If we printed 10x as much SBD, it probably still wouldn't work.

The "peg" may be a soft one, not a hard one. By "hard", I understand something that is automatically linked to a certain level, like 1 SBD = 1 USD, and it's backed by real assets, and by "soft" I understand: 1 SBD = x amount worth of STEEM, at whatever the price of STEEM is. I think we've always been in a "soft" peg.