It's not really open to manipualtion except as a denial of service. Making the price lower just makes the conversions less attractive. But yes, someone looking to pump HBD for some reason (not sure why, but we could imagine it) might want to discourage conversions in this manner.
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If someone with a large enough bankroll wanted more HBD for their HIVE conversion, they could conceivably make the market take a dip for a couple hours. Exploits like this should be avoided in consensus code.
Making the market dip means they would get less HBD. That's not a gain, but it could discourage others from initiating HIVE->HBD conversions. That's why I say it is only a denial of service (but that's not desirable either)
Ah, right. I was still thinking about HBD->HIVE conversions. It still doesn't make sense to allow the median to be overridden but it seems like Dan N has come around to that conclusion in a reply to you.
Not exactly: I think the median should absolutely be overridden in the case where it provides better than the current price: the whole point of that mechanism is to avoid gaming by the converter.
But practically speaking, it seems we don't have a price feed that can allow us to do that.