Missed it by that much.
Maxwell Smart (Agent 86)
I really enjoyed Get Smart as a kid, though I am not sure how many people will remember a sitcom from the 1960s, that I watched in the 1980s. Still, I enjoyed the beatnik feel, silly humour and Agent 99. But while it is nice to reminisce about childhood entertainment, the "missed it by that much" quote refers to missing the flash crash sale on Hive (and all of crypto) last night.
I did pick some up below 14 cents, but it hit just above six cents on Binance. I tuned in at 9 cents, but with nothing ready to buy with, I had to wait for BTC transfers (which were even slower than usual) and just watched the price increase and increase again. I even tried to take some BNB out of holding (which was down by far less), but Binance had "thoughtfully" put their own hold on that to protect its price.
Seeing HIVE at -75% was pretty exciting.
The cause for the crash was supposedly the announcement of new US tariffs on Chinese products, but I don't think this would have been enough to trigger such a collapse. Though, perhaps margin positions triggered and it quickly cascaded. I think some people made an enormous amount of value in a few minutes. Some likely lost a bit too.
I can't really say whether it was a good decision or not to buy some HIVE or whether I should have picked up something else, but without cash to buy, it was crypto to crypto, and HIVE was down the most of what I am interested in. If I was buying with fiat, maybe I would have gone with something else as I have a fair amount of HIVE, but I am hoping that in the coming months, HIVE will outperform Bitcoin at least. Is it more likely that HIVE goes to 28 cents, or BTC to 230K?
Who knows!
What I am hoping though is that this crash event is the last trigger required before there is a decent run up, rather than a steady rise and fall on the back of the traditional markets. Often it seems, that after such events, those who picked up cheap are then more willing and able to manipulate market supplies and drive price upward to maximise their gains. And these kinds of turnarounds can happen quite quickly. September is gone and November is on the way, so we are going to know soon enough what the markets will do.
The biggest question it seems is the unfortunate state of the current world, where there is so much uncertainty from geopolitical posturing, war, and the increasing threat of automation on employment and disposable incomes. While stocks have climbed and gold has hit new highs, real people who demand things, have lost a huge amount of purchasing power against the inflation. Ultimately, real people buying things is where the value of the economy comes from, so unless that improves, expect that there will be a stock crash in the nearish future, as companies wind down their sales expectations.
This is why gold is surging.
Gold is a safe haven for a lot of investors for obvious reasons, but I think that a lot of this is also just due to traditional practices. For the most part, gold is just another token, except it is physical. It doesn't really do that much in the grand scheme of life and humanity could likely live completely without it, using alternative metals. It isn't a species survival item. Yes, it is used in many pieces of equipment, but it isn't the only thing that can be used, even if it is best in class in a few.
People go into gold during times of economic uncertainty, but again, "the economy" as it stands isn't vital for our species either. Sure, there is always trade of some sort, but how that trade is organised could change and it is very possible that with technological advancement, gold becomes increasingly irrelevant as a value store. Same can be said about Bitcoin, or HIVE, or anything else for that matter.
The value of the economy comes down to the demand on goods and services and the demand has to have some level of token to trade. Right now, what we are doing is trading in tokens, not in the goods and services that are actually bringing value to our lives and the wealthiest, most profitable companies in the world are trading our lives for more tokens. Very little of what is happening has anything to do with improving our humanity or species, it is just a merry-go-round of token trading.
Hopefully at some point, the merry-go-round evolves into a species growth economy, where what we value is what makes us more capable, more loving, more useful, better people. That is not the case today, because the incentives are around consumption no matter the harm, to drive profits, no matter the cost to society. It is the antithesis of what we should want as a species.
But here we are.
Taraz
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The market was so bloodied by the announcement of new US tariffs on Chinese goods, but if you look closely at that time, you can see that although the price of $Hive had dropped to around 7 cents, there was no opportunity to buy there. The prices of all the coins dropped by a huge amount for a short period of time, but I don't think anyone was able to buy there. Because it seems that the Binance system was temporarily suspended at that time.
Binance was available, but it was slow. Some people obviously caught some bargains :)
Don't feel too bad, I bought earlier in the day at $.18 :P
I had cone so close and decided to wait. Lucky me.
If you buy again now, you can cost average to 16. :)
Haha, true!
That “Missed it by that much” from Maxwell Smart was really fitting.
The distinction between “value store” and “species growth economy” was interesting - gold and crypto are both just vehicles for storing value, not things that actually add to people’s lives.
But the question is: if this is just a “merry-go-round of token trading,” why are we still here? Maybe because when purchasing power is being destroyed, speculation isn’t just gambling anymore - it becomes a survival mechanism.
Maybe we’re really waiting for that “species growth economy”. But until then, this is the game.
Yeah, this is the issue. The economy is so screwed that nothing is connected to anything of real value. It is just do something and hope, even though what we go is meaningless for all of us to live.
Exactly - this is where the disconnect between economy and reality happens. When speculation becomes a survival mechanism, it means fundamentals don’t matter anymore - only narrative and sentiment.
But what’s interesting: this “meaninglessness” itself has a predictable pattern. When everyone realizes nothing is connected to real value, then everyone starts looking for the same thing - and that becomes money itself. Gold, Bitcoin, or whatever we think has value.
