You raise some interesting points about the future of the HIVE ecosystem, with your attention explicitly drawn toward Resource Credits (RCs) and the Hive Dollar (HBD).
Starting with Resource Credits, you've correctly identified their value for project owners. Their utility is straightforward: they enable transactions within the network. With a system that recharges RCs based on the HIVE POWER held, the mechanics seem well-geared for incentivizing participation and growth within the Hive network. However, we should consider the potential complexity this might bring for new users and how to mitigate any friction in the onboarding process. If you're correct about the potential growth of the platform, particularly in terms of new apps and users, then the value of RCs could skyrocket.
Regarding the HBD, the 20% APR is indeed quite enticing. Offering such a high return can attract substantial capital into the Hive ecosystem, especially given the relatively low-yield environment of other crypto and traditional assets. As you've identified, the critical challenge is managing the debt from issuing HBD. You rightly compared it to how companies and governments leverage debt to finance growth and expansion. However, for companies and governments, there are generally solid tax revenues or income streams backing this debt, which provides a certain degree of security to debt holders. In the case of HIVE, the backing of the debt is a bit more abstract and relies heavily on the trust and perception of the Hive community and the broader market.
What's clear from your commentary is that the future of Hive will be primarily determined by how well the community can balance economic incentives with user experience and the sustainable growth of the ecosystem. While there's still much work to be done, your optimism and the community's resilience should go a long way in helping to navigate these challenges and ensure that Hive continues to evolve and thrive.
Finally, community engagement and broader marketing efforts to improve Hive's image will be crucial. The tech and dApps developed on Hive are valuable and have great potential. Making this known to a broader audience will help attract much-needed capital from institutional and retail investors.