So What?
So the crypto market is suddenly down and hive flash-crashed to 6 cents for a few seconds, and still down at 14 cents. So What? Nothing happens to you and me unless you jump the gun and do something stupid at the moment.
By the way, "So What?" is a Miles Davis classic did you know that? This weekend is a great time to dust off your old LPs and listen. Yes, the true LPs, not liquidity pools! :)
Image created by Leonardo
I was watching Shogun yesterday late afternoon. Great show on Hulu, but details on that some other time. It was my day off and waiting for the alarm to pick up kids from school when I happen to glance at my peakd to see if I want to write something. I looked at my wallet at peakd and saw the value is down by about $100K :). So I had to immediately jump on discord and calm some nerves (other people's nerves)! I am glad I had the alarm set, otherwise I would have missed or rather got delayed at the school pick up. However, while calming nerves, my hope of writing a post yesterday was long gone! So what?
Love Your Spell Is Everywhere
During times of market turmoil what I typically do is nothing :)
After a few minutes, hive pulled itself from the depths of oblivion along with all other crypto. There was also DDOS attack at hive-engine/Tribaldex. You think that is unique? No it is not. It is very common during high volatility times. I checked on Coinbase, which is centralized and many orders of magnitude larger than hive-engine/Tribaldex. I tried to move some USD to Coinbase to test, as I always do these things to prove a point. The point is you not only shouldn't do any major transaction during market volatility, you often can't!
So it is useful to to turn on a tune like Love Your Spell Is Everywhere and enjoy a coffee, wine, or whiskey...whatever is your Jam! There is no substitute for Curtis Fuller, I can tell you that!
Image created by Leonardo
Here is the masterpiece, by the way!
Do you know about DDOS attack?
Many of the tech savvy guys/gals might know this already, but many others read my posts. So it is perhaps good to have a quick discussion.
A Distributed Denial-of-Service (DDoS) attack is a malicious cyberattack that attempts to make a website, server, or network resource unavailable to its legitimate users by overwhelming it with a flood of Internet traffic from multiple compromised computer systems.
It is called "distributed" because the attack traffic comes from many different sources—often thousands of infected devices known as a botnet (a network of "bots"). This distribution makes it much harder to stop than a simple Denial-of-Service (DoS) attack, which originates from a single source. As far as I know there are always people who generates attack vectors against various hive services, because, guess what we have a lot of enemies, and they are savvy. Think of it like an unexpected, massive traffic jam caused by thousands of bogus requests all trying to access the same single lane of a highway (in this case hive-engine), preventing regular, legitimate traffic from getting to its destination.
Five Spot After Dark
So again, during times like this, it is better not to send your legitimate transaction to the network. Meaning you are trying to do your best not to overload the network. The attack eventually get defended, and normal processes resume quickly. There is always light after darkness :)
By the way, it is one my favorite tune! Nothing beats a trombone during times like this!
Image created by Leonardo
So, bottom line, I haven't done a damn thing yesterday. After kids came back home, we had pizza. Their mom is always on a business trip to Algerian deserts :) Also, Friday night is pizza night at our household anyways. So we had pizza and Jurassic Park on TV, and soon I was not thinking about crypto market or hive at all. I hope you all enjoy some sanity.
Cheers!
Thanks for the musical break... listening to Miles' Porgy and Bess album now😇 Yesterday I listened to Grieg's Peer Gynt because of a comment by @deirdyweirdy. That's what I need...one of these musical references every day :))
My husband told me about the Hive drama. I don't really watch. I notice my vote is less when I vote. That's about it. Thanks for the explanation of DDoS attack. The inability to access Coinbase sounds like what happens at a bank when there is a run, or the supermarket when shortage is threatened. People behave pretty predictably in panic mode.
The music's coming through as I type...thank you!
It is always this way during any market volatility. I have traded through dot com bubble and financial crisis of 07-08. Now I am too old to trade (not!). :)
But honestly I have seen a lot, so I feel like I can calm nerves rather easily. People appreciate that:)
Missed the whole thing. Sage advice, pizza and jazz. Sounds like a solid reaction.
Me, I just don't look. What good will it do me?
One of my favorite albums. Just seeing your title and image, I knew what you were referring to.
These kinds of attacks always baffle me. Some people just want to see the world burn, I suppose.
Yes, they do want to see the world burn, and there are increasing in numbers unfortunately. Earlier it was hard and required a lot of knowledge, but these days with AI and cheap/free servers, even a 10 year old with no programing background can create a bot net!
