at the moment it is profitable to even convert sbd to steem, which i guess presses the steem price down since some people buy sbd to convert it to steem again. but the conversion price is now almost the same as the actual steem price. (conversion price 0.178 buy price ~0.18). last week the conversion price was higher than the buy price, hence people who do triangular trade over bittrex profit a lot, buying steem, selling it on bittrex for bitcoin, selling bitcoin for sbd and selling it for steem again XD.