RE: Recent Run In Hive Shows The Need For HBD

1 yr (edited)
1 Min Read
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The original name is Hive Blockchain Dollar not "backed". The lawyers for Steemit and Justin Sun were keen to make this point in the Bittrex case.

With the current regulatory discussions I think it's strongly preferable to stick to Blockchain not Backed. The HBD is backed by Hive which is a utility token. It's not backed by the USD. Might even be worth editing your post.

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But reading this again now I'm seeing that it can be read that the HBD is a Dollar backed by Hive. 😊 now I'm thinking what I wrote at first is nonsense.

Carry on.... 😂

That might be the case and thanks for the correct. That said, perhaps it is a smarter move to change the name to Hive Blockchain Dollar.

That could help to alleviate some confusion.

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Personally I would call it an Oracle Dollar.

This is a more generic term that could describe most algorithmic stable coins.


I would not be surprised if regulators tried to make arguments based on how users and frontends interpret the backend data. They are in for a rude awakening.


Lawyers are wrong, why does that surprise you? The meaning of HBD has always been "Hive-backed Dollars" (and just to be clear, SBD stood for Steem-backed dollars, although I wouldn't be surprised if someone tried to retcon that).


Obviously you were around and I defer entirely to your recollection. The more I've thought about it "Steem Backed Dollar" makes sense as a "Dollar" backed by a USD $1 worth of Steem.

I do remember finding it odd that Justin Sun's lawyers seemed to be so adamant about correcting the record on this point. It doesn't make any difference to their case as far as I could see.