Tell me if I am wrong but your whole argument boils down to saying "let the market decide the price of HBD".

There is only one problem, in it's current form the supply of HBD cannot increase to match the demand hence the price above it's intended value.

In an open market (btw I hate the term "free market"...but that is another story) when the demand exceeds the supply the price goes up but it also creates the incentive to increase the supply. This cannot happen with HBD...the rate at which hive dollars are produced is inflexible.

Since there are obstacles for the free flow of the supply (by design) the calls for letting the "free" market decide are misplaced.

This discussion will be moot once the next hardfork is implemented. When that happens anyone will be able to convert hive to HBD and take advantage of the price manipulation that is happening on the Upbit exchange which will bring the valuation back down closer to one USD.