Sorry too long for me to read but I'll comment on a few points at first glance.

Yes, but then there is the normal 10% from HBD that is always possible. That's why I said 15%.

No, you're double counting here. You posited that 50% of the HBD was converted, so there isn't 10% left, only another 5% left. The 10% is just a cap on the amount that can be created for a certain amount of supply, and as I noted, sets the leverage ratio by which changes in the HIVE price amplify the impact on existing holdings both up and down, due to inflation or deflation.

Of course, after more HBD is printed, there can be more HIVE created by converting HBD, but printing the HBD requires removing HIVE first, so that in and of itself isn't more inflation.

we buy and burn HBD when the price of hive is high, and then print Hive when the price of Hive is low, so even without haircut

Well, technically the price of HIVE doesn't matter here, it is the price of HBD. If HBD never drops below $1 then it won't get converted regardless of the HIVE price. But setting that aside, I agree the haircut itself doesn't matter only the price change of HIVE and the leverage effect (in fact the haircut reduces inflation by reducing the conversion rate when it goes into effect, which is why I said it is less dangerous for HIVE holders than more conventional debt leverage without a haircut).