Jay... funny you should bring that up. I guess I dodged the question cause I couldn't get a definitive answer anywhere. I believe you're right as regards 'worth' but SBD is labelled a 'derivative' which means there should to be an underlying asset backing it up. What I can't get my mind around is if a dollar worth of Steem is the asset it may be a case where it's being backed up from within and not arms-length. That's why I suggested the question should be asked. But regardless, you still need a dollar to but as dollar of Steem. Either that or it begs the question where is the NEW STEEM to back it up coming from. It's not be accounted for in the inflation numbers? This is really confusing stuff... and sometimes it's might not make sense to ask the question. Tsk! Tsk.