That's a part of it. The lower the price of Steem goes, the higher percentage the SBD in circulation becomes as compared to the value of Steem in circulation. Once SBD valuation gets above 5% of the value of Steem in circulation, then SBD stops getting printed. They will change it in Hardfork 20 to have the limit be 10%, but it will start decreasing at 9% (I believe). Hopefully that helps.
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