LEO Roundtable #26: CBDCs, Earning Interest on Bitcoin and Where is Hive Going?

in LeoFinance3 months ago (edited)

We kicked off this episode of the LEO roundtable by talking about the podcast and a future UI update to service more video content directly on the LeoFinance.io UI. We jumped into some questions that @rollandthomas prepared as we talked Central Bank Digital Currencies (CBDCs) and also considered their impact on U.S. Debt.

@dalz wrote a post last week about stablecoins and how they're seeing an incredible rise in printing. Is this the new norm or are we waiting for a massive shift to take place?

From there, we talk Bitcoin and if there are safe ways to collect interest on your long-term BTC holdings. Thorchain's future cross-chain BTC liquidity pool integration comes up and then we talk about the differences between wBTC and native BTC.

Some details about the upcoming release of LeoInfra V2, the new WLEO LP incentive model and some 5 year projections are also discussed along with a general discussion around Ethereum and DeFi.

In This Episode:

  • 00:00:00 Getting More Interviews on the Podcast
  • 00:01:30 Future LeoVideo Update to the LeoFinance UI
  • 00:04:20 Central Bank Digital Currencies (CBDCs) and U.S. Debt
  • 00:13:30 The Growth of Stablecoins and Printing to Infinity and Beyond
  • 00:17:50 Are There Safe Ways to Collect Interest on Your Bitcoin Holdings
  • 00:25:50 Thorchain's Upcoming Native RUNE-BTC Pool Features and Why It's So Valuable
  • 00:38:50 New Month-to-Month LeoFinance Roadmap and Progress on Onboarding New Hive Accounts
  • 00:41:00 Some Details on the Upcoming LeoInfra V2 Update
  • 00:44:30 Neal's Trump Vs. Biden Game on Hive-Engine and How it Works
  • 01:05:15 HIVE/BTC Price and Where is HIVE Really Going From Here?
  • 01:16:00 LeoFinance.io Traffic and How We're Seeing Exponential Growth From Our Referrals
  • 01:33:30 LEO Mining Tokens - Are They Still a Profitable Investment?
  • 01:44:00 Preview of the New WLEO LP Incentive Model
  • 01:51:00 Is DeFi Bringing ETH Along for the Ride or is ETH the Stage for Innovation?
  • 01:53:40 What is the 5 Year Projection for the LEO Price and Users?

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3 cent Hiive? 😱😱😱😱😱😱 I wouldn’t be surprised...

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Personally, I don't see us getting down there. As many others like @edicted said, we've experienced bottoms in STEEM for years and $0.10 for HIVE seems relatively stable.

As always, it comes down to faith in the project/token. I have a lot of faith in Hive as a technology. I love building on it and it's extremely versatile for a project like LeoFinance. Our goal is to bring more users to our platform which means that Hive itself will get more users since Hive runs our backend.

With that said, HIVE as a cryptocurrency needs a lot of work. Either a lot of new projects need to get on here and buidl or we need to see a much better tokenomic structure put in place (or likely a mix of the two). Regardless, I hold a lot of HIVE for the benefit of LeoFinance as a second layer project and definitely see the use case for other projects to do the same.

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Just in case I've placed some flash crash orders. If we ever get down there i'll be double whale in a day.

A part of me wants us to get there, really. The other part simply wants to get out of this nightmare

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I agree that a lot of works to do to maintain hive. However, hive projects seem only for internal network. Why don't hive develooers try to expand partnertship with other start ups either from cryptos or non cryptosm

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There exist entirely crypto-backed stablecoins. DAI is an example of such coins. The best part of DAI is that it is fully decentralized. It's on Ethereum and it's pegged to the US dollar through smart contracts. How it works is that users deposit cryptocurrencies as collateral and take out loans in DAI. DAI is over-collateralized to start with. The risk for the lender is that their crypto-collateral loses value in which case their collateral could get liquidated. DAI pays a variable interest rate to the lenders as a way to automatically regulate the supply of collateral to make sure all the DAI in circulation are fully backed. Because DAI runs on a smart contract on Ethereum, there is no KYC and nobody can freeze your assets.

Centralized stablecoins not as useful. While the government can't freeze any particular user's account, a government having the proper jurisdiction can go after the organization who owns the bank accounts in which the all the collateral is.

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DAI is one of the most interesting ones out there. There are other risks outside of centralization risks that are carried with other coins - i.e. USDT. Instead, DAI is protocol-driven and not entirely decentralized, but much more so than others.

