You can rationalize it any way you choose, but crowding out community proposals' funding and bumping farming posts to the top of trending to manipulate prices looks sad and pathetic from my viewpoint. It casts a spotlight directly on a flaw that very few people outside of the controlling set of stakeholders cares about, and further displays that the degree of decentralization involved with HIVE is only marginally better than existed prior to the fork.
You are viewing a single comment's thread from:
Have you stopped to think that maybe you are rationalizing based on your particular interpretation of what a "free" market is? Think of it this way, a market is a collection of individuals that exchange value based on the signals received from other market participants.
As far as I am aware you would be hard-pressed to find a market that doesn't have a high degree of centralization. The "free market" is just a theoretical construct that only exist in text books...crypto markets are no exception.
The majority stakeholders on hive that participate in governance have decided of their own free will to follow a course of action in response to the market conditions of hbd. If that is not a free market then I don't know what to say.
What you see as price "manipulation" I see as a rational response to the overvaluation of hbd. If market participants can't respond to price fluctuations then who can? In my book hive stakeholders are legitimate market participants.
Only about 20% of the stake participates in governance, the other 80% is free to vote for other proposals above the ones for the hbd stabilization if they whish to do so. If they don't do it it means they are ok with it or if they disagree then it's on them for not voting accordingly.
You are correct, and I am stating as a marginal stakeholder that I dislike the optics this action creates.
This is still technically price manipulation explained euphemistically is it not? And what of the rational response of an observer on the outside looking at these activities? Do they lend more or less legitimacy to the long-term prospects of HIVE? I'd imagine we are on opposite sides of that argument.
When it comes to HBD being overvalued I do see price manipulation...from traders on Upbit. It almost looks like a textbook pump and dump. It's a small cap coin with historically low liquidity that has a set value of ~1.00 USD (under normal market conditions).
I do agree that the fact that we have to use unorthodox solutions to counteract the market manipulation is a clear sign that the mechanics of HBD are broken. Fortunately the solution is in the works for the next hardfork.
It's more like that we can. We don't have to, we could decline. But it is an opportunity that benefits us, so we take advantage.