This is the issue I am pointing at, and I go further into it in my latest post. It is supposed to be a futures contract. Just as Steem Power is a Stock, with a 2 year payout with weekly payments. But if you can just flip between SBD and Steem in moments. then it fails the definition of a Futures Contract.
https://steemit.com/steem/@l0k1/steem-dollars-this-is-a-futures-contract-system-i-think