whats sxBTC, (locked in BTC?)
if it was just Bitcoin and no other interests I'd agree with you, but as there is potential to for BTC to be a reserve currency, just a small amount of global fiat demand can make launch a pegged SC.
If it is pegged 1:1 then BTC goes up in value with it.
If it's not then it's just another altcoin. A backdoor re-introduction of your GOVcoin scenario I suppose. Explain to me again how sidechains created this problem?