Great post. In your studies did you figure out if the conversion rate is based on the median external pricing or internal pricing. Generally the internal market for Steem is 10-20% above bittrex though they do converge occasionally. I think the white paper says they use an external feed, so after all this work the difference between internal and external could still trip you up(or help you) . I posted here about how an external -Steem-sbd pair could help increase volumes and close the external sbd discount.

Also in this vein do you recieve interest on sbd during conversion process? I don't think you do.

tHanks again!