Correct, although I am not sure that the inflation is actually tuned to account for the STEEM value on exchanges. So if I understand right: the STEEM you get from changing SBD is created by inflation, say that STEEM value goes really down and there are large hodlers of SBD, I don't see why there should be enough inflation to produce enough STEEM for them. So if you hodl SBD, STEEM price goes down, you are setting up the system for default, please let me know if I understood correctly. SBD are not a bad idea per se, but they should be emitted keeping in account how many of them are circulating (like government bonds)