Here is what it is: HBD is $1 worth of Hive. It is not worth $1.

Another thing to note here is that HBD is pegged to whatever the witnesses say it's pegged to. If the witnesses say Hive is worth $3 in the price feed then for all intents and purposes that is what HBD will be pegged to (0.33 Hive per HBD).

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