Note: I suspect that the above explanation is what led Dan to believe that I don't understand SBD creation and destruction. The point is that it is the perceived total Market Cap of STEEM + SBD that is generally perceived to be constant. If that is true, any increase in value (or payout) of SBD affects the price of STEEM. The converse, of course, is true as well. EXCEPT the interest payouts on SBD are far higher than they should be which is a drag on the entire system that shows up only on the STM side.