It is true interest payments ultimately come out of overall Hive inflation and dilute stakeholder vests. The same is true for all Hive payments & rewards: witness rewards, content rewards, HDF, etc. When we look a the numbers we can see HBD interest payment for the month of March was only $26,500 HBD. If nothing changes and approximately this much is paid out every month, this will cost Hive about $300k HBD a year.

By comparison, Hive distributed more than $10 million in content rewards in 2021. If you add witness rewards and dhf funding these numbers go even higher. Probably would add another $3-4 million.

All of these dilute Hive investor holdings. However, we still invest because we know this money is well spent and will lead to appreciation of the value of the underlying asset Hive.

It is not easy to tell how 20% APR would change things. We can't tell until we try. If this doesn't attract more investors who would put in their money into HBD, nothing changes, no harm done.

If all of the sudden a lot of big money start flowing in, the price of HBD will go up because supply is low. If HBD price goes up, hbdstabilizer will capitalize on this opportunity and make millions for DHF.

Another option for HBD investors will be to buy Hive and convert to HBD, this will create massive demand for Hive which should lead to price appreciations.

In both cases, I think stakeholders will be happy.

Regarding the account creation fees, I think this fee should be in HBD, and not in Hive. This way the fee will always be predictable, and parameter won't have to be adjusted every time Hive prices change significantly.