I have seen some folks describe the ICP to Cycles conversion in a way that is not quite accurate, so I wanted to take the opportunity to clear it up and admit that clearly, we can do a better job explaining it. Understanding one’s work is the author’s job first, the reader’s second.
Hope this reddit thread helps: https://www.reddit.com/r/dfinity/comments/ngid00/clearing_stuff_about_cycles_and_what_a_rate_that/