Thinking alone doesn’t really help if you dont know shit about finance.
Bulgaria pegged it's currency to the Euro for more than a decade now. And the peg is solid. There are a few more countries with solid pegs - Denmark, Hong Kong.
The pound peg broke because the other side of the peg with infinite capacity - the Bundesbank - refused to undertake their part of the bargain, buying pounds for new DMs.
Pegs can only be stable if each issuer takes out the excess liquidity when the price moves in their direction.
No currency can stabilise itself by selling foreign. It can only stabilise itself by suppressing an increase in its own value with devaluation - as we can see recently with the Rouble.
In other words currencies can only cap, they can't collar.