Its been a few days since my last post, and I've been posting a bit less about the market in the last one week, primarily because of the sideways price action; and also because, my phone broke completely beyond repair (Oh no 😕); so I had to get a new phone.
Anyway, coming to the fact that I posted a bit less, especially when the markets are mostly sideways, with some alts popping (As you can see on this last Altcoin+ BTC Dominance update)
It is well enough to say the following:
- Over-trading kills
- And sometimes, a no trade is a better trade!
A little point wise explanation about those and we move on to the agenda of today's article: Opinion on the enthusiasm on HIVE!
"Over-trading" and "Sometimes, no trade is also a better trade." is bad because:
- you stress out your mind too often,
- you get drained emotionally,
- Lack of proper decision
- Paying excessive brokerage(/trading) fees because you try to make too many trades
- You try to scalp too often and end up missing bigger moves
So overall, these are not some of the "best practice" when it comes to trading. Its always better to focus more on quality than quantity 😏
I'll cover a detailed article on this later, on a separate article:)
So lets now proceed to today's point of interest!
One follower, by the name @travelwritemoney asked me a very good question:
What is your opinion on the enthusiasm of Hive? Is it well-founded or based on emotions? On a technical side, I see that Hive has what it takes to be around for the long-term. However, I don't see any giant rise in its user base. I think the growth in users will be slow and steady.
As you stated, a good institutional investment company could easily buy up all Hive if they wanted. Silicon Valley routinely buys up companies for billions. Hive is only $75 Million.
Reference: Why that point came up!
Let me share my own personal experience:
Immediately on joining Hive, I saw a large, vibrant community, who are trying their best to make the ecosystem grow as a whole.
From a layman perspective, I see a few different types of people on this platform:
- The Content creators
- The content curators
- The Passive earning members
- The witnesses (who mine blocks, and maintain the overall network)
- The Developers (who maintain the code of the ecosystem)
- Investors (who believe in Hive, and invest in it)
Hive token unites all of us.
Now investment can be anything, its a bit critical to understand this from a different point of view. It does not always mean Money. It can also mean time.
Someone without a single penny can also invest time here, write articles, contribute to development, so all the above people can be called as "investors" IMO, though I'll be happy if someone proves me wrong :)
A few types of Investors are:
- Active Investors (Those who are always active on the platform, trying their best to make the platform succeed)
- Passive Investors (Those who invest and kind of, 'forget' or wait for Hive to succeed rather than putting efforts to make it succeed)
So What is needed for Hive to succeed?
If we look into the criticality of each of the different types of people on Hive, I'd personally say, every type of person is important.
Content Creators and curators:
Content Creators are people like us who contribute to the ecosystem by producing content
Curators are those people who curate, and upvote/downvote on people's posts.
Without quality content creators and curators, Hive platform will not be a place where true content creators will come and join.
Imagine a scenario (though its not the case):
If all the content creators on Hive (yeah including me 😜) post shitty content, there can be two outcomes:
- content curators choose not to upvote any shitty content
- Content curators choose to upvote shitty content.
So If every one of them choose not to upvote, the network may become useless
If they choose to upvote shitty content, valuable content creators will never have the confidence to come on Hive, as they see shitty content creators getting tons of money without contributing to actual value, so they will have a negative image of the platform 😛
Whales and their power on Hive
There are different types of whales. Some may become passive investors only, where they delegate their Hive power to curators to get back curation rewards automatically. Others may delegate on third party tools like Dlease to those who need power, to earn passive rewards from them. Or someone who is just HODL-ing a lot of Hive, (as an Investor) believing that it will go big later on. Or some whales who may become witnesses to mine the network.
Lets imagine one more scenario where whales misuse their power to consistently upvote their (and their whale friend's) posts, just to get more curation rewards.
I was there on Steemit since 2017, and I've personally seen a lot of whales upvoting on baseless articles, curating just for the sake of rewards, and some developers also teamed up with whales to create bidbots; which actually discouraged a lot of valuable content creators from that platform
(yeah Including me, I did have a significant steem power, because I did see steem had a lot of potential, but as soon as I realised,itsnot going anywhere with the poor distribution and the biased whales, I withdrew everything and exited around 2018).
