Steem & SBD prices are rising against BTC as well as USD for some days now.
SBD is well placed rightly about its nominal value of $1 now.
So now current SBD debt ratio is already over 8% mark (8.597% precisely, at the time of writing this).
This has triggered the 50-50 SBD-SP payout format (for post payouts set for 50-50).
But what do you love more - STEEM or SBD?
Do you really like SBD more than STEEM?
If you argue logically, it doesn't make much sense value-wise as anything can be converted into anything as per your wish from the internal market.
But for long term investors of STEEM, SBD payout doesn't make any sense unless there is an intention to encash it. So it's always better to keep the post settings at 100% power up if SBD market prices are equal to or less than $1.
Apparently, payout system on Steem and several Steem-Engine tribes is designed to encourage 50% cash out. And this makes me think that I ain't acting normal if I ain't cashing out that 50% 😉.
STEEM feed price has also swung into action. It was stuck to the minimum $0.20 for several months now. But yesterday, it rose to $0.21 and at this moment it's $0.228 ...a rise of 14%.
However, the rise in internal median price doesn't affect my earnings in STEEM per se, but it does affect the psychology of voters and curators.
After the HF-21, Steem community has arbitrarily decided that any post shouldn't deserve higher than a X dollar amount of payout. The value of X may be subjective and vary from individual to individual but everyone sees some X post payout value to be too high and if it reaches any higher, it's effectively downvoted.
So far, so good! But the problem is that this max post value figure of X amount gets inscribed permanently in our mind and don't fluctuate in proportion to the STEEM feed price. (Neither did it take into account the difference when curation was 25% ...to when it became 50% or the fact that author + curator reward pool size was decreased from 75% to 65%.).
E.g.:
A post that's fetching $25 in total upvotes gets downvoted if it gets any higher (when STEEM price is $0.20) from some voters (on the ground that it's earning too much).
Now, suppose, STEEM prices rises ten folds and reaches $2. At this prices, the same post with the same amount of Vest on its vote, it's $25 value will display $250 (10 times increase).
So will the curator who downvoted a $26 post can spare $250 post? I think "No". The $250 post will be punished because of the rise in STEEM prices!
Our psychological valuation can't fluctuate in terms of market price of STEEM.
This is the reason, why post value should be shown in terms of STEEM and not in terms of SBD / USD.
If you really value STEEM, forget its association with USD or any other fiat. Just keep collecting STEEM. We can design a sufficiently large economy entirely based on STEEM one day. Why bother of USD prices!
Keep accumulating STEEM and don't dare to value it in terms of USD!