We all figured this day would come...

where SBD prices reached Parity, or Equality, with Steem Price. Well, that day was today. It has since pulled back, SBD has risen (or steem dropped) but as you can see the green portion on the left is the SBD in the market awaiting to be sold at various Steem Prices. There is a LOT More SBD in there than Steem. Econ 101 tells us that "more dollars chasing fewer goods and services creates inflation" so the (relative) price of STEEM will go up as a result.

If these SBD sellers are serious, (greens) they will bid a little higher if the Steem prices do not come down first. It's like a Mexican Standoff, and in this case, the minority usually sets the prices. Depends a lot on what the external markets do, but the price gaps have been closing for weeks now, and it's almost at parity on coinmarketcap.com now!

So what is a Steemian to do?

Let's look at a little history, or rather some commonly held beliefs and some history.
First, the name "Steem Backed Dollars" is a misnomer. I read the whitepaper and it is "Steem BLOCKCHAIN Dollars" and for purposes of stability, liquidity, yada yada, the SBD was supposed to be pegged to go no lower than 1 U$D. Much lower issuance of SBD. Currently there are 246,786,887 STEEM in circulation, versus 6,110,133 SBD so that is a huge mismatch for the STEEM to SBD ratio. I think the Zappl tag and others used SBD only, one of my Steemit "Besties" wanted SBD only for a while, and it reached like $20 in a spike, and traded steadily above $10 for a while. Those were the DAYS! I remember trading the SBD for Steem and powering up during that time, it was a really exciting time! I saw my account go from just under $3k to $40k+ in about a month, but I bought a lot of steem also. It was so cheap ($1.25, plus I stacked up a lot at a 90¢ average before that) that I was able to really make hay with the $10 SBD. My Loyal Followers were really voting me up as well, I could not have done it w/o your support! :* <3
All that aside, what do we do NOW? At least until HF20, which is still being discussed as far as I know, we should continue to buy Steem with SBD and power up until SBD actually hits $1 in terms of U$D. That is when the "rewards glitch" as I call it, will stop. As long as SBD is over $1, the rewards algos mistakenly calculate SBD as a flat $1 rate, and try to award Equal Value to Steem. But since the "U$Dollar Peg" is broken, the steemit rewards algo give out more value in SBD than it was designed to do, at least in theory.
So I say Keep Trading your "overpriced" SBD for Steem, until it hits the $1 peg once again. Even then, I'd buy STEEM but it is just easier to do a 100% power-up payout. I would speculate that even an SBD price just over $1, like $1.05 would make a 50/50 payout viable for most steemians. If SBD is low, one might consider saving it until it goes higher. Here's a great related article, by @spiritualmax, covers some other aspects of this "parity" and from a more practical aspect. Please check him out and Up-vote if you like it!
https://steemit.com/steemit/@spiritualmax/1-steem-1-sbd-and-so-it-begins

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image credit: ME, screenshot of Internal Market