What you say is not wrong. The problem I see is that things could evolve quite fast if hive drops more in price. The lower the hive price, the higher the dept level and the closer we get to the haircut, where HBD automatically depegs. Suddenly you get 20% on your investment that might be worth only 80% of the capital. High HBD apr favorises a decrease of Hive prices which gets us closer to the haircut which in turn risks the peg. In my opinion the present situation isn't sustainable even if we don't see the effects yet.
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