I agree it has utility but see is as very problematic to implement. It is supposed to be pegged now yet clearly isn’t. Added to the fact that people would reject the idea as anyone holding SBD would lose, I don’t see it going anywhere. Unless you propose a peg at a higher level than current prices. That is likely to be popular. Or perhaps an agreement that SDB will be pegged at $2 on date X but can be redeemed at current value as SP up until that date?
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It works on the downside. But nothing for the upset. Ideally, I'd like to implement something in the future that doesn't hurt people now. To do that, we may need more SBD printed. A reverse conversion might help with that.