I agree with a lot of what OP is saying here.

Watching the most recent SB auction - most of the loaded Cas coins sold for face value (plus the 20% buyers fee SB I assume pockets).

This is unfortunate for the sellers who basically made no profit at all. I don’t fully agree with OP though in that SB is not going to take on the risk of selling a loaded coin which is worth 75k and only make 20% of the profit above the spot price of BTC as it wouldn’t be worth it to them - there is likely some middle ground.

I know that large recent sale of Cas coins on Heritage I think the buyers premium was split between the auction house and the seller - that seemed like a fairer deal.

What will happen if this continues and the fees don’t change is people will simply stop selling their loaded Cas coins on SB as they will not expect to make any profit at all as buyers aren’t willing to pay more than a 20% premium over spot price at this time it seems.

SP