Yeah, I've been scratching my head around this difference too.
I also noticed that if you power up steem, the conversion is roughly one to one (and that didn't help my itch at all).
So, Sbd is converted in one way and Steem in a completely different one? Or am I missing something here?
Question: What happens when one powers down? Will the value be converted accordingly, or it will be always one to one, as it is when we power up Steem?
If I understand correctly, Steem is Powered Up to Steem Power at a one-to-one ratio. Likewise, Steem Power can be powered down to Steem at a one-to-one ratio.
Steem can be exchanged for SBD at the conversion rate, or vice versa.