While we want hbd at a dollar, having it worth more is better than having it worth $0.80 or less.

Agreed.

Personally, I don't see a big problem with HBD being above $1.00. However, when investors are holding or purchasing HBD knowing there are mechanisms in place designed to force it back to $1, I remain surprised -- and this tells me there is likely irrational exuberance in the HIVE price as well (just a hunch on my part).

There are clearly not enough arbitrage opportunities (yet) between HBD and HIVE. I think HF25 will help with this (although I don't know enough about the details to speak definitively).