Correct me if I'm wrong but SBD merely guarantees you a dollar's worth of STEEM if you choose to redeem it with the blockchain correct?

So it's merely a price floor. By holding SBD you are guaranteed the purchasing power of a USD. Nothing more!
If traders are driving the price of the SBD up, that's merely a bonus. The instrument doesn't promise you that at all.

Would I be correct in saying SBD has a price floor at 1USD but no ceiling?
I'm quite impressed.. @knircky