I feel you are also not completely convinced.

I'm not convinced that it is dangerous. I am convinced that it's not a hard limit but is in fact more like leverage. I've been saying that for years, and it's nothing I came up with, Dan Larimer described it the same way when he designed the system and then when he was still around working on it.

Leverage means exactly that, when the price goes down, as an existing equity (stake) holder, you lose a bit more, when it goes up you gain a bit more. To the extent that the stable value token has intrinsic demand, it becomes an additive benefit, which we largely pissed away for years by not paying interest and not having an upper peg (you seem to be recognizing this in pointing out that the stabilizer, etc. makes the economics better, and I agree).

I see the leverage ratio is small enough to not be alarming (and even less alarming considering the haircut) unless you are just strongly attached to zero leverage. But again, that's never been how Steem/Hive has worked.