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RE: WTF Is Going On With Steemit's Reward System...???
The internal price of STEEM is 0.1995 or so. That’s because the system requires the SBD Debt Ratio to be at most 10% and the price of SBD to be 1 USD internally. To make that equation hold, the internal price feed of STEEM must be kept at a little under 0.2 at present. Go to SteemWorld for exact figures.
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"Internal price."
And this is supposed to be clear to the average Steem user / average person - and perfectly acceptable when they go to cash out their Steem on a real exchange and find that the value is on 57% of what has been stated...?
(rhetorical question. I do appreciate your clarification - even if not at all agreeing with the system itself.)
I think the problem is with the interfaces such as Steemit who stubbornly assume that 1 SBD = 1 USD.
If you want to know the actual USD amounts, chech out your posts on SteemWorld.
I very much agree with you that these complications suck. Back when SBD was worth several USD, the dollar amounts you see on Steemit were off by a wide margin, too, but the other way. Now that it's worth 60 cents, you get the author rewards in USD by dividing the figure by two and multiplying it with 0.6, which is completely stupid. But I guess there are more pressing concerns right now than correcting that.