Imagine hundreds of thousands (or millions) of HBD being sold for Hive and then the Hive being sold for HBD. How is it going to happen without enormous slippage if everyone wants to buy at the same time and then sell at the same time?
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I doubt there will be millions, but even if it's over 100k it should work, it may take a while and you'll have to wait around for the market maker bots to do their thing, but there's millions of $ of daily volume on Hive/USDT on the centralized exchanges so there will definitely be market maker bots doing arbitrage providing the needed volume for the interested traders in the inner market. At least if HBD keeps being stable during all of it which we hope it does thanks to the DHF proposal and @hbd.funder rewards being used to stabilize it. Another reason as to why those are important.
Imagine Hive dropping 20% in price (quite likely after the snapshot) while you wait for days to sell back your Hive for HBD. Seems like a very big risk if you have put a lot of your wealth in HBD savings.
You can convert HBD to Hive, but then you want to exchange the Hive back to HBD because that's how you store your wealth. The HBD to Hive conversion has no fees, but the Hive to HBD conversion has a 5% fee. So a bunch of people would be stuck with a bunch of Hive that they want to sell for HBD asap, which translates to big slippage.