I don't trust any stablecoins to be completely honest and I also don't see much of a point in holding any signficant value in a stable coin (for someone in my position) outside of temporarily when I'm in between Bitcoin buying opportunities.

Holding BTC is my "stable coin". It's the thing I hold on to and expect to not only hold its value, but increase over the long haul. That said, I still see the value in crypto-backed loans and other use cases like the DAI ecosystem.

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I agree that Hive at $ 0.03 is really very difficult but nothing is certain in the crypto market.

I would like to ask if it was possible to have a Notifications section only for interactions on Leofinance 😍

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Ask and thou shall receive

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Haha that's a cool idea. I'd like to do a full-functioning notification system in an update soon. We'll have it work a lot better than the other noti systems that are out there ;)

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Well the price and the usability of Hive blockchain do not match at a certain point. We've been building on Hive but people are unaware of it. Thousands of people still think that Hive is just a hardfork of Steem and that's all. It's unacceptable being so invisible. Yet, from the broader perspective, things are not going quite well in today's world and altcoins are neclected a lot. We may test the deep level or even we may go deeper but just a single bull run will give us what we've been expecting for a couple of months imo.

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I prefer a steady growth rather than a temporary spike. A new higher baseline is what we need

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What's being built here doesn't reflect the price. But that can also be blamed as much on tokenomics as it can on marketing. I've become more and more aware of the bad tokenomics that govern Hive over the past year.

A mix of tokenomic improvements and marketing could do wonders for the HIVE price. Hive as a technology is a wondrous thing to build on and that's why LeoFinance exists in the first place :)

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I think what neal says about blockfi not being worth it makes total sense!

However I'm still with Rol and Khal - irrational though it may be I still have a little BTC in blockfi earning interest, but only 5% of what I hold!

Based on what you say about RUNE, I'm glad I bought some recently, that's something I'll be looking to get into - native BTC and RUNE paired sounds great - I don't trust WBTC at all!

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@jk6276 just wrote another great update about RUNE. I think that project is a big one to watch at the end of this year and early next. Lots of development happening in the background and a solid community as well.

For Blockfi - I do see Neal's point, but the risk seems very low to me. The reward otherwise would be 0 since I don't trust WBTC enough to put any significant amount of my Bitcoin into it. With BlockFi, you have reputable people and one of the largest crypto custodians in the world.

I still wouldn't put all my BTC into it, but I sleep better at night with BlockFi than wBTC

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I'll check out that Rune post,

I know what you mean about Blockfi, it's nice to earn something!

Have you tried withdrawing anything yet?

The two day delay is a stark reminder that YOU DO NOT CONTROL YOUR CRYPTO once it's on Blockfi!

It kind put me off, but i'll still keep around 5% in there.

Funnily enough I've got most of my LTC in there, I'm a bit less precious about that!

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Here's this week's driving podcast sorted. Cheers ;)

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Haha awesome to hear! ;)

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I just want to establish that I'm not a 'Trump Fan', I'm just a Trump backer.
I've said since he was elected. "If the left spends the next four years telling people why they voted Trump instead of asking them, you're going to get more Trump".

I'm not a Trump fan nor really a Trump backer. I'm not overly political either - but what I do know is that Biden winning is as ridiculous (even more imo) as Hillary winning in 2016.

Trump will give us another 4 years of minimal damage. Then I hope we can get some non-idiot candidates into the running. Maybe we should actually have a rule that says you need be able to run 10 miles in order to run for office. We can disqualify these 70+ year olds out of the gate.

Why are retirement age people (actually beyond retirement age) running our country? That will never make sense to me.

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The CBDC are near to the block, and maybe we changed the criptos for this and we operate very normal in the financial economy with our Criptos.

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RE interest on BTC I also use Blockfi but I've only put about 5% of my BTC into that, that's how much of a risk I'm prepared to take on it! The rest is in a hard wallet.

But @nealmcspadden is speaking rationally - it's probably not worth it!

And from what you're saying about the Rune pool, I am VERY glad I just bought some of that! I'll probably take that 5% of BTC out of Blockfi and put it into the Rune pool.

I am absolutely not a fan of WBTC either!

Very interesting show,

Cheers!

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Hey @rollandthomas Khal didn't do the best job explaining the counter party risk of using Blockfi. The risk is with using a USA company to custody your Bitcoin after KYC'ing yourself. Remember the 1934 Gold Reserve Act? I would advise 0% allocation into trying to get yield for giving someone else custody of your Bitcoin. If you want to get aggressive, I don't think you could go too wrong with allocating 8-15% of your btc across many different yield earning services.

(not financial advice, I am not a lawyer)

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