'In effect, feed producers are entrusted with the responsibility of setting monetary policy for the purpose of maintaining a stable peg to the USD' (Steem White Paper, p.14). SBD is not supposed to be priced by the free market. The purpose of the token is to have its price manipulated by both the autonomous mechanisms of the blockchain and witness inputs so as to maintain a stable value relationship with (the also manipulated) USD. That offers more utility to users who live in a fiat-dominated world. If and when such a world ceases to exist, then such manipulation will have no value, but for now it has great value. @timcliff's point about there being no value in treating arbitrary and aburpt supply changes due to obscure blockchain factors such as the change to a 30-day reward pool as being meaningful to 'free market' pricing is also a good one. Our job is to support the utility of SBD by maintaining the 1-1 peg (within reason). It is not to abandon the peg and defer to free market pricing.