I've done the math on HBD multiple times and shown that the inflation being created there is hardly anything. The DHF is a different story, not because of the DHF but because the ninjamine is inside the DHF. It's always premined tokens that fuck everything up. This situation is no different.

• HBD has 15% APR
• Debt ratio is 6%
• Hive inflation from HBD is 0.15 x 0.06
• It's less than 1% right now per year
• This assumes 0% growth and 100% conversion of all HBD
• Which is obviously false so it's even better than the raw math.