I don't know if it is broken, but I do know, it is not doing what it is supposed to. A ten cent spread, does not, a stable coin make.

And Hive account@arcange, this is not a crack at you, because I know the funds are going to Hive account@hbdstabilizer, your name is simply the one on the current proposal. I still love you man 🤗.

But, what I, and probably about 2000 other people aren't loving right now, is the steady decline in the price of HBD. Why is it still going down? As I am writing this, it has dropped below $0.92 USD. To me, that doesn't seem very stable. What exactly does this stabilizer even do? It receives almost 4 times the funding as every other active passing proposal combined!

To the tune of 12,000 HBD a day. Not including the funds from the ten comment threads. In fact, the Hive account@hbdstabilizer account has over 350,000 staked HIVE. Why is it staked? Shouldn't it be unstaked entirely and added back to the DHF like the initial proposal said it would do? Questions, questions, don't worry, I'll ask the hard ones.

Here is a quick breakdown from Hive account@smooth's original proposal, which some people are voting for its current descendants. You can check my voting history, I've never put my name on it, because I've always felt it was unnecessary to try and manipulate the price of a thing.

However, I can't say it hasn't helped to a small degree, but I think the peg should be handled differently and I will get into that further on in the post. Here's the main four points the stabilizer makes:

• Examine the HBD price.
• If in range, send HBD back to the DHF.
• If price is high, buy HIVE with the HBD, and send to the DHF.
• If price is low, convert HBD to HIVE via 3.5 day internal conversion within the wallet, buy HBD with said HIVE, then send it back to the DHF.

Problem #1

If you are going to try and create a stable coin, you have to have enough gumption to grow the balls to be in every market that it is available, and be the most active buyer/seller of your coin. Or, at least, pay someone to do it. Luckily, (and at the same time, sadly,) the only place to buy or sell HBD outside of the Hive ecosystem, is UpBit.

Problem #2

One would think, after almost 6 years in existence, that such a prominent chain would have itself on other major exchanges like Binance, Coinbase or even Kraken. To me, that is a bit of a problem. Why aren't we listing on major exchanges? Is it because of them being centralized entities? Are we hiding something? Is our pride too great that we won't pay a little fee, like every other major or minor cryptocurrency listed, to get us on there?

Something is off about that, I've been having trouble trying to grasp it since I plugged in to the financial side of this chain. And don't waste your time in the comments if you try to rattle off some bullshit about soft forks and nodes, because other blockchains do it consistently. Why aren't we?

Problem #3

This is the one that really makes no sense whatsoever to me. The 4th clause in the proposal that is supposed to stabilize HBD. How does 'converting' HBD into HIVE, then buying back the HBD with HIVE really do anything at all? Seriously, all you did was sell the HBD slowly for HIVE and then bought it right back. Hang on, I'll give you this paper dollar for 4 quarters and in 3 days, come buy back the quarters from me. The fuck.

You do realize, that the price of HIVE, is ported in from exchanges outside of the Hive ecosystem and is merely reflected in the wallets? Nowhere on Hive, will you find any kind of exchange that helps to dictate the price. Hive-Engine might have a very small impact, but nowhere near the true outer pressure. And, the same goes for HBD. The only reason it is worth just over ninety cents now, is because UpBit says so. Not Hive.

Problem #4

Which brings me to the final problem of the HBD stabilizer (barring the comment thread, which is a whole different beast), the staked HIVE in the account. As part of the proposal, ALL HIVE and HBD is supposed to be sent back to the DHF. So, why is there enough HIVE staked there to easily attack UpBit and correct the price? In fact, there is enough there (because of the low volume - just over $3500) to do it ten times over!

My Concern

What the fuck is the HBD stabilizer even doing other than pillaging the reward pool by 'taking' from real authors or creators with those comments every day? If it was a tighter spread on the price, I wouldn't care one bit and say it was working, but it's not. It's broken.