I think that the intention of this initiative is commendable however it is a drop in an ocean and it will not even make a scratch. At the current prices we need to burn 2.5 million SBD so it would take this proposal 10 thousand days to achive it's goal...that is 27.4 years. Assuming we multiply this effort by 10 it would still take almost 3 years to do it.

With the current inflation rate the blockchain is producing about 30 million steem per year. That has a value of 3.9 million USD or 6 million SBD (at a price of 0.13 for steem and 0.65 for sbd). So burning 2.5 million SBD means that we would need to re-route 42% of the inflation to this. That equals to 100% of the author rewards for 1.2 years.

That is not even considering that with the last HF there is nothing stopping the printing of SBD. The whole SBD pegging mechanism is FUBAR.

The only realistic way that SBD will be worth ~1 USD is if Steem is at least 0.20 USD again. Doing conversions is not good because the market sees that the inflation rate skyrockets and the price will reflect that.

Going forward we need to make sure that the code does not issue SBD via author rewards since the SPS already takes up 10% of the inflation and that triggers the haircut rule faster than normal...In addition we should make sure that there is a mechanism in place that stops printing SBD via the SPS. Maybe have a hardcoded rule that buys SBD from the internal market instead of printing more SBD...or we just live with the fact that SBD will no longer be worth about 1 USD.