This chart from arcange indicates that several million HBD get converted every month.
I suspect that most of this is from speculators and automated processes like the stabilizer.
As I understand, the conversion replaces a given amount of HBD with an amount of HIVE based on the average of the HIVE price reported by the witnesses over a 3.5 day period.
So, when the price of HBD is below $1.00, speculators can make a little bit of money by converting HBD to HIVE. They then buy HBD with the HIVE and repeat the process.
Personally, I like using the market to trade HBD for HIVE. I only use the conversion if the price of HBD is well below $1.00.
My claim that most HBD gets converted to HIVE is based on the observation that 25% of post rewards comes as HBD. The market value of HBD to HIVE is currently 6.766% .
6.766 < 25/2 .
Historically, the ratio of HBD to HIVE had been lower.
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