everything looks correct, but i do not get the point how more steem is going to get generated since SBD is already pegged to $1 here on steemit and 50% of the reward will always be SP which will take SBD as $1.

talking about the outside conversions, they are only possible upto the extant of total STEEM generated already as rewards, nobody can buy more steem than the generated amount and the post payout will increase with rising value of STEEM not SBD.

so authors can earn extra by coverting to other coins but i do not agree that STEEM circulation is going to be affected by a higher valued SBD.

Correct me if i am wrong,