I didn't calculate since November last year and Hive was a similar price too. Then it was 41%, which is crazy high. As the price falls from here, that % increases rapidly cos the DAO is mostly held in liquid HBD pegged to $1 and as you said, the coded debt limit doesn't kick in even at 5 cents.

This in theory should make HBD safer as they are prioritised over HP holders, but it doesnt take account of long term incentives and the risk it could spiral out of control rapidly like Terra Luna. Once people lose confidence, its over.

I agree with all your other points.