Hbd doesn't have to be pegged to 1usd, it only has to be stable enough that people use it.
IF we made hbd from empty promises we could compete with tether and usdc, but we don't, so that isn't a realistic expectation.
When hbd is <1usd then converting is profitable.
The hive derived could buy back more hbd than when you started.
The 3.5 day wait takes much of the volatility away, and you can bet that those that have enough hive/btc to influence the price know when, and who, is in profit or loss.
I'm saying that the market is closely monitored because the sample size is soooo small.
A tiny percentage of holders trade the volatility.