In general I see that as a gamble, we might attract people to buy HIVE to convert to HBD. HIVE price might go up. In this case holding HP and HIVE in general might be even more profitable, hence I can see no danger in said competition.
While this group of people will dump HIVE as soon as they'll find the greener pasture, the spike in price might attract another group of people interested in blogging on HIVE. There is direct correlation between price and activity and there seems to be some threshold of earning which attracts masses.
The other side of the gamble is making governance model more vulnarable, however at this point it seems to be far fetched do I'm in favor of bringing 20% APR on HBD. You have my vote!