You are exactly right I think. There will be some (maybe even myself) who would hold for the next SBD pump if the peg doesn't get fixed. But once it drops sub $1 the opportunity is there to convert to STEEM to re-buy at a profit and that's where the SBD destruction and debt reduction occurs.
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Do you follow @burnpost?
I think it could be nearing the time for @smooth to take action with his experiment. If only the account had the same number of SBDs to convert (and then burn the STEEM) as @freedom 😁
No, though I am aware of the burn experiment that @smooth was conducting. It didn't make a lot of sense to me, but maybe I just didn't understand the point he was trying to make.
I think he just plans to burn the rewards at some point, when SBD is on a par with STEEM.
If it's not making sense to you then I'm probably missing something!