It's an in depth conversation for sure. I have so many thoughts about it from so many different angles.
If someone looked at the Tech there are so many positive things and Ecency has always impressed me and they continue to make updates. Peakd is also super impressive in a lot of ways.
The bear markets are always brutal in general which is a major issue for crypto as a whole but I feel that STEEM and HIVE have suffered more than they should have during the bear markets because they didn't really focus on generating additional revenue streams as a collective.
As a launch platform it becomes an issue because if someone can't get funding then why would they launch here and not on a top chain where there are more people like BNB, SOL, AVAX ....etc?
$ICP and the EOSIO chains suffered similarly. Reverse fee gas models only work if you can fund the developers. That's what the DHF is for but then they don't want to use it and there is $23 Million sitting in it?
The debt ratio is a concern and we all might feel like the Witnesses should have addressed it earlier and taken the interest rate for HBD to 5% when alt season never happened last year but I think what is worse is I guess the effective inflation ended up being almost 20% because of conversions between HBD and HIVE. I think a lot of that additional effective inflation was always hard to figure out because we don't know where the price will be. If HIVE onboarded a ton of people and there was a killer game that utilized a lot of HIVE or a social trading app that was really clean that soaked up a lot of HIVE and the price was $3 or $10 then the debt ratio wouldn't be an issue and we could just always keep the HBD interest at 20% but the whole mouse trap of all this stuff really breaks down if the prices get yanked down and they are unwilling to fund anyone to built or promote the whole thing and I don't think a lot of them cared in some respects. If they could pull an income out of it they will extract until the wheels come off but to be fair a lot of guys did build stuff out with no funding or the expectation if they built something cool they would then get funding and a lot of guys didn't and left understandably so.
Right now there sort of isn't that much money sloshing around in crypto. What is going on with the FOMO app is sort of an isolated psych ward in a lot of ways.
We see a lot of these L1 that have good tech like Avalanche at not great pricing. A lot of the OG Memes haven't moved much. I just did my quick check on various NFTs and they were long tailing out for the most part as well.
The main narratives are isolated in my opinion and revolves around this social trading and is mainly harvesting fees from traders and then doing buy backs and burns and distribution of collected fees to investors.
I think some of the things that could save HIVE is getting that MAGI Layer 2 Network working and also utilizing the HIVE Engine and coupling that with the tech from ChainFlip, Thorchain, and the tech that the Internet Computer Protocol has developed and really double down on social trading and gaming.
To do all that they would have to fund it which they are taking the approach of clinching up. I personally think what the LeoFinance guys are trying to do with the LeoDex is a move that makes sense. There are a lot of other things they did that didn't make sense to me. All those supposed pegged assets never made sense to me and from the jump I didn't see how they were supposedly going to hold peg.
I have thought a lot about if HIVE would end up in a debt death spiral and I think the witnesses are smart enough to take emergency actions to stop that from happening.
They have to get rid of the power down mechanism. People's attention is way too short at this point. People have TikTok brain and can't focus for longer than 20 seconds at this point.
I think the most discouraging thing about this ecosystem is they had the funding multiple times and fumbled the bag in my opinion. Now the money is tighter and are these guys running the ship smarter than me? Probably but in IT it becomes a pissing contest. Everyone thinks they know more and are always trying to flex on each other acting like the other people are not on the same level and this is why so many guys have been denied funding.
I'm a top 5 holder over on DTube and there are many problems. Right now the chain is halted and we did code revisions to fix a bunch of problems and make the chain more stable and are going to deploy that in a week or so but we have no funding and no liquidity at this point. I have a solution for it but again everything takes time and when no one is directly getting paid unless all this works and attracts people then it is slow going.
I stopped making a lot of the videos for a lot of reasons. I got demonetized on YouTube. Not that it was a lot of money anyways but it was the premise of it. Also even when I made big calls I felt like no one cared. Limited engagement and all the time in crypto and the amount of calls that I made that played out to be true and I felt like I really never got credit for that so it got old just hearing myself talk when I could just be playing basketball.
Thanks for the detailed explanation. I asked you this because I know you have been ahead of the curve, and like you said, you never received much credit for some reason. Post a video on 3speak if you so desire..
Yeasterday I even wondered if 3Speak was still going because it seemed like the connection between it and Ecency wasn't there anymore and I hadn't seen people with posts coming from there. Things had quieted down so much from so many angles.
Also a lot of people stopped posting on YouTube about crypto because the views and engagement were down so much they just went MIA.
I might film some stuff at some point.