It’s no secret that the HIVE price is currently in the toilet and sentiment around the platform is not in a particularly good place as a result. There are a number of projects on HIVE that have run into trouble recently but here at SGS we have, for the most part, been carrying on with business-as-usual regardless – just as we have throughout previous downturns and crypto winters. However, the Precious project is not exactly immune to these environmental factors and it’s probably about time I posted a project update since we hit a bit of a snag last week which has caused some concern.
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The Vote Values coming from the @ssg-community account have been dropping for some time now alongside the HIVE price itself because the two are firmly linked. However on top of that we’ve been facing some gradual budget cuts to our Hive Power Leases every 3 months when each new Powerdown is initiated. This most recent Powerdown that kicked off a couple of weeks back reduced our weekly budget to just 435 Hive per week and I had to terminate 2 of our smaller (non-member) leases to balance the books. This would have also dropped our Vote Value by a small amount but I doubt anyone noticed...
However, last week our largest lease was terminated unexpectedly and we dropped 100,000 Hive Power from @ssg-community in an instant which dropped our Vote Value by about 40%...and that WAS noticed by many members of our community. I won’t go into the reasons why that happened. I’m not particularly happy about how that all went down and some of the things that were said about me, but it DID happen and in this post I’m going to try and focus on what that means going forward and what comes next...
I’d like to firstly take the opportunity to remind people that I am a volunteer in this role as custodian of the community curation project here on Hive. I don’t get paid. I get a vote on my own content when I post and if you look at my blog I’ve made about 2 posts in the last month with Author Rewards combining to a total of $1.42. I have provided support to users consistently 7 days a week and am usually pretty responsive on discord if I am not asleep. Apart from a short hiatus in 2019 I’ve done this for about 8 years. However, I was always assured that I at least would NOT be left out-of-pocket and expenses incurred in the provision of services would be covered without issue. Which brings me to my next point.
For those who are unaware, the code-based services that effectively constitute the Precious project run on a Virtual Private Server (VPS) that currently costs $6.60 USD per month. This expense has always been paid in the past but with budget cuts to the core project affecting leases it has not been paid up since June 2025. As a result this expense has been paid out of my own pocket and the project is currently 5 months overdue. If you want to look at the transaction history these are the VPS expense payments the project has paid going back to 2021.
| Date | Amount | Currency | Memo |
|---|---|---|---|
| 2021-10-04 | 16.5 | HBD | VPS Sep-Nov. $5.50 x 3 mths |
| 2022-04-03 | 27.5 | HBD | VPS Dec-Apr. $5.50 x 5 mths |
| 2023-06-12 | 11 | HBD | VPS May 22 - Jun 22. $5.50 x 2 mths |
| 2023-06-12 | 19.8 | HBD | VPS Jul 22 - Sep 22. $6.60 x 3 mths |
| 2023-06-26 | 46.2 | HBD | VPS Oct 22 - Apr 23. $6.60 x 7 mths |
| 2023-11-27 | 39.6 | HBD | VPS May 23 - Oct 23. $6.60 x 6 mths |
| 2024-04-15 | 19.8 | HBD | VPS Nov 23 - Jan 24. $6.60 x 3 mths |
| 2024-05-13 | 26.4 | HBD | VPS Feb 24 - May 24. $6.60 x 4 mths |
| 2024-09-23 | 13.2 | HBD | VPS Jun 24 - Jul 24. $6.60 x 2 mths |
| 2025-03-20 | 52.8 | HBD | VPS Aug 24 - Mar 25. $6.60 x 8 mths |
| 2025-08-25 | 19.8 | HBD | VPS Apr 25 - Jun 25. $6.60 x 3 mths |
So, why am I bringing this up now? Well the loss of our largest delegator may have dropped our Voting Power but it has also created a short term budget surplus and so I am going to use that surplus to pay the outstanding VPS expenses. Once this is done I’ll be canvassing reliable EXISTING lessors of Hive Power that are Trusted Members of SGS to see if they want to increase their lease amounts. Stay tuned on that front because I will likely reach out via Discord.
In the longer run, as a community and as a project we do have a problem with the ongoing downward trajectory of the Hive price and platform itself. Budget funds are dwindling and I have been reluctant to fund raise via Monster Raffle or otherwise due to the issues with Hive. That’s probably worth another post or 2 but the Hive to Silver Ratio over the last 12 months has been in utter free fall so I think we’ve made the right choice by not investing more into the platform. However the fact remains that our project is slowly going broke here. If the Hive price continues to decline below 10 cents then there is a point where even the modest VPS expense can no longer be justified. I am also personally reaching the point where I am no longer willing or able to provide the level of support that seems to be expected of me. More on that later but I want to be transparent about where we are headed if things don’t improve.
Thank you for all that you do! I'm sorry things happened the way they did.