Yes, and again... that baffles me. Being unkind is so counter to who I am that I struggle to see the other side. I know it exists, but it's hard for me to grasp. I was listening to an excellent interview with Dr Robert Lustig about how sugar (and other additives) are contributing to all mental problems in the world. (
That sounds like an overstatement, but he laid it out very convincingly. Just as the lead in pretty much everything has now been shown to have contributed to the spike in crime in the 70s and 80s, I wonder if looking back we will see a stronger relationship here between sugar and some of these social things.Anyway, I look forward to your thoughts about Shogun!
Oh I love Shogun! I am only 3 episodes deep, but it is absolutely amazing so far!
Kind of Blue is a great album.
I saw the dip just as I was going to bed. My $HIVE is all powered up, so I can't react, but we have ridden out other storms. I expect some people made money this time if they were quick. I'll keep playing the long game.
Kind Of Blue is one of my faves too. I remember listening to it driving up north to scotland one year in the pissing rain, on CD, in an old beemer.
I have everything powered up and in savings. But I never trade during volatility. Bad thing happens if you do. :)
For these types of drops it is good to have a low ball limit buy order.
Yes, if you were planning to buy anyways.
Thanks for the explanation! I was wondering what was going on... I bought $100 worth of HIVE yesterday, unfortunately half before the little crash. Powered up 200 HIVE, a part of the rest is going into HBD I think.
Just like in the stock market, I love it when something I want to buy gets cheaper. I have to figure out how to set limit orders in Binance, that would be a great help. Once my stack is as huge as yours, well, no, it probably won't ever be, but when it's at a point where I'm happy with it, I'll just be as relaxed as you. Until then - time to buy!
So your timing was a bit off :)
Just a little bit! Doesn't really matter, in 10 years those 100 HIVE in difference will be "drops on a hot stone" as we say in Germany
So what indeed, life goes on, we are alive and busy as ever. Miles Davies LOL I was in NYC last month and took the subway up to the bronx to see some tombstones, fuck me it was the roughest part of the boroughs I visited, but it was worth it. Among the magnificent funerary architecture I came across was that of said Miles Davies, virtually next door to that of Duke Ellington!!
At the speed I do things this will be coming to an upload ...oh in about 12 months time!!!
I hope it is not 12 months. Love to see that trip report sooner! :)
LOL, I guess I am a bit OCD and upload stuff in chronological order, haven't even uploaded from the camera yet
A perfect post to remind us that calmness is the best strategy in moments of panic.
Family and beautiful background music are some of the most important elements in life.
There is always a positive side, and for those with medium- to long-term goals on Hive, moments like these are more opportunities than problems ;)
Thank you. I like to enforce a bit of calm into people during times like this.
At the polar opposite in music terms...
Yeah, I don't usually do anything either but I couldn't resist picking up some hiveys last night and this morning. Every little helps!
And a classic too! :)
Yes, why not buy when things are on sale!
Cheers!
I managed to pick up a little bit at 14c last night when the market had bounced back up to 16c, but now we're back to 14c again, so it makes no difference to me time wise. I was so surprised to see it tank to single digits, but I guess if I went and sold 1 Hive at 1c for fun, I'd create an all time low?
What annoyed me most was LTC tanking as well. I was just looking at my wallet a few hours earlier thinking it would be a good time to sell some for a holiday, then it goes all belly up 🥴🙄
By the way, lately you are always talking about castles :)
https://hiveanalytics.usehive.com/word-cloud
I don't post much now, and I've just made a post about three castles. And a quick count says I wrote castle 23 times in the post 😂
I must cut down on beautiful, it makes me sound like orange face
I did that on purpose:)
You can filter the time in that tool and I filtered for 30 days.
If you do 1 years it looks different.
Don't look at wallets during times like this :)
If all crypto goes belly up, then it does. I am not convinced that world needs crypto. :)
Nah, I'm good, these times don't effect me. My crypto portfolio is a very small portion of my total assets and I've learnt not to fall in love with it.
Hive will still do the same thing if it is worth $0.01, or $0.1, or $10.
It will.
That is why price is meaningless. Especially when someone like me who doesn't buy or sell.
Not enough people understand that functional value does not equal price :) Function and price is not connected in the way in which I use this blockchain.
However, you use the price when you buy and sell. So to people that is the most important thing, as it should, from that perspective.
To counter your point, would you write here if hive value is zero or you get zero rewards. You perhaps don't know the answer, few of us do.
I do know the answer to that.
If rewards went away, I would still be here.
