The conversion formula is sufficient to use HBD as a stablecoin. The formula guarantees that HBD investors will get $1 worth of HIVE after a three day wait period. One then has to minus the cost of selling that HIVE on the open market which isn't that terribly high.
The mistake the witnesses are making is the belief that there has to be a large amount of HBD on the market for people to use HBD as a stable coin.
Since the HBD can be converted to HIVE, a large amount of HBD on the market makes the entire HIVE ecosystem less stable.
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