but we should also be basing it on the feelz of people outside the system?

If you want new people to join Hive, then yes, we should take that also into account.

IMHO, the biggest issue Hive is facing, is attracting new (active) users. Even within Crypto Hive is not really known, especially for a project, which is quite around for a while.

You make good arguments for keeping the APR at 20%, but how many new users did this APR really attract and how many of them actually stick around and are interested in the long-time perspective of the platform and are not just mercenary capital?