If people were to elect to use their stake to downvote my content maliciously and without good, well articulated reason, I would likely feel oppressed and leave. This is based on the confident notion that if it can be done to my content (which I have the immodesty to say is better than most on HIVE) - then what hope do others have?
I am not so sure that you will :)
However, we can agree to disagree.
My logic is even if you don't leave, 99.99% will leave. So the network will cease to exist. Then slowly one after the other services will shut down, and they will leave. Eventually it will be a ghost town. So at that point there is little difference if you write in word or notepad, as opposed to peakd.
By the way, peakd will not be here long before that :)
I must let some nihilism sprinkle in now: If we are all going to one day die, why do we do anything at all? If all the stars in the universe will one day grow cold and dark, what is the purpose of anything anyway? :)
So far I have had a good run with hive / steem - not just the prior financial benefits we've previously discussed, but the sense of self discovery, satisfaction, and all the things that I have learned, all the ways I have matured and grown, and all the people that I have met along the way.
A sidenote: I was very fascinated by my word cloud for my all time posts and comments. "Content" appeared in the middle, but above it, in small font, also the word "futile".
😮
I would still be here. I used to tweet for nothing...
The most bestest response.
I am really tempted to buy hive now, but i have no binance account and the other possibilities are all with high fees :(
Yes, I have the same problem. However, we are trying to solve this problem by listing hive in Coinbase wallet like SPS.
Should be soon.
Is Coinbase asking for 5 figures got get $HIVE/$HBD listed?
My only real regret about yesterday is that I made a HIVE buy earlier in the day at $.18 and if I had waited I could have gotten more, but oh well. I wish I had more jazz in my LP collection. I have about 200 or so, but only a handful of them are jazz.
200 LP is a very respectable total today!
I just wish that I had funds to buy more Hive now. these prices are even tempting to convert my HBD but I want to keep my HBD as well because it gets 15 percent interest and is accessible quicker than HP.
Make your own judgement call :)
Would we have any idea who is behind these DDOS attacks? Who are our enemies? Our good friends at Tron or enemies within?
I asked around, and didn't get an answer.
Yes, the same thought did come to my mind. Apparently the attack is very smart. It is sending data package request that is identical to a regular request, but the data is meaningless and non-unique. I say that is very smart.
I don't do leveraged trading, and since I only hold Hive in spot, I didn't do anything last night. I was already on the road, and everything happened within a few minutes. But I can't imagine what last night was like for those who do leveraged trading. Many streams say people lost thousands of dollars. Unfortunately, in Turkey, my country, people use it like gambling and end up losing their mental health. I feel sorry for them.
If people do leveraged trading, they should be prepared for days like yesterday. I don't feel sorry for them :) They are adult and they should know better. No point sugarcoating bad news.
For most people, 6 cents per HIVE means nothing. But after that drop, I placed a buy order for HIVE at $0.10 and $0.06 on MEXC.
Did you get a fill?
I placed a buy order after the drop. I couldn't have imagined the price dropping that much in a single day. I was planning to buy at $0.06 after a couple of months of bear market action.
Just HODL! Nice pizza and Jurassic park what an awesome family time!
The word is HOLD.
Just because crypto people are poorly educated and under the influence most of the time doesn't mean you have to be as well.
bad gif
Sarcasm;)
Lets not kid ourselves though Hive is not in a super healthy position. But we can all hope we are...
Hope is not a strategy.
I don't hope and I don't care much about price. I care about value. Personally speaking I do see value in hive and a lot of value. Also, I am in a financial position that my whole investment in hive goes to zero, absolutely nothing will happen to me personally. But I will have an experiment that didn't work.
That’s a really insightful observation — and so true! Market volatility can push even big platforms to their limits. It’s interesting (and a bit frustrating) how these network slowdowns and DDOS issues always seem to happen right when everyone’s trying to move funds or trade. Your point about avoiding major transactions during those moments is solid advice — patience can really save both stress and money in times like that.
With this crypto world in turmoil, the best thing to do is turn to this beautiful music to maintain peace of mind and wait for the storm to pass. I'm delighted to discover that you appreciate the blues so much; these are all top-notch instrumental classics, especially "Love Your Spell of Everywhere." I've never met anyone more familiar with it than I've ever met someone close to me ❤️
Saludos, que buena música esa de Mile Davis , relaja, es interesante lo que has dicho acerca de esa congestión o ataque del sistema. No lo sabía si me pregunte porque no pude entrar a las billete de hivesigner, y luego todo se desplomó. Gracias por la información tan clara y amenizada con buena música.