I don't really understand your concern about SBD falling below $1. Can't this be easily solved by the feature where you convert 1 dollar worth of SBD into one dollar worth of Steem? I know the feature is removed from the Steemit interface, but is it not still there on the blockchain level?

Yes, indeed, and if witnesses publish a negative bias, then you actually get more than a dollar's worth of Steem for every dollar's worth of SBD. That should incentivize people to convert to Steem. However, as we know, the crypto world is absolutely bereft of reason, and a lot of people are simply uneducated about Steem. I also see impressionable minnows are fed propaganda FUD by other witnesses, and they have no reason to question said authority. So, you'll see people panic dump even though there's a better option available. Historically, SBDs have spent a majority of its life in the $0.90 to $0.95 range.

That said, this is more of a long term concern than an immediate one, and over time I'm confident SBDs will stabilize.