RE: HBD Defenses: How HBD Is Different From UST
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Hive's haircut rule is much more robust than similar mechanisms on Terra. It was possible for Terra to print trillions of LUNA for people trying to convert UST. The same would not be possible with Hive. Terra did have a speed bump in how it does conversions a little bit similar to the haircut rule, but for some reason in the last few days they decided to essentially remove it. I guess it was a hail mary to restore the peg, but it turned out instead to accelerate the crash to zero.
We'll never know, but it isn't impossible that if they had left things alone with the speed bump in place, it might have recovered (I'd say unlikely, but not impossible). If nothing else it would have slowed down the collapse and allowed more time to implement a better fix or negotiate with investors for a work out (which was tried but the negotiations didn't succeed as things played out, perhaps because the situation was so rapidly deteriorating).
Hive is doomed regardless because nobody wants to touch this chain. The only people actively developing on here are people who have been on chain since the steem days. New investors are bullied to protect legacy shares. New projects are burned by @themarkymark. New users are shunned. Hive SEO is non existent. Blockchain sentiment is deteriorating daily because the few are able to make decisions for the many. Then there are the smear campaigns that are based on outright lies, ie: Justin Sun controversy. People like you are the only reason this chain still exists. New money isn't coming in and it won't as long as things stay the same. Hive has made too many enemies in the cryptosphere. Price manipulation is rife as the market is so small. It's a sad state of events.
It is always interesting to see what projects do when things get rough. That is the true test.
Sadly for them, they either didnt have enough precautions in place or they made the wrong decisions (or both).
Either way, something for us to look at and try to learn from.
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