It all comes down to volatility of Hive price. Potential top of $2 HIVE price gives us around 70mln HBD possible in existence (with 10% haircut applied). Even half of these coins, aftet conversion during bear market while Hive is absolute low gives around 350mln of HIVE to one entity (exchange or potential bad actor willing to harm).

Even paying 20% surplus for these massive ammounts of HBD gives realtively cheap (less than $50mln) opportunity to compromise our security for potent player willing to destroy Hive. And this will happen without massive pump of $HIVE price, which would occur while buying assets on the free market.