Exactly, to buy HBD, they need to buy Hive which will then be burned when turned the HBD.
Will that bid up the price of Hive or will hive/hbd ratio cause the price to fall?
Or they will balance each other out?
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Theoretically, they should balance each other off. However, markets do not operate on theory. My feeling is the push for HIVE will drive prices up and not drop based upon the equal conversion. Markets tend to run out of lock step.
So what you say about the cancelling each other is valid but not likely in practice. Markets contain emotion which really sends things awry.
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I agree. For sure it's going to be interesting to follow the developments.
Burning it is not mandatory, can also be traded in the internal market.