads up on the sum of all the Steem bids, I didn't realize. there must be some incredibly low ball bids in that orderbook.

I agree, I think the rational thing for someone with Steem to do now would be to buy Steem Dollars as soon as they could to protect against any price move. I haven't yet taken the plunge, but will buy if I'm right on the move down after 4th July.

The 4th of July is unknown, it's also probabilistic I'm not predicting any outcome, just what I think the most likely outcome will be. There's also a case to be made for a huge increase in the price of Steem, I'll have to trade that differently if it's the case.