We need to finally fix HBD and limit the amount of debt HBD can create in a bear market, one idea is to add conversion between HBD and HIVE in both directions (HBD <-> HIVE), and by adding a small fee for every conversion and burn that fee + keeping and perhaps lowering the haircut / debt ratio rule below 10%.
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@blocktrades explains elsewhere that whether or how well HBD works it actually a separate issue. As long as it isn't working (i.e. is overvalued), the return on investment of using HBD from the reward pool to buy HIVE for the DAO is extremely high. It's very hard to make a rational case it isn't the best use for reward funds.