If they ended SBD then Steem itself becomes worthless.
Don't you understand? No on wants steem that is why they are all powering down and dumping and this feeds a cycle.
SBD allows them to at least remain within the steem ecosystem.
Steem is and always has been a speculative investment for speculators. The amount of currency will never go down because there is no forced burning by fees there is no consumption of the coin and the only reason to even own it is to convert to SP. But SP is only valuable if you value steemit and your so called influence. You need a metric crap ton of it to even begin to have any influence. As the price continues to inexorably crash, the value proposition of owning any steem at all, rapidly approaches 0.
You need more and more steem to have less and less influence over an ever shrinking audience who is only your friend because you gave them money.
SBD is a hedge against that. By owning SBD and holding onto it, you are saying that future steem is worth less than right now steem. It's the perfect instrument to wait out the slide while maintaining something approaching your original purchasing power.
Without negative interest rates on SBD, there is no incentive to hold Steem but instead SBD. But SBD grows endlessly and in the process increases the steem supply to back its peg.
I don't think SBD should be abolished, but it needs to be reined in and the simplest way is to allow interest to be charged on it rather than paid. Too many people are holding SBD but it's not people's fault entirely because the supply never stops growing in proportion to Steem. This is the problem. It has to be kept at a lower proportion compared to Steem or Steem can never rise in price.