Analyzing @buildawhale's Hive Transactions and Power Delegations
Introduction
In the decentralized world of blockchain, transparency is key. Today, we’re diving deep into the wallet activity of @buildawhale, a prominent account on the Hive blockchain. By analyzing its transactions and power delegations, we aim to uncover patterns that may indicate how this account operates. This post will guide you through the process of adding these transactions to a spreadsheet for better analysis while shedding light on the role of Hive Power (HP) in governance, voting, and rewards.
Key Observations from @buildawhale’s Wallet Activity
Withdraw Vesting Transactions
- Over time, @buildawhale has consistently withdrawn vesting shares (converted into HIVE) to another account, @ipromote.
- These withdrawals occur weekly or bi-weekly, with amounts ranging from ~5000 HIVE to ~16000 HIVE.
- Example:
- Oct 29, 2024: Withdraw vesting from @buildawhale to @ipromote → 4510.472 HIVE
- Nov 13, 2024: Started power down → 66,216.338 HP
Power Down Events
- The account frequently initiates "power downs," converting staked Hive Power (HP) into liquid HIVE over a 13-week period.
- However, there are instances where the power-down process is stopped abruptly, suggesting strategic management of funds.
Delegated Hive Power
- @buildawhale receives significant HP delegations totaling 2,340,238 HP, primarily from:
- @blocktrades: ~2,340,167 HP (since Aug 16, 2020)
- @nwjordan: ~24 HP (since May 27, 2018)
- @gillianlienmap: ~23 HP (since Aug 18, 2020)
- @buildawhale receives significant HP delegations totaling 2,340,238 HP, primarily from:
Outgoing Transfers
- Filtering the wallet page by “outgoing transfers” reveals numerous transactions directed toward @ipromote.
- Additionally, small amounts of HIVE (~0.100–0.500 HIVE) are sent intermittently, possibly as fees or operational costs.
Behavioral Patterns
- A large portion of the delegated HP appears to be used for farming purposes, such as making spam burn comments and self-voting.
- Such activities raise questions about whether this setup is legitimate or part of a larger scheme aimed at exploiting the Hive ecosystem.
Step-by-Step Guide to Analyze Transactions Using a Spreadsheet
To systematically analyze @buildawhale’s transactions, follow these steps:
Create Columns in Your Spreadsheet
- Date: Record the timestamp of each transaction.
- Type: Categorize the transaction (e.g., withdraw vesting, power down, delegation).
- From Account: Source of the transaction (@buildawhale).
- To Account: Destination of the transaction (e.g., @ipromote).
- Amount (HIVE/HP): Value transferred in HIVE or Hive Power.
- Notes: Add any relevant observations (e.g., purpose of transfer).
Filter Data for Clarity
- Use filters to isolate specific types of transactions, such as “withdraw vesting” or “power down.”
- Highlight unusual patterns, like sudden spikes in outgoing HIVE.
Visualize Trends
- Create charts to visualize trends over time, such as monthly withdrawal totals or cumulative HP delegations.
Cross-Reference Findings
- Compare your data with other accounts involved (e.g., @ipromote) to identify correlations or dependencies.
Insights from the Analysis
- High Volume of Outgoing Funds: The consistent flow of HIVE to @ipromote suggests a structured operation, potentially linked to profit extraction.
- Large Delegations Leveraged for Farming: With over 2.3 million HP delegated, @buildawhale wields substantial influence within the Hive ecosystem. However, using this power for spam-like activities undermines community trust.
- Potential Scam Indicators:
- Frequent power downs followed by immediate restarts.
- Self-voting and repetitive commenting behavior.
- Lack of transparency regarding the destination and use of funds.
Why Hive Power Matters
- Governance & Voting: Staked HP gives users voting power in proposals and witness elections, shaping the future of the Hive blockchain.
- Rewards Mechanism: Holding HP increases earning potential through curation rewards and inflationary payouts (~12.96% APR).
- Ecosystem Health: Misuse of HP, especially via spam tactics, can harm the network’s integrity and user experience.
Conclusion
By examining @buildawhale’s wallet activity, we’ve uncovered a complex web of transactions and delegations that warrant closer scrutiny. While the account benefits from massive HP delegations, its actions suggest questionable practices that could exploit the Hive ecosystem. Transparency and accountability remain crucial for maintaining trust in decentralized platforms.
We encourage readers to explore the provided link (@buildawhale’s wallet) and conduct their own investigations. Together, we can ensure the Hive blockchain remains a fair and thriving environment for all participants.
Call to Action
What are your thoughts? Have you discovered similar patterns in other accounts? Share your findings in the comments below! Let’s work together to promote transparency and expose unethical practices in the blockchain space.
Bilpcoin is committed to uncovering the truth—not hiding it.