Okay, I really get your argument here! And it is very logical and reasonable. But wasn't HBD designed to be a stablecoin?
Here is why I believe so. You can look quickly to SBD (Steem-backed Dollars), it is a debt to Steem, but was never designed or intended to be a stablecoin, so, there are no efforts to ensure than SBD throttles back to a particular price, sometimes 1 SDB could be as much as 5USD worth and continues that way for weeks.
My argument is this, if HBD is not a stablecoin, at least, it is part of its design to be or at least mimic a stablecoin, and maybe with time, get more stable.
Even though fiat is unstable, it usually remains the gold standard as its instability is not as wavy compared to any crypto. Just saying!
On Steem SBD was never stable, in fact after the chain was compromised, SBD went up to even $8. To compare, HBD today is extremely close to 1 USD value, even if it goes up or down 0.10. I would just reccomend not calling it a stablecoin since stablecoins will soon be facing increased regulation. Hive Backed Dollars are not really a 1 USD peg, they are 1:10 HIVE as the HBD market cap will not exceed 10% of HIVE's market cap. Before all the HBD stabilizer 'solutions' were implemented, I figured that seeing $10 HBD and $100 HIVE was reasonable. I still do. HIVE is valued in BTC not in dollars. 0.00002602 BTC
This is a really nice explanation. Thanks for taking your time to enlighten me on this. Well noted!