It's too hard for me to tell you all the cases.
Most of the trading volume of SBD so far has been on Upbit. And Upbit was only available to Koreans. The problem here is that users who can trade on Upbit traded at 1SBD=$5, but users who can't use Upbit traded at 1SBD=$4.5.
I provided liquidity to the STEEM internal market at around 1SBD=$4.9x$ through MM, so that users who don't use Upbit can trade at close to 1SBD=$5.
Then, users who can't trade at 1SBD=$5 have to sell at about $0.5 cheaper than the market price, which means that they incur relative losses.
If there's a lack of liquidity, it's difficult for many users to trade. This is the key point.
I want to make sure we are on the same page about how your previous system has been working: you were buying SBDs on the internal market, depositing them to Upbit, selling the SBDs on Upbit, buying Steem on Upbit with the proceeds of your sales, withdrawing the Steem from Upbit back to your account here, and then using that Steem to buy SBDs on the internal market (repeat from beginning). Correct?
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