I found it hard to onboard people on Hive but I was able to convince a few people and let them join for a 20% APR. They are passive investors. If they find out that the APR is reduced, they would take their money out and leave.

It is assumed by a few people that people would liquidate HBD and convert it to Hive and power up. I don't think so. There are so many accounts with just HBD in savings and no HP at all. It is quite possible that they might leave Hive.

I personally would keep the APR at 20% for my witness and even if there is a pressure to reduce it, I think 15% is fair.