I am trying to wrap my head around it also (as is everyone else).
Interesting point you make. The question is why is it so important to have something pegged? Who cares? As @aggroed wrote in a post last night, we dont have much in the way of merchants on here and they are the only ones who care about a volatile currency. Since they can take payment in other forms, why not let it fly.
Is the ecosystem hurt if SBDs were to fly to $25 or $50 or $100? Would that make any difference overall?
I am not sure of the answer but I am inclined to say it doesnt really matter.
I don't really think so. What I think I understood in the last couple of weeks is that the role of SBD as a "pegged" asset switched from "stability" to "futures". So it's not much the effort of keeping it at a certain price that gives it value, but the mechanism that sets the debt-to-ownership ratio in the entire system.
I mean people are going crazy about Bitcoin futures starting to get traded tomorrow, and we already had a futures contract under our own nose.
The "under out nose" part keeps growing.
People do not realize that steem is a de-centralized exchange already and will operate that way with the tokens that are created via SMTs.
The more we learn about this blockchain, the more exciting it gets.