Doesn't conversion always consider HBD to be worth precisely $1? If you buy HBD for less and convert it, you earn; if you buy it for more and convert it, you lose.

Converting 1 HBD worth 10$ would still give you like 5.5 Hive at current price, not 55 Hive. Or am I missing something?

If I am right, then the market price of HBD does not affect the emission of Hive much, it's the Hive price what matters.