What determines whether you are going to be rewarded in steem or SBD?

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The thing is that the monetary ecosystem of the Steem blockchain can be quite daunting for somebody new. I congratulate you for gathering the courage to ask a question which I am sure hundreds have wondered about but did not vocalize. 

To fully answer your question, first we need to understand that Steem is the native token of the Steem blockchain and SBD is technically a smart contract. Remember that the SBD its pegged to USD (Peg is to a dollars worth of Steem and not the actual USD). In essence, the SBD acts as a debt instrument. 

For the sake of simplicity, let us call the total market cap of SBD as 'Debt' and let as call the market cap of Steem as 'ownership'. Now the ratio between the two would be called 'Debt to Ownership Ratio' 

Debt to Ownership Ratio = Market cap of SBD/ Market cap of Steem 

Normally the Print rate of SBD = 100% * (5 - debt to ownership ratio)/3  

When the ratio falls below 2% than all payouts are in hundred percent SBD (No Steem is printed and only SBD is printed) 

When the Ratio is above 5% than all payouts are in Steem and Steem Power (No SBD is printed). Recently, this is the current condition and we have no SBD in the payout rewards.