Reverse conversions could do that, but it also could add a lot to the SBD supply (even if temporarily). You end up with reverse conversions that make sense at the time but then need to be drained when conditions change (not unlike now). Likewise a less restricted supply policy could absolutely deter pumps as well. Consider the original infinite supply policy from the first Steem white paper (and initial launch). Why would anyone buy overvalued SBD, knowing that it will continue to be printed, increasing its supply forever until the price certainly will eventually drop back to $1 and people to start converting it? HF20 is a sort of intermediate step and likely does have some deterrent effect (if perhaps not all that strong).
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