In the initial article about HBD you published two months ago, you say: "When the price of HBD is below $1, market makers can enter and convert HBD to HIVE". If you convert HBD to Hive, when HBD goes up, you will be able to buy less of it with the same amount of Hive you had received from the previous transaction (assuming Hive keeps the same $ value). Who would want to do that?
Also, what does it mean that HBD is a debt instrument?
Even though the market says HBD is below $1, the blockchain will always still pay you $1 worth of HIVE for ever HBD.
Think about HBD as a loan that the Hive blockchain is making.
The terms of this loan (being that 1 HBD can always be redeemed for $1 worth of HIVE) are embedded into the blockchain code as a smart contract.
The official conversion process takes 3.5 days using the median HIVE price (in order to factor out short term price swings).
So you're buying something that's worth $1 for say 85c.
Then using the blockchain to convert it back into $1 worth of HIVE (worth $1).
And therefore pocketing the difference.
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