Nobody should be shocked that if you walk into this system with enough stockpiled to outfit every character you could ever possibly have with full gear, you will not walk out of it in that same state. People not having a reason to play anymore is part of what they were trying to fix. The minute they announced a conversion was coming, you *KNEW* it was not going to be "one for one"; deflation of the currency was inevitable.
The only question was whether you'd benefit more by losing your surplus but getting enough new currency to outfit who you need to outfit, or by selling/cashing in your surplus before the conversion. That you'd lose quantity in the conversion was implicit.