Good point you are making. Yet I think the amount SBD in circulation is in fact what is needed to create all the steem and steem power. The lack of SBD maybe because most are in steem power, not steem. Therefore it is not possible to move steem into SBD or else its making a collateral on top of another collateral. I can be totally wrong on this. Your thoughts?
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SBD is a smart contract coin created with Steem as backing, not the other way around.
It is similar to BitUSD which is created by putting up BTS as collateral.
I should read the white paper though, since I am not entirely sure of how exactly it is constructed.