@snowflake, at the time of payout, the proportionate share of the reward fund for the post is removed from the reward fund. Then split up between content (author) reward and curation reward. The curation portion is converted to Steem Power and paid to the voters, and the content portion is converted to 1/2 Steem power and 1/2 SBD and paid to the author. The SBD conversion takes place using the witness price feed that indicates (as a 7 trailing median) the exchange rate. The Steem are destroyed (but accounted for as virtual supply) and the corresponding amount of SBD are created in their place. Hope this helps.
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