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All in!

Love how you broke that down man...Not all in financially, but putting your life into it! Started on this journey 3 years ago, finally starting to see things come together. But I'm on the long run here as well...Not looking for a quick buck.

As for Hive...It's seriously the gift that keeps on giving. When you get it, and stay away from looking at the price of it every day, you get even more excited.

Consistency!!!

Great video as always. I have a few questions. Will ask them in separate comments because it's a bit heavy and you might not want to answer everything at once.

You say that web3 must be built on few supernodes because it allows scalability, I fully agree. But with 3speak you guys are building a peer to peer decentralized storage network, like bittorent, which is far more decentralized and less efficient.

Won't that make it very expensive/slow to store data? If not, then why not use that for web3 including text and be even more decentralized than a few supernodes.

Supernodes are for blockchains. However, PoA will have a p2p ranking system where the top performers get first dibs on downloads. PoA is great for incentivizing the storage of data. However, data is just one piece of this whole thing. Having a smaller set of supernodes (20 nodes arguably isn't a small amount) means you can process transactions fast. Having deterministic consensus means we can have speed and performance you can't achieve any other way. PoA isn't deterministic, and miners are free to come and go as they choose. So no matter what, for transactions, blockchain out beats anything.

Why not store text in PoA? We can, no reason not to. However, blockchains are perfect for the text. Text does not take up a ton of space, thus can benefit from being on-chain. Videos/Images bloat the nodes too high, and asking for anyone to store giant nodes will lead to centralization. PoA gives miners choices, and with "rare blocks" IE, blocks no on downloads, those who have those get rewarded more because they do not have to split rewards with other miners. This means that the network, once it gets huge, will likely be chopped up, and if no one had to whole network, it would balance out as many smaller miners can hunt rare blocks leading to the entire network being backed up by many not few. It's late so this answer maynot be a precise as I'd like, if it didn't make sense lmk.

So if I understand correctly, the chain is dPoS and the storage is a separate process.

In that case, could something like sia coin or filecoin be used for storage of files instead of building our own storage system?

Blockchain = Incentive Layer + Text immutablility.
Anything else should go on IPFS, imo. Having your own blockchain, like a Sia, Arweave (blockweave there), FIlecoin, etc., I've seen them all, I'm pretty sure. The issue is they create their own standard, like an island. LBRY did the same thing, try to reinvent a new standard and force people on it. We believe if you use blockchain to pay storage people and keep the storage separate from the chain, you have the best of both worlds. IPFS is widely used and will continue to dominate the "decentralized land" of web3. Think of IPFS as a giant, unkept plot of land. Land that is not cultivated doesn't really do much for anyone. IE having IPFS storage but no incentive layer means no one is going to store your files for free. However, bring some water, IE incentives and pay people to store files, then you have a landscape that can grow. Prob should get to bed soon. My analogies are starting to blend into reality.

This makes so much sense. Sorry for keeping you up xd

Third question. Another great point you made about Dpos is that attacking it just makes everyone dump their coins and start a new chain.

However, when Justin Sun attacked Steem, he managed to freeze many whale accounts including yours in order to prevent dumping. Another attacker can decide to freeze every whale account who want's to leave. Since he's already centralizing the chain, why hold back? So the community doens't necessarily get richer, just small hodlers.

One way this could work is if centralizing the chain makes it a security under SEC rule or somewhere else. That would make the attacker a criminal, and the chain would get delisted from everywhere, like we saw with ripple.

So my question is, do you think that centralized coins will be regulated as securities? And I'm asking because I know there is the ongoing case with the Steem coins that Justin tried to steal. And btw when will there be an update on what Bittrex will do?

Steemit INC, owned and controlled by Justin Sun, voted witnesses froze and forcibly over 20mill STEEM. While it seems like a lot, it represents less than 10% of the supply.

An attacker could purge the entire chain. However, there comes a point where you burn the entire place down with yourself in it. The more you steal, the more bridges you permanently burn, and community members don't grow on trees. So if he was to forcibly take 50%+ of the tokens, sure, a good MM could keep you afloat for a while (cough Tron), but in the end, you'll not get many big investors.

You're 100% accurate that centralizing the network makes you a single point of failure to many government organizations worldwide, most notably the SEC. There is a court case between INC and the victims of the Steem heist later this year, which I believe will set the tone moving forward.

One note on the stealing of coins, the blowback Justin got was very big, so do not discount the more times you overtake a chain and try to steal coins, the more unpopular you get quickly. Social dynamics are huge in the age of clout chasing and cancel culture. It's not as easy to be as psycho as Justin Sun was, really give him some credit there, but you never go full Justin.

Good point. Thanks for answering everything, really appreciated.

Forgot to mention, unlike an OTC fly by night deal, to get a dominating stake would cost a lot of money, raising the price. Sure, everyone could just HODL through but lots will take profits just by proxy of the attack before any attack was known. So, either way you slice it, we will get paid from a money attack one way or another, even if the attacker decides to burn the entire place down.

Oh yeah... didn't think of that.

Second question, you are now a fan of the long powerdown because it protects the chain. I remember you were proposing the burn 5% to powerdown instantly because you wanted to get rid of the powerdown time. Changing your mind is a sign of intelligence, but I still believe we can make powerdowns instant. I'm a big fan of the long powerup, fast powerdown model.

