There have been quite a few posts on this topic, I don't have time to look it up right now, but as @dalz explained, or as I understand it, these profits are generated by converting the inflation part of the Hive, which is also used for the DHF and reward pool. Here is the last post about it.
Also, this post is worth reading APR for HBD in Savings Dropped to 19% for a Short While. Want to know why?
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I know the formula with 21 values from all the block confirmators/witnesses of the round and I know where does the emitted HBD come from, or what is it backed with.
The inflation of Hive is/should be linked to the increasing value of the network. More content, more interactions, more projects, more games, more whatever brings attention and value.
Reward Pool rewards those who add value by active participation - posting, comenting, curating. DHF funds those who add value through any project the community finds worth funding. Be it running a node, developing new tools or marketing and onboarding... It could be anything, including the HBD stabilizer.
From my point of view, HBD in Savings does not bring any value and the interest rate only consumes a portion of the Hive inflation. As I said, I don't claim to be right, maybe there's something I don't see. But from the information I have, I believe rewarding passive stakers more than active users does not help Hive to grow.
It does not even make Hive coin more scarce, as it can be converted anytime (true, with a 3.5-day delay).
That is, of course, your opinion. But everything you mentioned is happening, new games are coming, new projects are coming, and people are commenting and voting, no less than before, even more. The HBD APR is just the icing on the cake for those who want to use it. But when new use cases for HBD are introduced, it will probably decrease. Until then, I have nothing against it as it is.
Yep, that's fair, I don't want people to accept my opinion, I just want them to discuss that matter, which, I believe, is one of the most important ones from a common user's point of view :)