Maybe the economy really has reached a point where it’s no longer connected to production - only to belief. And belief can change very quickly.
Yeah it can change quickly. Personally, I think we would have a better world if the things we produced and consumed had real-world value to the advancement of humanity. So much of the entire supply chain is essentially busy-work, activities that aren't necessary and are often contradictory to a better life. Everything from the mining industry, to manufacturing and the accounting and digital aspects - it is all pretty much useless activity to keep us occupied.
You’re describing the difference between productive work and performative work. Most of modern economy is the latter - activity that looks like progress but produces nothing meaningful.
The irony is that crypto was supposed to be an escape from this - decentralized, meaningful, value-driven. Instead, it became another layer of the same game. We’re mining imaginary tokens to trade for imaginary gains while calling it “advancement.”
Maybe the real advancement is recognizing the system for what it is and choosing not to play - or at least not betting everything on it.
It is common for the price to go back down close to level reached during the drop. So if you want to buy more crypto at lower prices I would have cash ready for good prices in the next week or two... I am out of cash so will just sit tight, accumulating a little bit at a time when extra cash is available.
Yeah, I don't have cash for anything at the moment, so will see how it goes. If it goes up a bit first, I will take a little profit and wait.
It is such a drag to miss those low prices. I converted some HBD to HIVE while it was at $0.20s. Seems HIVE doesn't follow uptrend, but downtrend. I hope this is temporary, thus most of us stay here.
I feel exactly the same. HIVE moves slow when market pumps, but drops fast when it dumps.
But maybe this short-term weakness is a long-term opportunity. If fundamentals are solid - which they are - these prices will correct eventually. What matters is staying and building.
Hive nearly always lags the rest of the market too, and often will miss the opportunity before the market dumps. It is awesome.
Yeah, HIVE has that special talent - slow on the way up, fast on the way down. Classic low liquidity behavior.
But there’s a flip side: when it finally does move, it tends to overshoot. The lag works both ways. Problem is timing it - you never know if “this time” it’ll actually catch the wave or just sleep through it.
The real question is whether that lag is a feature or a bug. For accumulators, it’s actually useful. For traders trying to catch momentum, it’s frustrating as hell.
I have been converting HBD all the time, regardless of price :D
A crash as bad as this happened some months back when Trump announced tarrifs on several countries. But the markets rebounded when he paused the tarrifs. It was said at that time he sent out "get-rich-quick" announcements before halting the tarrifs. I wonder if this is a ploy by the US government to manipulate the markets to their advantage. If it is, the entire market is endangered and we should expect the worst to happen anytime soon.
Very likely. The few in the circle became very wealthy and his son was driving it too.
At first I did not believe my eyes when I saw the price of Hive in the peakd. I hope that prices will remain the same for a few days. I should be able to buy some on monday.
Let's see how it goes :)
So many guys on Twitter claiming to have been totally wiped out, leverage is a cruel mistress. HBD down 5%, SPS down 11% on the weekly. I think we got off pretty light, considering.
Hive token, which was 0.18 yesterday, had fallen to 0.14 when I woke up this morning. As you mentioned, I was surprised to hear that the price of hive on Binance was 6 cents. You can see how the entire crypto market has collapsed in the last 24 hours. I am not saying that crypto is a good buy because it is not special. But I hope that a bull market will come in the near future.
Token trading and real lives are getting ruined. I actually thought 17 cents of Hive is bad enough but this, I've actually never seen before. Hive dropping like that shows me just how unpredictable everything is. I'm not going to guess my next move I'll just Hodl
gold, smold.. get me some more HIVE!! ye, I also missed, but tried hard to buy some hive at .10.. I think my exchange (kraken) wasn't processing trades at that time. (smart for them) but I did manage to move some fiat into kraken to get me some HIVE after that settles..
I caught the tail end of last night's crash. I was a bit shocked when I saw the Hive price at $0.08 on the internal market. Even though I don't have much in Hive, I experienced it. For a moment, I thought Hive might be finished, that we wouldn't be around anymore. It was a pretty bad feeling. Hive had fallen to its lowest price in history, $0.03. Interestingly, other things crash as well in these kinds of crashes. Last night, the Hive engine and keychain crashed.
Don't forget that gold and silver are also commodities in demand for industrial and decorative uses. They can also be more anonymous, like cash, for in-person exchange without the overhead of learning about cryptography and security keys. I've found a few other metrics for measuring inflation in the US, which show the dollar is far weaker than the official CPI data says, and people want something that doesn't always plummet like the dollar, and may be less volatile than an apparent bubble in stocks, bonds, and real estate.
The whole thing was one big cluster fuck to wipe out the leverage in the system so "poors" didn't get rich on leverage. With so much of BTC liquid supply now held by market makers and institutional traders, it is easier for them to manipulate the market and create a flash crash to wipe out long leverage for a nice cheap entry much, much lower. It was way worse for altcoins compared to BTC.
I was happy I was able to stash some profits at BTC $125K to then buy back in after the crash to $109K. I also used the flash crash to buy a sexy little RUNI around $420, a favorite price target for the ethereum NFT that is severely underpriced based on its contributions to Splinterlands land productivity. I'm glad you were able to score some cheap Hive. I was busy watching a movie during the worst of the crash to realize the lowest prices.