If the high SBD price keeps up then STEEM should be definitely worth more than it is now, perhaps even by a factor 10!
However, I do not think the situation with SBD is natural and I suspect something fishy is going on. It is probably cause for the rise in STEEM as well, since Steemians can use their SBD profits to buy more STEEM. Or atleast, they were until the price ratio got smaller recently.
I've got my own suspicions that perhaps somebody is draining the reward pool with bots, using those profits to in combination with smart trading bots to drive the price up of SBD, thereby increasing the profits of the bots draining the reward pool even more (and all of ours with it). I don't know how to find any facts supporting this though.
And I'm not sure I mind either, I love my payouts with this high SBD price!
Very interesting! This may be completely true. The economics and inner-workings of the system are beyond my pay grade at the moment but I suppose its time to dust off that old whitepaper and read up. We need to know what we are working with here at bare minimum!