@edgeland Welcome.

I understand that the point of SBD is just to allow conversion between Steem/Steem Power and to the user's preferred cryptocurrency (more often than not eventually to fiat).

That is, to provide liquidity. I believe in the whitepaper it was mentioned that the majority of Steem Dollars received are sold (not verbatim of course).

Feel free to reply to me, I'll be online most of the day.

Look forward to

People will still buy Steem (in the form of Steem power) to increase their expectancy from posting on the platform (or similar ones).

So you'll still have enough people effectively going long.

Speculators will also buy Steem because it's value will appreciate.