HBD printed from the reward pool and issued to blog posters was supposed to be Hive in the first place

Yes, the price at issuance is what determines the math from there.

If it never gets converted back into Hive that's free money for Hive,

Yes.
More of that, please.

Nope: veto

Sorry, can't be vetoed.
One hive equals one hive until more hive comes into existence.
1 hive is 1/~450 millionth, and declining, of all hive existing.
Printing more hive makes 1 hive less of the whole.
When I got here, 1mv was ~250hive, now it is ~550hive.
Excellent for the holders, less so for the buyers.
Some of that is inflation from hbd being burned.
All of it dilutes my 1 hive.

As for the dollar, when the frn collapses we should go back to constitutional requirements, 371.25 grains of pure silver or ~17 frn's, what happens to the price of hive at that point is anybody's guess.
Until the dumpening plays out, hbd should assume the new value, imo.
Presuming exchanges are still operating.