And why are we here?

I will say something extremely unpopular.

I think the problem is the 20% interest on HBD.

The system uses HIVE to guarantee the price of HBD. Ausbit bank reports that the market cap of HBD is currently $11.56 million. There is over $6 million in savings as HIVE has been paying over $100,000 a month in interest on this debt.

One thing I've noticed about the HBD market cap.

Whenever there is a big dip in the market, people start converting their HBD to HIVE. It appears that many investors then dump their HIVE.

At the end of the year the price of HIVE dropped to $0.26. HBD holders converted well over a million HBD to HIVE and dumped it. Converting a million HBD to HIVE produced well over three million HIVE which users dumped on the market.

The HBD market recovered at the beginning of the year. It was approaching $12.5 million market value.

There was a second market panic and users converted over a million HBD to HIVE creating about 2.5 million HIVE when the market dipped in March.

The HBD market value started growing again. It rose to $12.3 million.

In the current market slump, we've see HBD investors convert over 500 HBD to HIVE.

It seems apparent to me that HBD users are prone to convert HBD to HIVE.

Even worse ... they execute the conversions when the price of HIVE is low. This magnifies the negative impact that HBD has on HIVE.

The witnesses say my observation is incorrect.

Monetary theory, economic theory and financial history shows that debt puts a downward pressure on the economy.

The HBD debt puts a downward press on the entire HIVE ecosystem.

It seems obvious to me that the HBD debt is putting a downward pressure on the price of HIVE. As long as we have this stupid interest on HBD, the platform will continue to slide.

!WINE