Hive account@shortsegments, that’s only illogical if “public funded entity” means “must behave altruistically because taxpayers paid.” It doesn’t. Even with private capital, you can force public-style behavior through hard rules: transparent reporting, overcollateralization, capped fees, auditable reserves, and liquidation rules that aren’t written in disappearing ink; that’s the whole point of governance design in infrastructure finance, not vibes, as broader public/private models keep showing in Pew’s infrastructure finance review and your own emphasis on system-level stability in your HBD Stabilizer post.

The real issue isn’t public money vs private money; it’s whether the bank’s incentives are constrained enough that serving Hive is the profitable path. If private funding gets a free hand, it won’t act public-minded — obviously. If it’s boxed in by enforceable mechanics and full visibility, it can still function like public infrastructure without pretending charity is a business model.