On the other hand, the 20% APR has also brought a lot of new capital to the blockchain,

I saw this argument brought up so many times without giving some "proof" of that... It's the same as when people brag about how they bring THOUSANDS of users to HIVE and we have barely a few thousand active users in TOTAL!

Back to the topic, everyone can see the amount of HBD in savings and even check exactly WHO are the people that have the most... A simple look at https://hivebuzz.me/ranking, sorted by "HBD Savings" will give that info... If you ask me, I recognize more than 70% of the Top 100 names there as "old Hivers", and most of them just converted their HP into HBD...

So, it's not that 20% brought "a lot of new capital" into the system... That was the idea, but the realization wasn't that good...