Yeah the HBD dynamics are interesting and in my mind has two main layers to it:

• 1). Generation of HBD is going to always be (for now) inextricably linked to the success of Hive in general.

Provided Hive continues to grow and the community continues to opt for the 50-50 payout then I believe that this (along with the interest earning element) will be the main source of HBD generation. While conversion is an option, the success of the Hive would continue to squeeze resource credits so I think it may be unlikely to generate a substantial portion though the conversion without diminishing operational services.

• 2). The success of HBD will be determined long-term by the use cases either within the Hive blockchain or outside it.

What I mean by this is that pressure will be put on the generation of HBD provided folks are incentivized to create more and use them for something specific. Be it lending protocols (stable-pair pools), in-game purchases, product access etc.

However, one caveat comes along with HDB because of the peg. The overall value of HBD will be very closely linked with the value of the dollar (as you would expect) which means as the US continues to devalue the global reserve currency so to the purchasing power of the HBD diminishes over time due to the peg. That said if the US were to pull the rabbit out of the proverbial hat, or maybe move to a BTC standard backed currency HBD could benefit from this. Though that kind of value is not governed by the Hive chain developers/communities so when we choose to peg we're putting trust in another party to not trach the economics for us.