Thanks to somone's comment I realized that SBD is rewarded based on the value of steem. When you get a payout it is half sp and half sbd. Now if the value of steem is 5 dollars and you get one steem for a post then you will also get 5 SBD for that post. If steem is worth 10 dollars than you will get 10 SBD and one SP. So as we see an increase steem so do we see an increase in the amount of SBD given out and thus a decrease in its value.
Now you might be thinking steem has been at a higher value than this and SBD still went up. Yes but that we over a short time. What we are seeing now is steem holding at 2-3 dollars for an extended period of time. This is good but this also means we are going weeks and weeks with SBD being produced at 2-3x faster than steem.
This does not mean there still will not be a pump is SBD, it is still a much smaller marketcap than steem. And I am waiting to see what happens on the next bull run in the market before I sell mine. But if steem stays high then over time SBD will continue to drop and maybe even reach the one dollar mark.
At least that is how I see it.
