Yeah, it doesn't factor in a lot of things, but it does give a simple snapshot that can be investigated easily. The HBD thing is actually interesting, because I think that it creates additional debt in the sense that HBD is an "IOU" in some way, isn't it?
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Yeah, I must admit I've never quite understood the intricacies of HBD and the relationship to the ninja mine that gradually absorbs the notional pre-existing value when Hive forked from Steem. I guess it's a debt in the sense that as a stablecoin it's a commitment to pay out a fixed amount when withdrawn. But I also see it as part of the overall market cap for HBD that people actually buy it, and it's better to see powerdowns go to HBD than pulled out and converted to fiat.
This gives a look at it. The actual supply of Hive, and then if all HBD was converted to Hive at current feed price of Hive. So if Hive was right now worth $1 equivalent, there would be about 510 million Hive in the total. The more HBD, the more debt, which is why if price dropped a huge amount, the haircut would take affect. Not sure how that would affect the HBD APR...