Prescient post, as, of course, we now have the price tonsure (aka haircut). Firstly, there was no good reason to increase the SBD debt ratio to 10%. Secondly, and even more disruptive, is having two different mechanisms triggered at the same time: the drop in SBD printing rate and the "price freeze" mechanism.

This latter was put into place to protect the system in the case in which STEEM's price was very low compared to that of SBD thereby making it theoretically possible that the SBD debt could be greater than all the existing STEEM. This mechanism should be a rare event, not something that happens every time we hit the (new) debt ceiling. This will continue to happen as the ratio will always overshoot its target because of post payouts in the pipeline.

Anyway, thanks, good analysis.