Thanks for taking the time to respond. Do you have any verified data on steem inflation in 2018 after the crash and what % was SBD conversion related that we can review? I don't have access to any reliable data; but quick google found found the post below (which I have no affinity with and have not checked the data) and they imply that inflation in 4th quarter when things were at its worst was a massive 2.5 times the set inflation level due to multipliers on SBD conversions happening at lower steem price compared to when they were issued

"The inflation rate in the fourth quarter, where the STEEM / SBD price plunged, was 5.78%, exceeding the design level of 2.1% by more than 2.5 times."
(https://steemit.com/utopian-io/@lostmine27/the-current-actual-inflation-rate-of-steem-is-quite-different-from-the-design-1545151936259 ).

Also most of the 'new' SBD induced inflation was dumped straight onto the markets not powered up (as people converted their stable coin); compared to the post reward inflation which is under haircut circumstances mostly illiquid (as SP). So you had massive increase in market supply of steem putting downward pressure on the steem price which in turn further increases inflation as the price goes down and the SBD conversion ratio goes up. Aka death spiral of extra supply dumping on markets, just when you don't need it and people race to convert before the haircut kicks in or gets worse. IMO this put steem into a magnified downward spiral well beyond what a lot of other cryptos experienced as people rush to convert their SBD and dump them before the haircut gets worse.

Hive/HBD has the same mechanics; so I expect the same to happen again. Allowing people to produce even more HBD just means a larger debt hangover when its converted; and negative feedback inflation boom just at peak of the main token price collapse will be much worse.