Hi @aggroed, thank you for your explanation in a comment below.

1/2 is paid as steem
1/2 is paid as sbd

SBD isn't always printing these days, but when it does it's likely under $1

So when you get paid it thinks you're getting $1/sbd but you're actually getting less (if you're getting a payout with any sbd)

So, it says it paid you $10, $5 in steem and $5 in SBD, but the SBD was worth half, so you actually only got $7.50. Power up 100% and you'll get the full $10.

But I think your calculation may miss the fact that the haircut also gives less STEEM/SP (which is exactly the main idea of the haircut). So to me and based on my calculation, both options are actually equivalent. Considering liquidity, 50:50 may still be better.

Of course, in some cases, since SBD is still printing out by 1% due to a bug which I explained it here https://steemit.com/utopian-io/@blockchainstudio/why-sbd-print-rate-is-still-1-despite-the-haircut-bug-report-explanation-and-suggestions, you may not (or less) receive that 1% due to round up, e.g., 0.0004 SBD (which turns into 0 SBD lol) vs 0.001 SP (current feed is $0.401 or so). Otherwise they're essentially the same unless our feed price (which now should be read as the ratio of steem:sbd, not steem price) is quite different from the market, and they're similar now.

Just in case, I already checked this before, and made a post in Korean when the haircut started. See https://steemit.com/@blockchainstudio/author-rewards and add SBD/feed price+STEEM then it's the same as SP except for round-up error.

I think my calculation is right, but let me know if I made a mistake. Thank you!

ps.

0.000 SBD, 0.021 STEEM and 0.022 STEEM POWER for blockchainstudio/re-anpigon-re-blockchainstudio-re-anpigon-re-blockchainstudio-re-anpigon-react-native-5-4-1543113530194-20181129t181932215z

This is the rare case that I mentioned, I may have missed 0.001 SP due to round-up. I received 0 SBD instead :( So maybe 100% power-up is slightly better :) but not that significantly as you explained.