Steem blockchain debt ratio exxeded

Probably you realised that the last payout did no longer include SBD and was only paid in liquid and vested steem.

In order to understand this it is crucial to understand what SBD actually are. They are smartcoins tied to the value of the dollar. But for that to be secure there needs to be some collateral. And this collateral is the future steem that will be printed by the blockchain.

Your current SBD are secured by the future flow of steem. This means that SBD are essentially a debt owned to the token holders by the blockchain itself. This can lead to trouble when the steem price drops as there cannot be printed enough steem to pay back the holders in USD at the now lower price. To make this system more stable it was decided that the ratio of debt to steem should never exceed 10% so that all SBD can be repaid in steem without causing a massive inflation in steem.

Now due to the recent drop in price of steem the debt ratio from the already issued SBD did exceed the limit. As a consequence the SBD can no longer be liquidated as planned and more steem may need to be issued.

But unless there are more price drops there is no reason to worry yet. The steem blockchain has automatically stopped issuing new SBD until the ratio of 10% is restored. Thus the reason you are no longer receiving SBD from post payouts. Probably SBD will return to being fully backed once the steem price gets a little upward momentum.