What are a defend algorithm of SBD, and conversion? When will SBD be printed again?

Currently, no one receives SBD as an author reward due to SBD printing has been halted. It's the result of the defend algorithm of SBD. When will SBD be printed again?

In the 2019 bearish market, SBD had not been printed for 2 months. When I think about that time, it was like the march of North Korean famine.

10-11 page, STEEM white paper

The white paper stated that SBD is referred to debt in STEEM ecosystem, when this debt is more than 10% of STEEM market capitalization, the conversion function changes the amount from SBD to STEEM.

SteemWorld: https://steemworld.org/@youraccount

You can proceed with the conversion via SteemWorld, and the conversion is proceeded in one way from SBD to STEEM.

10 page, STEEM white paper

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SBD is regarded as 1 USD on STEEM blockchain, so when you convert SBD to STEEM, you can receive the amount of 1 USD of STEEM. Now, the SBD price is $2.93, and the STEEM price is $0.18. When you convert SBD to STEEM, you can receive the amount of 1 USD of STEEM after 3.5 days. So, it's stupid that you convert SBD to STEEM now.

At the end of 2018 and early 2019 when was the previously bearish market, SBD was less than $1. At that time, there were many people converting SBD to STEEM. In the beginning, they could receive the amount of 1 USD of STEEM. Over time, STEEM circulation had increased, which means the SBD market capitalization on STEEM blockchain overtook 10% of STEEM market capitalization. Then, they received the less amount of 1 USD of STEEM. It means that they could have a loss.

When it comes to this defend algorithm of SBD, STEEM investors realized that they couldn't unlimitedly convert SBD to STEEM at that time unlike the algorithm of LUNA and UST

Do Kwon who is the representative of LUNA seems that he recognized SBD. Why didn't he adopt the defend algorithm of SBD that was designed in 2016? I think SBD should be defined as an algorithm stable value tracing coin.

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STEEM block explorer

The median price of STEEM feed price that STEEM witnesses provided is $0.18. The current STEEM circulation is 408,007,053. So, the STEEM market capitalization is $73,441,269.

SBD is regarded as 1 USD on STEEM blockchain. The current SBD circulation is 11,399,135. Then, multiply 1 USD by 11,339,135. So, the market capitalization of SBD on STEEM blockchain is $11,399,135.

Then, divide the market capitalization of SBD on STEEM blockchain by the STEEM market capitalization and multiply by 100. It's 13.96%. Since SBD is regarded as debt, and the debt ratio is more than 10%, SBD printing has been halted.

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To print SBD as an author reward again, the debt ratio should be less than 10%. For the sake of the calculation, multiply the market capitalization of SBD on STEEM blockchain by 10, and divide by the STEEM circulation. It's $0.28.

Therefore, if the STEEM price reaches $0.28, SBD will be printed again.