I am not going to dox myself.
But like most of you here I have an X (twitter) account
I must say, without naming names, I see a lot of us in denial.
When I joined steem I got ripped off hard.
I got in around July 2016 when steem was around $2-$4 … it even wick up to around $6 for a bit on some exchanges.
That 1.2 bitcoin at the time got me around 350 steem
Today, that steem would have been worth $94.5 assuming Justy didn’t blacklist me from the chain for talking truth about his intentions or voting for the wrong witness.
The 350 hive fork I would have gotten, assuming I didn’t say anything or accidentally vote for the wrong witness would have been worth $112.70
The bitcoin on the other hand, would have been worth $75,332.40 right now
Want to laugh? I went to go see what the bitcoin price was, so I can calculate how much my 1.2 bitcoin would be worth now, and the amount the price was fluctuating as I was typing the numbers into my calculator was telling a story. The price fluctuations exceeded what my steem and hive would have been worth lol
Hindsight right?
Now I know what you are thinking, “but you bought the top, should have DCA’d in” oh yea? Let’s look at the numbers for a second, and dont forget, bitcoin was around $660 at the time, so before we go down this path we are literally comparing years of posting, curating and “community building” to sitting on our bitcoin… the bitcoin is at a 100x…. Not looking good already for the Hive Maxis (oh yes I took it there)
A quick little search and I see steem’s ALL TIME LOW was slightly under $0.07 while Hive’s all time low was $0.087
If you happened to buy the ABSOLUTE BOTTOM of hive you are up 3.7 x
We will no longer use steem in our examples.
When was that hive bottom you ask? Oh when EVERYTHING dipped. Dubbed as the Covid dip…
I just want to remind anyone getting salty that this is NOT a fud post, this is not a hate post. This is a pure reminder of reality… lets continue.
I know, I know that making money on hive is not about mad gains (clearly)
It is about enabling anyone to “add value” to the chain by posting and growing their community.
Much easier said than done, but, its possible for someone who has nothing, to get the attention of enough people, to make enough hive and HBD to eventually be able to cash some of it out for real world things.
THIS IS HUGE. I love it… hey there person in the 3rd world, go to this site, and start engaging, eventually you will have real world currency…. That is big no matter what!
Now, thats not what I am talking about when I talk about ‘making money” with hive
Hive is a cryptocurrency, cryptocurrencies are known for be very speculative and subject to high gains.
But why do some coins shoot up and some do not?
Well for one, there are fees to pay when you actually use bitcoin, ethereum etc. When you HAVE to pay fees it means you HAVE to buy the coin.
One of the nice features of hive is free transaction.
This enables being able to post, curate, vote and much more.
How would you do this on ethereum? It wouldn’t be free. But not only is it not free, it wouldn’t be cheap. For someone to have free speech on a blockchain, they need to not have any barriers. So, by having free transactions, we enable free speech. (This is all with the assumption the person has enough Hive Power, if they cannot afford it, there’s plenty of people willing to donate)
Ok, so, free transaction good right? Cause lets not forget, its not just about free posting, curating voting etc… its about SENDING for free… that is huge, sending money, in around 3 seconds… for FREE.
The only downside is, no one has to buy anymore hive once they have enough. They don’t NEED to.
Sure they “need” more hive if they want to make more yield or whatever but they never actually NEED more coins for transactions fees or anything.
As I am writing this, I am thinking why not have a tiny transaction fee for accounts over a certain hive power level… maybe over 10,000 or over 50,000 hp and you pay a little fee to cover all your transactions, fee is then burnt … what do you think? Ok enough side tracking lol
I guess my point is pretty simple. We have a lot of good stuff going on with hive. We don’t have to get so defensive when someone mentions the price performance.
Instead of getting snippy and thinking you have all the answers and made all the right moves when all your “neighbours” participating in other coins have SEVERELY outperformed hive/bitcoin/ethereum etc. maybe explain to them nicely that:
Hive’s yield and posting rewards are not reflected in the site.
If you can be consistent and get a large enough footing in this community you will get autovoted by all the big guys regardless of what you post.
Now, if those people getting a lot of rewards end up putting that economic power into bettering the ecosystem as a whole I can us taking this crypto space into a unique direction.
Where its not all about mad gain or rug with every project, where you can participate in a system where its native coin doesn’t really move much but yet you are “making money”
It only takes a few whales entering the ecosystem to take us from a perpetual $0.28-$0.40 range to maybe a more stable $1 range until the next whale can take us higher.
Here is the thing about price rises. They never last long on hive. Why? Well, we have a lot of dormant people waiting to dump. We also have a lot of people who make a big amount of income from this ecosystem so when the price goes higher their activity also increase.
Who knows, Hive might get to $10 one day, but I can assure you that the price chart and the “user activity” chart will look exactly the same. There are only a handful of people here to post for the sake of posting and spending time with their hive friends. Then a larger handful are here for the tech, and where we can go as an ecosystem, building, doing interesting things. We also have a few people who realize price is not taboo, it’s important. The INLEO team have taken ACTION to support their tokens price, and they have outperformed hive recently. Imagine that, an inflation token built on top of another inflation token is outperforming. Why? Its not magic, someone need to press that green buy button. Thats how price goes up. So when you BUILD IN mechanics to achieve this, then reality lines up. INLEO charges 10hbd for a month of premium access. The hbd buys leo and creates liquidity. This is all good stuff, go look the work done with Maya protocol.
Price matters.
Buy and burns work, transaction fees for big users might work for those who don’t care enough to then break their account down into smaller accounts. But I assume getting all the witness’ aboard is barrier people rarely want to tackle unless they are very sure their ideas will carry weight.
I guess this was more of a rant than anything else, what you think about all this?
Posted Using InLeo Alpha
Whoa pretty amazing reality check here. I agree with the opinion that inleo is doing a great job in making the token desirable and also trying to get people from outside Hive to join the ecosystem. Having independent business making money on Hive is also a path to success I think.
The #1 thing to support price is bringing on new users who actually buy in, power up and participate. But at the same time it would help if we can code in some more mechanics that support price go up
You have a point, I have bigger faith in the rise of LEO than Hive. But why wouldn’t Hive implement the economic system of LEO eventually? It’s possible, and dApps like Ragnarok can eventually make Hive rise too…
I keep accumulating both Leo and Hive, we’ll see where it gets me
Hive might implement if the top witness’ agree on an upgrade, LEO can set the example for others to build onto and enhance, which then helps LEO even more and the good just keeps spreading.