RE: Week through Adrian's Lenses (31 August - 6 September 2024)

I'm not sure how you got to these conclusions, but a few screenshots should clear things up:

From hbsstats.com:

From hiveexplorer:

From CoinGecko (market cap of HBD, a little below peg at 95c):

If debt ratio would be 30%, HBD would not be printed anymore, so it would be evident right away.

P.S.: I figured out what you mean. The HBD in DHF is not calculated as debt because there is no risk of being converted into HIVE immediately, but only in time, as DHF payments occur. At least that's the explanation I have.