Lots of misconceptions here. The post will cover it. You can only see the haircut problem, not the main one.
It is absolutely skewed. I am concerned more about the value of ownership than governance percentages.
HBD in aggregate causes inflation over the long term. The only ones who profit are arbitrageurs and the DAO, not Hive (except for the 5% burn fee).
Arguing that good for the DAO is good for HIVE is doable but that doesn't matter because most of the benefit is for arbitrageurs at the cost of dumb HBD speculators and hive holders.
You're still ignoring the hive holders part, which you will hopefully understand after my post.
How can something which is trivially hedged away by holding a little cash be a big deal?
It's definitely not about hedging risk, it's about structurally higher inflation over the long term. HBD doesn't provide any long term benefit to hive other than its use-case as a stablecoin.
RE: Almost 10 million HIVE withdrawn from the exchanges in just one week!