it's nothing compared to the 76 million hive from the ninja mine waiting to be converted.

i don't really see these at the same thing. If we wanted we could print a 100 billion HIVE into the DHF but that wouldn't necessarily mean there is a market for it. At some point we end up back where Steem was when Steemit was (arguably) dumping more than the market could absorb for their own funding and it was self-defeating in a way, because the more they sold, the more the price went down, hurting the funding.

I believe it is quite plausible that the 74 million will end up in much the same situation when we try to spend it (no guarantees ever when it comes to future market conditions of course). However, funds that come from taking HIVE off the market now seem less of a risk of flooding the market later. It's a bit like borrowing from the market (on very favorable terms given the prices today) rather than just selling what are effectively new coins in a way.