We can talk about mechanism and such all we like. The plain simple fact of the matter is that HBD and Hive prices are linked. If one goes up so does the other, if one goes down, so does the other.
Look at the Steem Dollar price, around $9.30 and the Steem price around $1.20, both have risen.
Now look at the HBD price $1.81 and Hive $0.67 both have gone down and casual investors hearing that a community is actively trying to drive down the price of its own crypto, will run for the hills.
Cg
Imagine the face of horrified investors when they see a group of stakeholders trying to stabilize a "stablecoin" and in the process reduce the circulating supply of the native asset. Jokes aside, picture the sentiment of the casual SBD investors when they realize that they were a victim of a pump and dump scheme of a "stablecoin".
Anyway, as I said before all of this discussion will be a moot point once the next hardfork goes into effect. I am very confident that the economics of having conversions from hive to hbd will drive its price closer to a dollar and increase the demand for hive...unless if a big enough group of stakeholders opposes the change by voting out the witnesses that are driving this initiative (I don't see that happening).
I get it, having a high valued secondary coin is good for content creators. That is the only compelling argument I have read across different posts and comments on the subject. The calls for preserving the sanctity of the "free market" in the presence of a pump and dump scheme ignore the fact that the stakeholders that are trying (emphasis on trying) to align HBD to its intended value are valid actors in an open market.