I guess what people are not understanding and it's understandable is that the 20% APR is a Variable APR. It could be changed at any time depending on supply and demand of the hive ecosystem. Saying you'll earn 20% forever which is what most people are likely thinking would in fact be a scam because it's impossible for 20% to be paid out forever it would eventually crater.
People are skittish and rightfully so after higher APR rates from other applications and businesses that paid out higher then the stacking rewards of the token and all blew up in their faces. It's more of a misunderstanding and how it's being promoted.
If they change the interest rate every year, then no one will hold HBD at all - there must be a long-term forecast and stability for people to want to put HBD
That is true. And if you have bonds tied to it, as we see with the Fed, changing the rate and altering the value of the bonds is not a good idea either.
Fortunately, with HBD, there are ways to alter the money supply without changing the interest rate.
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Ideally, it should be like this: the interest rate is fixed in a code with a guaranteed term - for example 3-5 years / it can increase but cannot decrease - then many people would buy HBD. In the meantime, it all depends on the will of several people and the chance of losing is very high (words and promises alone are not enough - it should be as decentralized as possible)