Ha yea it's hard to keep track of it all sometimes. And yea it must be powered down first, then wrapped into wLEO and sent to Uni. Once there it can be sold for ETH.

I think LEO is going to be a great driver of value for HIVE and I think having a HIVE pair is actually a good thing for HIVE, that way if people want to buy LEO they need to first buy HIVE. HIVE is the gateway to get to where they want to go...

That being said, the example you posted above could theoretically put downward pressure on HIVE because you are buying the HIVE on hive-engine (where the supply mostly just sits) and then selling on an Exchange that sets the external price... so I get what you are saying. :) Though if that happened at enough scale, it would force buying of HIVE because the supply on Hive-Engine would run out.