"I do not think you can force adoption."
I agree. But, conversely, I do think you can prevent it, and that's the actual complaint I have, as you may recall.
"How do you prove who is an AI Agent and who is a person just based on what they type?"
This problem was briefly discussed by Ned before he gave up and sold out to Sun Yuchen, and that precipitated the creation of Hive. In a way this is the most important issue to Hive, being the very reason it was created, and an existential threat to it's very existence. I have seen AI being used to post on Hive without attribution, and that was years ago, when I could still ascertain the difference. I suspect AI posts are no longer able to be picked out off hand anymore, and that means that unless we do something like the oracles Ned wanted to create, Hive will become little more than bots extracting rewards from the pool without utility as social media and human beings.
That will kill the Hive, IMHO, or at least any interest I have in it. I am not interested much in tokens, although I do recognize that most people do care very much about money. I am far more interested in free speech, which is absolutely critically important to everyone, and without which we are incapable to survive. Free speech is existentially necessary to people, and money is merely one tech that makes commerce more facile, but which is not necessary, even for commerce, much less life itself.
"Success" for HIVE means different things to different people."
Absolutely, and investors and the various users of social media have very different purposes and goals. Hive is basically a social media platform that has been tokenized to enable media to be funded by it's market directly, rather than through advertising. If Hive could do this well, it would revolutionize the social media industry, but it does not do this well, and is largely a failure as a social media platform as a result. Social media has become the largest sector in global financial markets in ~10 years, an incredible demonstration of just how important our communications to one another are.
Hive, or rather the platform Hive is a fork of, arose right during that financial conquest of world markets social media was effecting, yet that platform was once #3 in market cap and today approaches #500 by that metric. Therefore Hive has neither succeeded as social media, nor as in investment in the ordinary sense most investors undertake, speculating on the rising value of an asset due to good management and market for the product their investment produces for sale. The market was certainly available, but Hive has not been managed to well profit from it, and has performed abysmally in that regard.
However, as a steady stream of income for ~36 whales, most of whom mined the token before the social media platform went live, Hive seems to be rewarding enough to that oligarchy that captures >90% of the inflation that issues from the rewards pool. That creates a vastly different incentive for those whales than the platform itself most benefits from, or the bloggers that create the value of the token have. The incentive structure favoring the oligarchy directly opposes the growth of the platform and the success of the creators seeking to benefit from the novel payment structure the platform created.
Because I am not here to profit financially, but to speak freely and enable my posts to be retained on the chain, I am only somewhat perturbed by the failure of the platform to provide a substantial audience or financial rewards for my work. However, I must acknowledge that these failures cannot persist forever, and sooner or later must be rectified for the platform to continue to exist at all, and it's cessation will cause my purpose to fail as well, because my posts and comments will no longer be preserved on chain when that chain is no longer maintained by witnesses.
"I think HIVE is mispriced."
I strongly agree. Hive is presently so mismanaged because of it's improperly aligned incentive structure that it can only continue to correct the price downwards until that incentive structure can be fixed and enable the goals of management, the platform, and the production of interaction that gives the token value to all properly balance to incentivize the growth of the platform. IOW, I think Hive is overpriced today because the price continues to incentivize bad management of the platform, because that is the most financially rewarding for the management, the aforementioned ~36 whales. When the price drops too low to provide them financial incentive to continue milking the rewards pool, then I think Hive will have the opportunity to change the incentive structure and align the benefit of the platform, it's production of marketable goods, and compensation for management.
Given the precipitous decline of token price, I think we more closely approach that opportunity every day. You may well be ideally positioned to help align the incentive structure to enable Hive to wildly succeed. I do not think I exaggerate that dominating the social media market is something Hive has potential to do, and the profit to stakeholders that will provide is almost inconceivably enormous. In that scenario, I think BTC token price will be a fraction of Hive token price. Social media far exceeds the value of the financial sector on the global market.
As long as the witnesses maintain the chain, no matter how many times we fumble the ball, Hive has a chance to try again to align incentives and enable success. I think that like every other industry and platform, we will need to fail up before we hit on the formula that enables success. A critical aspect of that formula is obviously aligning growth of the platform with the best interests of management, and that depends on enabling free speech to prosper based on the quality of the product the individuals producing it provide. Because DV's are the primary mechanism that management employs to focus rewards on their extraction, as HF28 improved marginally, that is one of the most important aspects of restructuring incentives essential to success. I recently requested input on ways to manage taxation on Hive, but received no substantive input. This shows me that price of Hive is still too high to enable incentives to be realigned properly. How much further the price must drop before that point is reached seems likely to be determined as the price continues to correct, and sooner or later will cause the management to capitulate and seek other options for their work that are more financially rewarding. I think that's why the DHF was being so rapidly mined last year, because there remain $M's of cash on hand in the DHF management did not want to let slip their grasp before they move on.
I think we'll hit that point sometime this year. Time will tell.
Thanks!
Very well put out, I completely agree with that.
Only a low enough price can stop lazyness and bad behaviours unfortunately.
The only question is : Will they move on trying to make the ship better, or just abandon the ship. That remains to be seen.
I don't think I've ever seen a leopard change it's spots, and I don't think present management is capable of changing it's management style. I think they'll move on, and new management that is capable of realigning incentives will come in - or Hive will die.
I hope it doesn't die, but it's going to be a near thing either way, I expect.
"I don't think I've ever seen a leopard change it's spots"
Agree, me neither. Let's hope the real fan of the chain will be able to get it in the right direction once the parasits are gone then.