Thank you !

I think we'd really need to dig deep into the system to understand if the HIVE supply has been manipulated to keep the debt ratio within the soft upper limit zone. But my instinct (with no deep study, just a gut feeling !) is that Hive is naturally resistant to changes in state of the debt ratio purely because the different states influence user behaviour.

While Hive is open to manipulation, most of it seems to revolve around people finding ways to get hold of revenue (DHF funding, AI posts and comments, etc) and then extract it. The scale of transactions needed to influence the debt ratio are big enough that it would be pretty obvious to the kind of Hivers who study the transactions on the blockchain. One of the benefits of being in a censorship resistant place is that there's bound to be someone who couldn't resist calling out the manipulation 😁