The tough part is posts haven’t started paying out liquid hive yet like they were doing on Steem. I don’t know if that’s intentional and permanent but I know I’m glad to have HBD over 1$ since I’m constantly getting paid in it for posts. I think it would stabilize if that would change but I’m guessing there is a mathematical calculation coming into play with that, hive price below 1$? Don’t know but I and others can use the liquid hive even if it’s not more than what is supposed to be paid out. I’m powering up all mine, which I know a lot are just selling so it’s not like I’m looking to send hive off and cash out.
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The liquid hive part only happens if the haircut rule hits (too much hbd per hive because of a low price) and so far the hive price has sustained high enough for it to not happen.
It's more complex than that but yes it's a calculation of ratio between the total hive marketcap and the total hbd marketcap. Double check this (google hbd haircut) but I remember it being something like 20%, so if the hbd marketcap is at 20% of hive's then there will be no HBD printed anymore.