<p>This post has received gratitude of 0.46 % from @appreciator thanks to: @boontjie.</p>

This is a confusing topic and I'm not sure whether your calculation is  correct. 

It can't be right when you say 3.75 SPD  worth of SP goes to the author which you say equals 1.269 SP/STEEM

As at today 31/12/2017
- 1 SP/STEEM equals about 3 USD  
- 1 SBD equals about 7 USD

So 1 SBD at the moment is more valuable than 1 SP/STEEM 

In fact using the figures above 1 SBD will have the same value as
 2.33 SP/STEEM  (7/3 = 2.33)

So 3.75 SBD would be worth 8.75 SP/STEEM

I believe the payout calculation goes like this:- 

Your post has a payout of 10 USD ( the payout figure is listed in USD and not SBD)

- 3.75 SBD goes to the author ( this is based on 1 SBD = 1 USD)
- 3.75 USD worth of SP goes to the author
- 2.5 USD worth of SP goes to the curators

The USD to SP calculation needs to occur, this means the 3.75 will get divided by 3 ( this the average price of STEEM over the last week) to give you 1.25 SP to the author and 0.833 SP will be split among curators. So after conversion the above would be:
- 3.75 SBD goes to the author
- 1.25 SP goes to the author
- 0.833 SP goes to the curators

This is why at the moment it is very worth while choosing the 50/50 rewards option when you make a post because you can convert the SBD you receive to 2.33 times more SP than you would have received had you chose the power up 100% rewards option.

So in the example above you can convert the  3.75 SBD you receive into about 8.7 SP, which is what I do while the price of SBD is high.

Yeah, I've been scratching my head around this difference too.
I also noticed that if you power up steem, the conversion is roughly one to one (and that didn't help my itch at all).

So, Sbd is converted in one way and Steem in a completely different one? Or am I missing something here?

Question: What happens when one powers down? Will the value be converted accordingly, or it will be always one to one, as it is when we power up Steem?

I was totally pulling my hair out over this and knew it had a conversion factor somewhere but was thinking it was based on the price of STEEM.
Thanks for clearing this up.

Thanks, this a clearly worded, quick post which made me aware of something I did not know! Keep it up!

Useful info thanks

I noticed this discrepancy. thanks for posting this explanation.

This answered a question that I had on my mind for a while now, Thanks!