Hmm, that seems like an interesting way to combat having too many Steem created from 1 SBD. Even though the market says Steem is around 30 cents, the blockchain says it is ~41 cents in order to produce less Steem per SBD when people convert through the blockchain.

So I guess the reason why that whale is dumping his SBD is because he expects the price of Steem to go lower and he won't be able to convert his SBD for a lot. Better to get out now and then perhaps buy back in later?

By the way, who is this whale you are talking about? If you don't want to say his name, can you at least give me a hint or some way to find out on my own?🙃🙃