HIVE looks like it is paying everyone with dilution and calling it growth. When you add record monthly issuance and then pile on conversion driven printing you create a treadmill where holders need constant buying pressure just to stay in place.
HBD is not just a stablecoin in this environment it is the throttle. If HBD incentives and market pricing pull people into conversions then HIVE supply can be created fast and when conditions reverse a chunk gets converted back but the volatility itself is destabilizing for confidence even when the peg mechanism technically works.
Hive is flirting with the dumbest possible optics in crypto printing harder while pretending the ecosystem is fine because the chain is still producing blocks.
If witnesses and stakeholders want HIVE to be taken seriously they need to stop tolerating a situation where conversions and policy choices can turn the monetary system into a stress test every time traders sniff an arbitrage because that is not decentralization it is self inflicted dilution dressed up as mechanics.