I think having a SBD price feed, and capping SBD at a fixed, higher peg for conversions is a good start. It will stop SBD pumping up again at the very least. The peg can be enforced downward on a slow and controlled decline towards $1, which should prevent the scenario of a crash happening.

To do this we have to have a two-way SBD <--> STEEM conversion function. The SBD price can be manually adjusted by consensus over however long is needed, instead of coding in a feed.

I can see your point about 100% SBD and how it may be counter-productive. People could always power down instead if they want to get SBD out.