Last week, the entire cryptocurrency community came to a standstill when the news broke that the United States Securities and Exchange Commission (SEC) has filed a lawsuit against Ripple, the company issuing XRP, for the unlawful sales of unregistered security tokens. Needles to say, the news led to massive auctioning of the XRP tokens, to the extent that some prominent US-based exchanges afterwards announced that they would be delisting XRP.
As the reader would probably expect, the panic wave also crept into the altcoin market, resulting to a bloodbath in the price of most tokens. Although the altcoin market has relatively recovered from the setbacks from the Ripple-led FUD, the lawsuit against Ripple is yet to even begin, far from being over.
Consequently, some analysts are predicting that SEC might soon come after other centralized tokens, especially those that might be labelled security tokens and participated in questionable fund raising, in the days ahead. Given how long it took for the SEC to slap Ripple with a lawsuit, these doomsday analysts feel that there could be more trouble ahead for altcoins.
While these analysts could be right, it is important to mention that some altcoins would never be affected for a number of reasons. And one of such altcoins, frankly speaking, is Hive. Hive is a fully decentralized, blockchain-based social media platform that is strictly owned by the community. Unlike Ripple and EOS, there is no company responsible for the issuance and governance of Hive, only developers and witnesses like @blocktrades, @therealwolf, @theycallmedan, @leofinance, etc working on the development of the Hive blockchain.
This puts Hive on the same level of decentralization which only Bitcoin and Ethereum, which have been cleared by SEC, enjoy. Also, the fair distribution of Hive makes a good case for its place as a cryptocurrency and not a security. Needless to mention, Hive was a fork of Steem and it was distributed, if you like airdropped, on 1:1 basis to those holding Steem.
And things get pretty interesting when one realizes that those who got the Hive airdrop got their Steem legally. Consequently, Hive unarguably had a fair distribution without any fund raising or public auctioning of tokens. What will nail it in a SEC lawsuit?
Having said that, the decision by the Hive community to exclude the Ninja mined stake of Steem Inc further exempts Hive from the jurisdictions of SEC. Now, Hive does not have a CEO nor physical presence in any country nor board members which makes it impossible for SEC to sue it.
In the days ahead, investors might be looking out for safe investment opportunities in altcoins. And if the chances of a SEC clampdown and decentralization are considered, Hive will make a fantastic investment destination.
Until I come your way again, Hive is alive.
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There is not even an address to send the lawsuit to.
Even Ethereum has a foundation.
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You're definitely right about Ethereum. There is a legal entity that can be questioned there, unlike Hive. I am sure many people will be interested in Hive only if they knew the story around here.
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Ethereum was an ICO, 1 bitcoin for 2000 coins. I can't believe it didnt seem attractive to me at the time. Ethereum raised money in the same way as XRP. It will take forever for this stuff to get sorted they will be battling with XRP for years probably.
You've really been around here and in this crypto game for quite a long time. I didn't even know when the ICO took place, although I did read about it. But I am sure you made some other good investments.
I think what makes the XRP case different is that the company is still engaging in continuous sales while holding the largest stake. EOS once had an issue that was resolved but I guess they decentralized further. But Ripple remained the generalissimo.
Thanks for stopping by.
Since about 2012, which looking back yeah i was in quite early. I remember looking for the next bitcoin in the early days and finding 'darkcoin' white paper with a 10 day count down to the mining start. Pretty epic. I bought £10 worth of ripple around 2012 as well as soon as i found out about it but despite having what i thought was a key i cant find them. I went looking when it hit 3 dollars in 2017. I bet i probably had a lot as well i would have loved to know what the 10 pounds would have been worth. Like a lot of people crypto has slipped through my fingers quite a bit. I used to trade on an exchange called cryptsy as well. I miss those days.
Wow this is pretty interesting and an inspiring read. Too bad you couldn't find your Ripple, it would have been worth a lot at the peak of $3 per coin. I really do wish I entered early enough but as the popular saying goes, it is better to be late than never. I hope that this new bull cycle comes with lots of compensations for missed opportunities.
Thanks for stopping by. I appreciate.
yeah the hardest thing for people to grasp is that they are somehow not late to bitcoin yet. Its kinda like when apple released the iPhone. I knew it was going to be a great phone, i figured it was too late to buy apple stock by then. In reality it had only just started. Same with bitcoin now.
This really is an interesting way to look at the state of Bitcoin at the moment. One wonders what will happen by the tenth halving, which is less than 30 years away. I feel that in years from now the new generation will blame their grandparents for not owning Bitcoin at these prices. For me, I'm a bit happy that I am here relatively earlier.
PS: It will be nice to make an interview from your journey so far, especially about Litecoin and perhaps Hive. Your wish and call...😃
Your right that future generations will be shocked by how many people were afraid of it. In 30 years or so i think it will be pretty much a stable asset class, basically considered sound money and stable like any other traditional asset. I imagine things will have a price in alternative price in Satoshis where ever you are shopping that is a for sure.
Im not sure about any kind of interview, at least video based. It could be interesting but i'm not sure it would be that great. I do feel privileged and lucky to have been around in what seems like the very early days. 2017 was a crazy year for me, everything i achieved would seem like a fairytale if i laid down what happened. It just sounds so far fetched when i basically traded about 1 bitcoin into hundreds. Started with margin trading on bitmex until i had 20 bitcoins and then went to poloniex to trade alt coins. The boom in 2017 was epic for me mainly because i just had gained so much valuable experience compared to most. Being early will always reward you if you stick at it.
Hive has had an immaculate conception on the level of Bitcoin. It’s not something you can just replicate. We are so far from being what the US gov considers a security. In my mind there is one project that is more decentralized than Hive and that’s Bitcoin. I say Bitcoin because it has so much monetary value behind it, without a founders premine. I can see Bitcoin being the Bank in cyberspace and Hive being the platform in which apps are built. Both go hand in hand.
This is so true, only Bitcoin ranks ahead in terms of decentralization. Writing this article, at a point, I wanted to take Ethereum out but left it only because SEC has cleared it and the article is about SEC. I also see a very big prospect in Hive, almost like what is taking place on Ethereum. It should become a fine destination as a public blockchain upon which decentralized applications can be built. Anyone can bring in their money and experience to start a project without needing the say-so of anyone like the case is on Tron, Eos,etc.
Thanks for stopping by and for the big upvote. I appreciate.
lol, nice image :)