It's still a taxable event in most places, going from HBD to HIVE, or vice versus, that is, regardless of whether it's done onchain or not. As @blocktrades says, the only advantage is internal, otherwise it's the equivalent of having fiat on the blockchain (to each his or her own I guess, but that kind of defeats the purpose of being in crypto to begin with, I would think). Was much more interesting pre-2018, but now it's only an "easy way" to calculate DAO funding (which could always be done on a theoretical basis and ultimately paid out in HIVE).