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RE: SBD Tracking BTC!
Well, since it's really only pegged from going lower than $1.00USD, there's really nothing from a technical or theoretical point of view keeping it from going as high as market participants are willing to pay for it. As you say, there are only 3.6M of them and they are highly secure - perhaps even more so than BTC - so the sky is the limit.
As a debt instrument, I think the only limitation really is its ratio to STEEM, but that is price independent - the number of SBD relative to STEEM is somewhat fixed, but its price isn't. Theoretically it could be valued anywhere, except below the USD.
But I have just as many questions and just as few answers as everyone else. 😞
Yes a very confusing topic. I just wrote a post about what I decided to do. I figured I would split the fence....play both sides.
Take half of my SBD that come in and power up...keep the other half to see what is going on with them....if they do run, at least I have some on spec yet am taking advantage of the premium to power up some.
A compromise of taking profits.