This is actually why I stopped 100% power up posting. The SBD price seems to be 50% of the payout value and the power up price is based off the USD price of steem. When the SBD is worth more than the peg you are getting more value out of SBD than steem for the time being. When it's worth less it works the other way. It's a counter inflationary measure from my understanding.
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I never did power up much, so I hadn't thought about it until I was talking to @bluerthangreen.