You are missing the demand for HIVE. It is true in isolation, in theory, what you describe could happen. However, there are also use cases for HIVE, in particular, activity on chain. When couple with governance, we see there are reasons to hold HIVE (HP).
That said, we need to have discussions on how to increase the return for holding HP outside of inflation. This could add to the mix, making both tokens required.
HIVE is obviously more volatile and speculative. HBD is meant to be more consistent. The two can coexist.
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The returns of HP aren't too shabby as they stand. Also, Hive can moon but HBD (can also moon but we don't want it to) can't*
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The HBD stabilizer helps to prevent that.
So does the pHBD liquidity pool. That will also help to keep the price down as arbitrage opportunities.
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