The way I see it rewarding from inflation is questionable and in a bull run can end up printing a lot of Steem being paid out with very little benefit. During the last bull run we had people getting paid $1000 for absolute nonsense which added almost nothing to Steem longer term. But I don't see a big difference between rewarding with SBD or rewarding with STEEM. I'm leaning toward the view that SMTs and apps should set their own rewards on the basis of actual revenue such as advertising, premium sales, membership fees, etc. Inflation turns into a big money grab at the expense of investors who then have little reason to invest.

Also, I see very similar potential problems with DAI on ETH in the case of big moves. Right now there is ETH with $25 billion market cap and $100 million of DAI, so DAI is really small by comparison, <1%. But what happens if DAI grows to say $1 billion and ETH drops in value by 90% or more (as all cryptos have done at some point, some more than once). I think you get the same sort of imbalances we see can happen with STEEM and SBD.