I get the appeal of raising HIVE staking interest and cutting HBD, but let’s not pretend this fixes the real issue.

HBD isn’t just a yield toy. It’s the stability valve. If you make it less attractive, you don’t force people to power up, you encourage them to leave. Stable capital always has alternatives.

Also worth saying out loud. Most large balances aren’t coming from fresh money. They’re compounding internally. Curation loops. Vote income. Delegation games. That’s allowed. That’s the system. No hate.

What’s rare is external USD actually entering the chain. That’s what I’m doing. Gig work. Real dollars. Buying HIVE. Powering it up. Locking it. Probably exit liquidity today, maybe accumulation tomorrow.

Raising APR doesn’t create demand. It creates inflation and yield chasers. Lowering HBD doesn’t create conviction. It weakens the anchor.

If interest rates fixed ecosystems, crypto would have solved itself years ago.

I wrote about something just yesterday.