Can you explain to me what sense it makes to back a stable coin with an unstable asset, particularly an emergency fund?

There is no math behind it that makes sense.

Price goes down, HBD amount the same, value from asset down. Sense?

Price goes up, HBD is the same, and Bitcoin has a higher value. Also no direct relationship between.

Besides marketing a stupid idea and copy and paste luna. A coin that will become unstable the next time for sure...

A pool with 1M in Bitcoin and 1M in HBD woulr be way more interesting and smarter. And also can generate revenue for the chain.

Some fee for trading.

Bitcoin price goes up = people adding more HBD to the pool because of cheap Bitcoin.

Price goes down = vice versa.

liquidity owned by multi sig, pool onchain.

With Bitcoin version on hive that represents the token, people are likely to trade and stabilize HBD massive.

It's a "backed by bitcoin" that could really work.

If HBD is cheaper than 1$, I can buy bitcoin on a discount.