SBD Supply/Market Cap >= 10% => SBD no longer paying out conversions in full.
Feed is at a slightly lower price than last time we were in haircut because a fair bit of SBD was converted during that period.
A few weeks ago I had a brief interaction with @timcliff about the SBD inflation. Back then there was 12.5 million SBD left over which would convert to 31 million Steem. Today 2 million of that SBD has been converted, there's only 10.5 million SBD remaining, but the smaller amount of SBD will convert to a larger amount of Steem! Almost 33 million Virtual Steem outstanding, after about 6 million Steem was created from conversions.