Is there no risk the DAO becomes significantly less if hive should rise in price? It doesn't matter for now, because the funds are not in the 100-thousands.
But in theory, if enough funds in the game, it could be worth the to money attack it right? Because it works like a market maker.
The premise of conversion is that it is hard to manipulate the price over 3.5 days. Unless it is manipulated it is just normal market risk. Sometimes it rises, sometimes it falls, should average out.
I can't say that some way of profiting would be impossible though, if the amounts are large enough, but probably not at anywhere near the current volume.
I will monitor it a bit. If I have a bit more time, I do the math behind.
IMO there is a risk at the moment, that would be worth looking at. But I can imagine on Higher hive prices, it can be worth attacking. Special if the Volume is very high.
But on the other side, it would be similar to and defi pool. With the difference, it can become empty :).