over 11 Steem Power (+11 steem power worth of SBD at the 7-day median price rate)
The extra parenthesis there trips me up. Is it 11 Steem Power AND 11 Steem Power worth of SBD (so 22 total Steem Power)? Or is that an "or" meaning "at least 11 Steem Power worth of value, even if it was paid out in SBD?"
I think I get the P-index now, thank you.
These things get complicated fast, so I applaud you for grasping the full meaning. I only count my estimate of Steem Power. I didn't want to deal with the variable rate of SBD conversion.
The implication of this is everybody's V-index is stricter, it's an under-estimate of their true reward values, by at least 50%.