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RE: The return of SBD, or there is no magic money.
Are you sure about the haircut breaking the peg in this way? Another form of doing it would be that if debt surpasses 10% you can only redeem a fraction of your SBD at full $1 and you are left with some unredeemable SBD ( which you could trade at a loss in external markets ) until market recovers.
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Yes that would also be possible, but it would also break the peg. Because when you cannot liquidate and asset as guaranteed you will sell on the open market at a loss when you need the money. And when you dont liquidate and decide to wait it out, that also comes at an opportunity cost.
But I am quite sure that the actual implementation is giving less than 1$ in steem if the debt ratio is larger than 10%. I have not looked at the code myself, but found the same info from multiple sources.