I think it was a wise decision moving your Hive into BTC for a while. Even Wax came up quite a bit over time. I am holding a relatively small amount of WAX that I actually bought over time using Steem author earnings. Not a huge amount, but percentage wise it is all gains.
When the NFT boom hit, I was able to pull enough money into fiat to eliminate 99% of my debt
That is amazing, man! I wish I had gotten more involved early in NFTs but for some reason I didn't get interested until it was pretty much too late. Probably because I bought some cryptokitties early on which ended up being worthless. By the time I wanted to trade NFTs, ETH tx fees were so insanely high that it wasn't practical for me.
Except Hive, that's the one holding I would be devastated if I lost it all or it went to zero.
Right, for all of my talk about being OK losing it, I still feel pretty invested in Hive. Especially with all the work and ups and downs I've gone through here. It is more than just an investment for me.
Everything I have on WAX is pretty much pure profit from what I earned writing on STEEM. Can't really complain about that. I never got into NFTs on the ETH side because of the fees. Only WAX. WAX should be a $1 coin all day every day in my opinion.
That's pretty awesome. I got more interested in WAX when they got the Garbage Pail Kids involved. Do you think NFT art is going to have a resurgence, or do you think it was a passing thing? It got so heavily made fun of on traditional media. So many people think it is a scam, in the same way they think all crypto is.
I'm not really sure. Part of me feels like NFTs and DeFi were the fads of last bull run. I hope that isn't the case because I still think there are a lot of good use cases for NFTs that we haven't even started to scratch the surface. The other thing is, we are still so early to all of this. I think smarter minds are going to be more cautious moving forward, but there are still so many weak hands out there just waiting to make their first FOMO move. When you consider that 80% of the population hasn't even messed with crypto, that leaves a lot of room for wild pumps and dumps.
Yeah, one thing that I worry about with the pumps moving forward - with regards to Hive - is that it seems like every time the altcoins rally Hive seems to sell off really quickly back to a low price. I suspect it is because there are so many people holding millions of coins that were gained extremely easily so they are willing to let them go cheaply. I feel like we could be stuck in this pattern indefinitely as long as this is still the case. Before Hive it was bad because Steemit Inc was selling millions of coins constantly driving the price down every day. Maybe I am just being cynical, and I hope I am wrong. It is just something in the back of my head all the time.
But if those 80% you speak of start buying Hive, then there will be enough pressure to drive the price up faster than the whales can dump. So, there's that!
Yeah, that is a hope for sure. I don't think we will ever change the dumping though. People are just greedy by nature and many times they can't see the big picture versus what is right in front of them. If we could fix that, we would probably have much less problems in the world!