One thing I like about the haircut is that it tells people HBD is not risk free. You are being explicitly told that you are taking risk. If HIVE fails to hold enough value, there is no nonsense about how printing trillions of HIVE is going to save you.

Of course, you do need to understand what you're buying, and it isn't necessarily clearly explained all the time.

That's not the only risk, but once you have one explicit risk, it isn't claiming to be risk free.