RE: Why do SBDs start and stop printing? A simple visual.
Steem Power (SP)/staked STEEM (which, technically, is an abstraction for VESTS)
I'm probably being more pedantic than necessary, but at the chain level the number of vested Steem is known, the "vests" abstraction only matters on a per-account basis.
the holder of the SBD is entitled to redeem $1 worth of STEEM from the blockchain using a blockchain conversion function.
It might be a helpful for people just learning about this topic be more explicit that the $1 is 1 USD. (I think it can be easy to slip into thinking "one dollar" is "one SBD", which can be confusing if they think the value of "one SBD" is the market price of an SBD).
If STEEM is worth $0.50, then one SBD is worth two STEEM
Since "worth" is a loaded term it might be better to phrase this as something like "can be redeemed for".
Thanks. I updated the article with the 2nd and 3rd points. I left VESTS alone because I don't want to veer too far of topic or overcomplicate the explanation. The topic of VESTS is not really material to the point of the post, but I just wanted to observe that there's a little hidden complexity that's being glossed over there.
0.00 SBD,
0.01 STEEM,
0.02 SP