Would it make more sense to do a smaller raffle to cover just the cost of the server expenses?
I appreciate all that you do. I haven't been here as long as everyone else, but I see how responsive you are when things go down or there are questions. Thank you for everything!
If there's a way any of us can help shift some of that burden off of you, please let us know. I hope that even if you do pass running the project onto someone else that doesn't mean "goodbye," and you're still willing and able to hang out and chat with us in Discord. 🙂
Thanks. You are not one who needs to apologize. I appreciate your positive attitude.
The project can cover its own expenses. I needed to re-explain the VPS thing because I'm already being accused of a few things and I need people to understand what the pending transfer is for and about.
I personally would love to be a member. Seems like a nice community.
How does one join?
!LADY
!PIZZA
!BBH
Thank you for all that you have done over the years brother. I appreciate it greatly.
Thanks mate. It certainly does currently seem like it was all for nothing.
Nah.
The guy did a full power down and wouldn’t respond to multiple members but now Hive is over vibes from him. After all his funds are 100% off chain. Lame
That is a lie. The only person I blocked was YOU.
What I do with my own stake is my own business. I have been heavily invested for years and have been supporting this project and community with it. Now that I need to pull back that stake for own my personal circumstances I am attacked for it. That's shitty.
It was really good experience associated with the community...I enjoyed it .
I am glad you thought so. Sorry about having to cut your lease. If I had known our biggest delegator was going to pull his delegation this week I never would have terminated yours.
No worries, when u feel okay I am glad to initiate the same again..may be more than last time
hugs bugg!!!
About time u were honest. Of course after a full and complete power down where u say nothing and refused to respond to me or anyone else. Goodbye bugged. Thanks for the good years no doubt but the bullying about my (literally mainstream as u can get by vote count) political vote in 2024, it true colors were pretty gross. Seemed to be when a third or more of discord went silent and others even leaving besides me. Take care.
@geneeverett
How did you predict hive would be exactly where it is today a full year or longer back? When I played the NFL contests you ran last year I often listened to market posts. You said exactly what happened. How? What signals?
!PIZZA
!BBH
!LADY
View or trade
LOHtokens.@thefed, you successfully shared 0.1000 LOH with @geneeverett and you earned 0.1000 LOH as tips. (7/16 calls)
Use !LADY command to share LOH! More details available in this post.
Didn’t realize the question was on someone else’s post. I copied my reply and replied it to ur post! It’s pretty long and detailed so don’t feel like posting unrelated content to this post!
View or trade
LOHtokens.@geneeverett, you successfully shared 0.1000 LOH with @thefed and you earned 0.1000 LOH as tips. (1/10 calls)
Use !LADY command to share LOH! More details available in this post.
You are off your head Gene. The only person I didn't respond to was YOU Gene - because of your abuse of myself and toxic attitude toward other members but you STILL got votes on your content. It had nothing to do with your political vote in 2024. If you read any of my blogs over the years you would know I am more of a libertarian that leans right but in this community role I've tried to maintain an apolitical stance because our US members were so polarized at the last election and I am not an American.
I was going to give you 1 more chance and unblock you, but I know you'll just blow that too. I'm done with your toxic narcissism. Now please go away and start your own community or curation project or whatever it is you're threatening to do.
You should reach out to the folks in the LBI project. I know they were looking for a way to earn some liquid HIVE.
True societies are not measured by the strength of their votes, but by their ability to persevere when the numbers falter.
I was looking at SGS project, but never got involved as something just didn't feel right. But I was only looking at it in the last year. It is unfortunate to see second layer projects wither and die on Hive. Not the best sign for Hive, but maybe we just need to bottom out and come back stronger after some time...
I was hoping to find out how to join just yesterday. My timing is terrible apparently. Sounds like it’s ending? Personally I only decided to give hive a serious try weeks back. I joined years ago but never posted much. Hopefully it works out.
!LADY
!BBH
!PIZZA
I appreciate the situational update @buggedout I believe we all are becoming quite concerned with the future of this platform. I want to see this blockchsin and our communities continue grow and thrive well into the future, but this been not the case.
I will be pull out my HBD savings to free up a few thousand more HP for Precious.
$PIZZA slices delivered:
@geneeverett(12/20) tipped @thefed
thefed tipped geneeverett
thefed tipped bulliontools
thefed tipped seattlea
Send $PIZZA tips in Discord via tip.cc!
Thank you for all your hard work @buggedout. You have done an amazing job running this community and I am grateful. Like others said below, I am more than willing to help lighten your load. Hopefully HIVE will recover... we all hope that, I know... but at any rate, while we are able to keep things going anyway, I know most of us are willing to help out.
Appreciate the support. Still figuring out what comes next. I'll try to be as transparent about things as I can be and will be sure to ask for help if it's needed.
Thank you for everything that you do, @buggedout!