Steem technically should see a small pump in the case that sbd stops printing. There is no ‘debt instrument’ (SBD) so the distribution of Steem as rewards will be lower. I don’t know the maths for the debt to equity, but I’d assume there will be up to 50% less ‘rewards’ paid due to it being tied up as Steem. If someone knows the actual answer here, please chime in.