As you said, @exyle, the high SBD is funding growth for developers and content creators. SBD is tradeable on the open market, and people are paying those prices. Enforcing the peg through some sort of witness or developer action is a completely wrongheaded move, and it's going to drive a lot of the people, especially content creators that are leaving the other social platforms, away from Steem.

SBD was designed to bring stability to the platform, and I think market prices do that. Yes, it's a little frustrating when I see exchange rates fluctuate, but that's normal, and that's why I don't like to focus on SBD-USD conversions. But, a higher SBD-USD ratio attracts users from more "rich" nations due to the higher cost of living in these places. Keeping SBD-USD artificially low is going to frustrate a ton of people, especially as STEEM-USD gains in value. The SBD would become practically worthless on the blockchain, and the system would only favor people with enough resources to purchase a ton of STEEM, or who were fortunate enough to be early adopters. And then we'd be back to square one again.

Also, the white paper says that the fundamental unit of value is STEEM and that everything on the blockchain derives its value from STEEM. Why we continue to focus on SBD-USD ratios doesn't make sense. We should be focusing on SBD-STEEM ratios.