First, exchanges are no longer a threat even with instant powerdown, because they now need to wait a month before participating in governance. This gives a lot of time to witnesses to softfork their voting rights away.

Long powerdown has pros and cons.

pros:

  • makes only committed hodlers with a long term vision power up, which is good for hive governance. No random investors staking for the yield and messing up everything.
  • extra security. You can get hacked and not realize it for a very long time and still keep most of your money, which is cool.

cons:

  • People, especially whales, are less likely to invest because they don't want to lock up their funds for a long time. Hodling liquid hive is just getting rekt by inflation.
  • Doesn't allow people to panic sell. We need weak hands to dump their tokens at the bottom, so that hive can recover. When bitcoin dumps 50%, weak hands sell, strong hands buy, then it goes back up like a rocket. When hive dumps, weak hands capitulate at the bottom, start a powerdown, and dump on us for 3 months while we are trying to recover. This makes hive go down even more and new people capitulate. It's an infinite bear market.

I think there's a way to get the best out of both. First, let's make powerdown almost instant (1 week for example). This gets rid of the cons. Now let's try to get the pros of a long powerdown.

  • Security: easily fixed by making the long powerdown optional. An account can decide how long his stake takes to powerdown. Could even be a year I don't care. Very little people are going to go for that imo.
  • Incentivizing long term hodlers for good DPoS: this can be done by using a long powerup. For example, if I power up 100,000 HIVE today, I only get 10,000 HP worth of voting power. After a week, I get 20,000 of voting power. After, two weeks, I get 30,000 etc... We can even make it last longer so that a full power up takes a full year. This means that the longer a hodler's been powered up the most influence he has on the network. It incentivizes being here for a long time.

What do you think of that?

To be clear, I am a fan of a long lock up AND an instant burn option. I have some ideas for the lock up I'm still exploring. Not bad ideas I'll think on them more.

First, exchanges are no longer a threat even with instant powerdown, because they now need to wait a month before participating in governance. This gives a lot of time to witnesses to softfork their voting rights away

Great point.

I think 7 weeks power down can be sweet spot.

Also I think, We should more focus on building SMT capabilities, Sidechains, Smart contracts etc.

Posted Using LeoFinance Beta

A lot of great things happening with Hive. You said 10 years on the token price, you are even longer term than me. I am looking where things will be in the middle of this decade.

I think people are going to be shocked at what things are like 6 months from now. There is so much starting to roll out. Even today, @fbslo announced BHive on the Binance chain. Just another example of the pieces to add up.

What 3Speak and Leo are rolling out over the next couple months will change things very quickly. I cant wait until the leo microblogging app is out and the Hive Twitter army goes to work on that. It will be amazing the numbers that will be put up in a short period of time.

All good things ahead and we are still in Hive's first year. Just imagine what we will accomplish in year 2.

All good things ahead and we are still in Hive's first year. Just imagine what we will accomplish in year 2

We just gotta keep building and moving forward together.

HIVE can extract huge value from Twitter. Imagine one big investor jump onboard with HIVE or imagine Dan Larimer come backs to HIVE full time or ADA makes partnership with HIVE.

One single event can take HIVE to the next lever!

Posted Using LeoFinance Beta

There are some things about to come to Hive that is flat out game changers. A lot isn't public yet but stay tuned.

What's good champ. Good to listening to you once again. We are shaping up and learning from our mistakes and finally are realizing the importance of staking, delegation, and how important $Hive is becoming as fuel, as gasoline, as investment. Feeless and almost instant transactions are a thing that is going to be hard to beat and it should be our banner when it comes promoting Hive. Keep up the the good fight.

personally i see governance and decentralisation together a bit of an oxymoron tbh. Governance is where it all goes wrong. Build systems that self regulate and take care of themselves without humans. Humans are the worst.

The problem is how do you chose which 20 supernodes run the system. And if you don't have supernodes, how do you scale?

Scaling for social media requires some compromises.

Ultimately capitalism should decide.

Voting is a wheel. It can't be replaced. It will have its form in web 3 with DPOS.

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Check out the last post from @hivebuzz:

Feedback from the February 1st Hive Power Up Day

Not able to create a community on 3speak.
How to do it?
Errors pops up Everytime.
New to this.
None on the Discord give a reply back.

LBRY has already proven that blockchain alternatives for YouTube can become huge. It's already Top 5000 in Alexa. Tokeomics sounded even better for https://3speak.co I don't have much. But I've got my diamond hands. using an old laptop and phone. No parties. Minimalist expenses. It's all in order to not take out any of my crypto. Been buying since 2017. Never sold a crypto for a penny in fiat. I'm very proud to say this!

Posted Using LeoFinance Beta

When do poor votes get equality with 'rich' votes?

I've put out near daily content, got voted by a whale benefactor, for over 4 years, and I still don't overcome the poor tax.

Do you need another reason for all those redfish leaving?

Hive is like green energy. The RCs reload with time and there are not burned, like a solar panel.

ETH is like old energy. You pay the Fee and it's gone. Like burning gas or cole.

https://peakd.com/hive-167922/@urun/value-and-rcs-and-power-user

:)