@blocktrades, let the market decides what the price of HBD is, in my view.
In my view, trying to regulate something/ peg something to fiat, etc. is simply an intervention against the principles of the free market that may damage the ecosystem.
Also, I would like to say that most of the people on the HIVE blockchain live outside the U.S. It means that most of us don't care about the value of the U.S. dollar. For me, it is not important what 1 HBD in U.S. dollar terms is. In my part of the world, we don't use USD and don't pay attention to it. That's why for me it will be irrelevant if HBD is pegged to 1 USD. Even, I will consider it as something negative. Also, I want to say that most of the HIVE-rs from my small city I communicate with either price their crypto in HIVE or BTC/ETH. That's why it would be much better if the price of HBD is backed/pegged to Bitcoin.
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HBD was designed to be pegged to the dollar: it is supposed to be a stablecoin. And this has a very valuable purpose : a relatively stable price versus commodities makes it more suitable for commerce. And having a working stablecoin will make Hive itself more valuable.
If you're interested in price appreciation, you can hold Hive instead of HBD.
Here is a man from the citadel!
That it is pegged to the USD is mostly irrelevant. The main purpose, as @blocktrades noted in the other reply, is to maintain relatively stable purchasing power. For example, it is used by the DHF to set hourly payments for funded proposals which go on for an extended period of time. We don't want someone being paid to work for Hive to see their pay increase or decrease by 10x or even 100x just because the price changes. That's highly disruptive and damaging.
If, for some reason, USD itself were to go haywire and stop maintaining relatively stable purchasing power, we could decide to start pegging to something else like a different currency or a basket of commodities. Either way, the mechanism for having a stablecoin that maintains a peg still needs to work.