"for every buyer there is a seller" - exactly, this is how it should be. But is it so? You see above what headlypark copied from their website:
"When you sell your bitcoins for USD we usually sell them to other Coinbase users at some point down the line (this is where our reserves come from), but we may cash them out if needed. In general, our goal is to abstract away some of the complexity so it's a simpler process for our users."
So this is what I'm saying.. When (if) the panic sell is about to start, the first ones will be able to sell their tokens - no matter who will pay for them, be it the exchange using their fund reserve or some buyers who still don't know what's comming. Eventually the price will drop significantly as everyone wants to sell. And as there is no equity behind the token, the price can literally go to 0....