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RE: How do we fix the peg without popping the SBD bubble? I may have an idea.
I've considered some interesting approaches as well that require a price feed for SBD to really know what's going on. If we had that, we'd have a lot more flexibility.
I have concerns about giving out SBD without Steem Power as SP is what secures the network in terms of voting in witnesses. If people up just for short-term gains, it could centralize the Steem Power holders even more which, in a way, weakens DPOS security in terms of who can effectively elect witnesses.
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.