true, yes. however, I was thinking that it might be possible for the market value of HBD to be pushed down if Hive crashed to a very very low level, since if HBD can't be exchanged for an accurate price of Hive from within the blockchain and there aren't any external markets with good HBD trade volume, then holders of HBD would effectively be stuck holding a devaluing currency and would have to undersell it in the internal market in order to cash out.

i think it's safe to say that in this sense, HBD is 'Hive with a different hat on' and so it's ultimate stability is dependent on Hive's stability to some extent. as someone who holds a fair amount of HBD in savings (by my standards), this is important for me to understand (and for others too).