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RE: STEEM, STEEM Power, Vests, and Steem Dollars. wtf is this shit?
Good explanation.
As I understand it, an SBD is a promise from the blockchain to pay the holder $1 USD worth of STEEM in exchange for it.
Yep, you read it right. You hold 1 SBD and, in theory, you should be able to get 1 USD worth of Steem at any moment in the future that you decide to exchange it.
Unless the SBD/STEEM ratio gets right up to 10%, at which point I think this isn't totally honoured.