I did make money, if i buy from market, i would have got 42 steem but from conversion, i got 47 steem. So I made 5 extra token from conversion.
Technically i should be able to buy sbd using steem and then set those sbd again for conversion but that takes 3.5 days so not worth it. I will read your analysis though, if there is money to be made here, i will make it.
I did not check the markets back then, it is possible you made a good deal there and sbd was undervalued at that moment.
But as of now that 20 sbd would give you 49.182 steem from selling, quite close to what you got in your conversion. And when you look at my post this is actually relatively close to what I compute as the effective lower peg from conversions.
I will initiate another 10$ conversion and see the results. Don't see market going back up anytime soon anyways.