Yeah, that's what occurred to me also. So I guess this means that after HF25 HBD will have an upper bound of $1.05 and a lower bound of $0.95 since people will have big incentive (and the ability) to convert between Hive and HBD and correspondingly sell or buy HBD, right? It would put an upper and lower bound to the possible fluctuations. At least the upper bound will definitely be there, which will also greatly help stabilize the lower bound as well due to the reduced upward fluctuation. If I'm understanding this right.
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If by lower bound you mean conversion price, it is still $1.
Convert 1 HBD into $1 worth of HIVE
Convert $1.05 worth of HIVE into 1 HBD
As far as market factors, who knows.