An uptrend in the price of Steem was observed only after 3 months since the HF 16 implementation, when all the big whales already had their first power down cycle.
But that shouldn't have made any difference, should it? It hasn't changed the supply in circulation, has it?
Your thesis is that HF16 increased the supply and tanked the price. But the price is higher than it was, despite the increased supply on the exchanges.
HF16 also removed the inflation in new supply. That was what was depressing the price before.
The way it has been designed, people won't be paid in liquid steem until the price crashes back down to 7000 satoshis. And we can go back to that by reversing HF16 and increasing the rate of inflation again... Is that what you are arguing for?
The only point I'm trying to make is that SBD is not really a token, it's a debt smart contract and it should be use with care. That's all.
As for that, it's just a fact. You have the charts and the dates of HF16 and of the first power up round, you can do the math.