If I'm interpreting you correctly one of us might be a little confused as to how this works.
The 5 cent price point doesn't include DHF money, nor does the debt ratio.
https://www.hbdstats.com/
https://hive.ausbit.dev/hbd
and as you said, the coded debt limit doesn't kick in even at 5 cents.
The coded debt limit kicks in at 30% debt ratio, which can happen at any price point.
It can happen at $5, in fact that's how Luna actually collapsed; UST leverage becoming more popular than the base governance token in the eyes of big money players. Luna collapsed because UST overleverage pumped it x100.
It's just super ironic to me because it's very clear that Hive is in a stable state.
It's when we get pumped that the network becomes unstable and risky.
And also we are supposed to be discussing the risk to HBD holders,
in terms of the 15% yield and $1 peg being sustainable.
Immediately bringing up the DHF is quite off topic.
An argument can be made that it's risky to the Hive network.
An argument can't be made that it's risky to HBD holders.
The biggest risk to HBD holders is if witnesses change the rules, which isn't even a risk because it requires a hardfork and gives everyone months to accept the new rules and pivot accordingly.