I've been told that it might be closer to 16hive, but yes, absolutely.
They have been taking this value from us since the hardfork that brought in the eip.

The votes are reduced in value exponentially the farther they are from 16hive.

If you vote on a post or comment, and it doesn't reach ~4.88hbd, it gets reduced more the farther away it misses.

So, if your post gets 1hbd in payout, all the value you would have had goes mostly to the top, instead.

@acidyo, do you know how much the reduction is on a 1hbd payout?
Would the post have been 2hbd absent the penalty?