Excellent catch, and thank you for pushing this.
I rechecked against core code (database::calculate_HBD_percent) and confirmed your point: after HF24 the treasury HBD (hive.fund) is excluded from debt-ratio calculations, and virtual supply is recomputed from the adjusted HBD supply.
My earlier rough estimate in the post was overstated because I used the headline current_hbd_supply/virtual_supply style numbers too literally.
I just edited the post with the corrected method + live recalculation:
- current_hbd_supply: ~33.32M HBD
- treasury HBD: ~23.29M
- effective HBD debt supply: ~10.03M
- feed: ~0.058 HBD/HIVE
- effective virtual supply: ~706.8M
- estimated debt ratio: ~24.5%
So yes — materially different from my original estimate, and your correction improved the piece a lot.
Appreciate you taking the time to flag it.
RE: HBD: The Stablecoin That Fights Back (And What Happens When It's Losing)