didn't read all your post..
but selling HBD doees not necessarily mean that it puts selling pressure on Hive as one can trade HBD directly for other coins/tokens. This should be even better with the planned liquidity pool of HBD and a USD stable coin on polycub
HBD is backed by HIVE, that is what it means. Imagine a situation of a bank run. There is already native function on the Blockchain that, when the value of HBD is below $1, it is profitable to call it and what is does is burn the HBD and print hive out of thin air.
If HBD is at 0.5 cents and HIVE is at 1 dollar and you have 10 HBD and sell it on the market, you get 5 dollars, but using the peg function you burn the 10HBD and get printed 10 dollars in Hive, because for the function 1 HBD is always 1 dollar, which in this example would get you double of what you would get by selling, but it would be by printing, by inflation.
Luckily HBD doesn't fluctuate that much anymore, but it doesn't mean it never will, and the market cap switching and consequences is a tough subject for me because Hive is very new and I am not in the fields of economics.
those are valid points; I just wanted to mention that if I sell e.g., HBD for USD on polycub in the near future it at least won't put direct selling pressure on Hive
I totally get that, I was considering the backing of HBD because in the end what pegs the HBD to the dollar is the promise of printing $1 of HIVE per HBD independently of HBD price in the outside market