Assuming that most HBD investors know about the haircut, I suspect that we will see investors start pulling funds from savings and trying to divest from HBD when the market cap starts approaches 10%.
This run should recess the price of HBD, which would lead to a large number of conversions from HBD to HIVE for immediate sale.
The downward pressure will occur at a time when the price of HIVE is weak. I do not think it will destroy blockchain. I simply think that HBD will push down the price of HIVE ... which isn't that good for the people who've been investing in HIVE.
The point I want to make is that the high interest rate for HBD has a cost for the platform at large. It is benefiting just a few people. At the end of last month just 12 accounts held over 50% of the HBD savings. It really isn't a good deal for the people who use the platform.
!BEER