If you are putting a 20% haircut out there, yes we would be looking at $50 billion.

The time to get there is interesting from this perspective. How quickly can we produce HBD if things go down this path? Even using 100% interest, with what comes out of the reward pool, it is not going to amount to much.

We would need a whole lot of HIVE converted to HBD. That would send the amount of HIVE out there downward.

And no burn; just a different version of HIVE.

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