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Dragonsteel is a rare and super valuable metal, which starts as a liquid form of ink, distilling in small pockets within the Pits of BYU.

When used in feruchemy, it stores canonicity.  While filling a dragonsteelmind, you and the rest of the world around you become less real, and subject to large amounts of change without affecting anything outside the bubble.  By properly tapping a large number of charges, it's possible for you to become canon in a different work entirely.  However, you need more charges to create a lasting impact; a small number of charges gets you only a cameo appearance, which is hardly canon at all.

 

Hoid initially was unable to tap more than the smallest amount of canonicity, as he was a feruchemist and had limited reserves to draw upon.  However, having stolen the lerasium beads from the Well of Ascension, he has gained the powers of a mistborn as well.

 

Hoid is now, therefore, a dragonsteel compounder.  And free to become canon and create changes in any story he wishes.

 

At least, that's my theory.  I think it explains all available evidence about Hoid.  For instance, his origin story and all possible sources of dragonsteel are, like Dragonsteel, now noncanon.  Hoid is becoming canon in more and more novels, as well - and he always shows up in vaguely the right place because you can't become canon unless there's a novel to be canon in.  All known reserves of Dragonsteel have, on multiple documented occasions, vanished mysteriously, and we know that Hoid loves to steal important things. 

 

As I have not read Dragonsteel myself, I neither have - nor wish to have - any evidence against this theory. It is therefore impossible to disprove, and thus perfect in every way. 

 

Well, unless dragonsteel is, in fact, Dragon's Teel, the sesame oil of dragons.  Which sounds like some sort of delicious hot pepper coating for bagels.  I want some

Edited by Phantom Monstrosity
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I really don't want to sound snippish, but I think Phantom meant it as a joke. :D

If you look at the tags:

silly, obviously not serious, joke ... ...

You are almost certainly right.

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Ha. I think there's WoB somewhere that says otherwise. I could be wrong though.

But if Hoid is a dragonsteel compounder anywhere, even in a world with near-zero canonicity, he can still compound canonicity and become more canon than WoB.
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