![image.png](https://ipfs.busy.org/ipfs/QmTTJCVdV5NSRN79pYYrdvDnjdCcF4PNjrqBDnTK6VxZf5)

The SBD print rate is currently below 100%.

This means you will now be partially paid out in Steem in addition to Steem Power & SBD.  This happens when our debt ratio exceeds 9%.  

https://i.imgur.com/DDCxFeE.png

When the blockchain notices there is too much SBD printed it will start printing Steem for a portion of the liquid author rewards.  It will do this until the debt ratio drops below 9% again.  During this time you will receive less than $1 worth of Steem per SBD converted through the conversion function (**haircut rule**).  

The conversation function is sometimes still profitable in these conditions but you should exercise caution converting when the print rate is not 100%.  You can check the current SBD print rate by going to https://steemd.com and look on the right side.

https://i.imgur.com/n5JSF8V.png

Ideally, you want to use the SBD conversion function when the print rate is over 100% but it is still possible to make a positive ROI when SBD prices are below $1.00.  

When using the conversion function, your SBD is unavailable for 3.5 days and is then burned, you are given $1 worth of Steem for each SBD.  **When the debt ratio is above 10% you will receive less than $1 worth of Steem due to the *haircut rule* that is used to prevent our debt ratio from climbing out of control.**