You'd essentially be acting as a market maker. You can expect that others will convert at such prices, eventually bringing the price back to $1 or above.

It is not without risk.

1. If Not enough other participants are doing conversions, the price could remain low. You could be forced to sell low or do the conversion yourself (with the associated risks).
2. There is also the risk that you hold until HBD goes into haircut, when you don't get a full $1 per HBD. This risk should be seen as an unlikely outcome, but you could lose pretty much all the purchasing power potentially.