Great episode, much better content than most of the HBD APR rants over the last few days (from all participants).
It is so sad to watch people (incl. taskmaster) work hard on creating HBD circular economies and then watch other people (incl. taskmaster) work hard on locking as much HBD in savings (ie. out of circulation) as possible. Civil War 3.0
I fully understand Task laughing my comment a few days ago given his 5 seconds per comment rate.
Since you spent 2 hours on the topic and even discussed the two faces of HBD next to each other, it makes sense to carry on:
I get the adrenaline rush witnesses may get from being the central bankers. It is easy to miss the HBD is kinda foreign currency when it caters certain customer needs better than HIVE does. It's not like it was a corporate debt (HBD can be printed insted of bought to settle the debt) but it is not as easy as printing HIVE (printing HBD instead of buying it admits depegging is sensible).
Bonds market is bigger than e-commerce, I get that. I also think it is fun to play games with offering conservative people interest on HBD hoping to outpace it with HIVE coin price growth. All you risk is missing peg on HBD and shrugging shoulders saying: "You should have known it is not a dollar."
However, until the circular economy you create is big enough not to care about haircuts and stuff (as there will be enough people pretending it is a dollar to always have places to spend), growing the HBD locked-in supply goes directly against the people of Sucre who are going to be butthurt when HBD goes to $0.60 or so.
I don't want to make you feel bad, so let's openly state the complement: Those people who carry liquid HBD on them are making your games harder as well. There is no good vs. evil here. Just Real vs. Barca kind of thing.
Stop calling it a dollar and lot of stuff being said on the podcast ceases to be obvious. Cause it's not (with careful wording).
BTW, if we ever get to 28% debt ratio and Task is still the first one to ask witnesses to fight the problem, I really hope they won't. If HBD holds the peg by then, that's because the market is not bothered about conversions and haircut. In the market that does care about conversion mechanism not delivering full $1 worth of HIVE, the HBD price reflects the risk way earlier. When HIVE can easily drop 50% within days, reaching 15% debt is already an issue. Not a Luna-issue but enough to noticably depeg.