This is close to the market perspective I use to view it. The blockchain has the ability (currently limited in volume, but still there) to create HBD using $1 worth of HIVE. The market is paying $2 for HBD. So stakeholders are doing the only natural thing one does in a market, selling as many dollars bills as you can get your hands on for two dollars.
Whether or not this actually results in the market price of HBD being driven down to $1 is somewhat irrelevant, and I have said so in just about every single post about @hbdstabilizer since the very first one. Even if it doesn't, selling $1 worth of HIVE for $2 still accrues to the benefit of stakeholders and the DHF (which is mostly the same thing).
I probably should have qualified my reply by adding that having the ability to convert hive to hbd (which is what the hbd stabilizer does at the end of the day) will make it more likely that the price of HBD will be closer to one dollar.
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.
#LeaveHBDAlone
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.