On a positive note, when it comes to Hive, I've seen this thing is slowly being addressed, though we still have room for improvement :)
Critical point: I'd personally love to see more distribution here, which answers the point:
a good institutional investment company could easily buy up all Hive if they wanted.
If someone chooses to buy up all the hive, even if they have the money, they wont be able to do so
- They cant buy the Hive which has already been powered up
- If they still manage to buy up all the Hive, it will give them more influence and power to 'control' the Hive blockchain, and the network will( or may) lose the "decentralised" status.
- There can be another "Hostile" takeover, like steem, maybe, if that thing can happen
Witnesses
If there are no miners/witnesses, the network would be dead, so its pointless to be active on a dead network right? :)
Currently, only people having a lot of Hive power/influence are becoming witnesses, or can become witnesses. (which is somewhat, a bit less decentralised IMO, but it is serving the purpose well right now, though I dont know how that will change in future.)
It may be impractical as of now (or may call for a Hard fork/Upgrade), but I personally believe this is some place which needs a little improvement, and it would be great if small minnows (like us) can also get to become witness :P
Not just for earning, but to make the network more decentralised. This will encourage the true Crypto OGs to get more confidence here :)
Developers
Imagine another scenario:
If the Hive platform is buggy, it doesn't work as expected, the DApps dont open; because there are no developers! No one will be interested right? :)
Investors
If there are no "Investors", the value of Hive will not go up, so that can also discourage a lot of people from believing in the future of Hive. Here, I'm referring to people who buy up Hive, believing in it, for the long term.
I have covered some of my thoughts catering to the question, though there are a lot of other stuff.
As we see, each of the above different types of people are equally important for the overall sustainability of Hive.
I believe we should all focus more on sustainability of the network, with a broad mind, so that we all can benefit, instead of thinking from a narrower perspective that only we should survive.
Another point which I'd like to add:
Its always better to have a slow, yet organic growth for a better sustainability, to have a more solid and robust platform in future.
I do believe Hive has a lot of potential in the future, if all the network participants want it to succeed and think about the bigger picture, while having a broad mind. :)
From a little technical perspective, here's a past post on the same
Gif taken from @thepeakstudio
Keep calm, lets all focus on what we are already doing, and lets all succeed. One step at a time! :)
Do let us know about your thoughts in the comments, and upvote if you liked the article. 🤗
If you are not on Hive yet,and if you are reading this, consider joining and getting a small delegation for free, to get yourself started.
Use this link: https://hiveonboard.com?ref=beehivetrader (no I wont get any benefits, this is a nice tool to only see who joined because of me )
and dm me on twitter so that I can help you out :)
Posted Using LeoFinance
Good points here. Periodic, organic growth is better than the mooning and crashing that is common on the more popular coins or the coins that rise hard then crash harder. There’s too much focus on getting a quick dollar than there is to get good, long term returns on investment. I think people see too much of the people who have been really lucky and got into various coins early and made millions or even thousands off it. That’s almost like the lottery and those coins, do they have any real utility besides just being money? Often not.
I think hive has a lot of great utility because you have to remember, although the price doesn’t moon, it’s also not collapsing. A lot of people rely on hive for their income, some of it is their sole income so that’s a fair pressure on the price but it’s not crashing.
Another very important point to remember is that the amount of development happened on HIVE is much larger than most blockchains. Bitcoin is functionally the same as pre bear market days. There has been a lot of work on Ethereum. But from a user perspective, not much has changed. On the other hand we have grown with world's #1 blockchain game and many other DAPPs including a Twitter clone(@dbuzz) and a Quora clone (@quello)
PS: @steemhunt is still a very solid project as well. They have grown far. I have 76,907 HUNT Tokens and I don't plan to sell until they reach at least a $0.10 per Token.
Posted Using LeoFinance
Thanks for appreciating.
Yes these points are valid as well, I agree,
One point I missed out:
We are seeing too many "shills" on social media about Hive.
Though its a nice platform, too many shills will kill the game, as it will appear somewhat like spam.
I think a lot of people here need some finer ways of promoting Hive to get more attention instead of just shilling :)
And also "Quality over Quantity" :)
Some people just post for the sake of posting to earn a few bucks even when they dont have content. :P
That may also kill the game.