Firstly, let's hear what @coingecko said.

Steem Dollars(SBD) is a cryptocurrency or a form of digital asset.
Source

According to description from Steem Wallet previously, it supposed to mention something like "Steem Dollars(SBD) are the internal currency of Steemit. It is relatively pegged to the US Dollar as each SBD is entitled to $1.00 of Steem when converted."

Plot

Back in 2017, when I newly joined Steemit, I got my first payout of SBD, that point of time SBD worth about $4. You wouldn't believe, I throw the entire 2SBD into the CONVERT function. Worst is, that point of time Steem worth about $2! Which means, I sent my entire $8 worth of SBD to convert it with 1 Steem. OMFG! What did I do to my SBD? Until someone posted on the blockchain, everything was already too late, and later Steemit finally removed the convert function from the website.

In 2018

First thing I noticed after both SBD and STEEM fall below $1, despite post payout is small, but the amount of STEEM and SP gotten back to my wallet proven to be more! Why is that? That's because the $ currency sign on each post reward are equal to US Dollars, and when those cryptos value is small, the post reward will be divided with the actual value of the crypto and send them back to our wallet. From there on, I know SBD is no longer pegged by $1.

What it is today

After struggling with SBD for 2 years, I finally have my way of handling it. I know it is not the entire truth, but it is rather a way of how I see it. SBD is just another SMT token by itself. Steemit uses it to pay post reward and operation cost. People like us uses these SBD to change with Steem and power up as well.

HODL for a reason

See some SBD in my wallet? No I am not HODLing it due to the value higher than Steem. I am trading it for more Steem, and with more Steem, I trade for even cheaper SBD. It's a zero sum game. Anyone wanted to buy my SBD, internal market will trade them away. They get their SBD, I get my discounted Steems.

Summary

Technically, I agreed to a friend from private discussion group. SBD basically does nothing other than holding a face value, it's weak and easily being manipulate. What I does not agree, is also the same points. There's no face value to crypto. They only have application value, or security value, depending on their nature of usage. It is a digital asset we "posses", it has absolutely no face value until we sell it. SBD is just another Steem with a different packaging.

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