Update: Please vote
https://peakd.com/hive-120019/@therealwolf/poll-improve-powerup-mechanism-please-vote
Current Market Situation
The problem with the current market is that it's a mix of fundamentally strong projects pumping as well as trash.
Every innovative project spawned a wave of copy-cat projects. The first copy-cats were at least trying to innovate on it, while as time went on, mostly the name/color-theme/images changed. Some projects nowadays are still innovating, but those are rare.
Example: Uniswap (OG) => Sushiswap (CopyCat but innovative) => GENERIC_FOOD_NAME_DEFI_PROJECT (CopyCat) => ParaSwap (CopyCat but innovative) => ...
0.00000000000 Manipulation
And then, there are the coins that have such an absurd supply that crypto newbies are getting tricked into thinking that if Bitcoin is at 60000$, then surely my coin at 0.00001$ can at least go to 1$, not realising that price doesn't matter - only market cap does and the coin going to 1$ would mean a higher marketcap than even Bitcoin.
Hive - The UNDERDOG
And then, there's Hive. Fundamentally very strong
- Had a "stablecoin" before it was cool.
- Had yield farming before it was cool.
- Had a strong governance model before it was cool.
- Had one of the most uses blockchain games with NFTs before it was cool.
- Had a DAO before it was cool.
- Had a highly distributed supply among stakeholders before it was cool.
- Had an active and loyal community before it was cool.
- Fuck, it even made blockchain history
But when comparing the price action to coins such as ETH (30x), SOL (64x), TRX (14x) or even XVG (10x), we're lacking behind (3x-5x). Why is that?
WHERE'S THE MONEY?!
Now, price is obviously not most important, in a bear market. However, in a bull market, when everything pumps, we should at least be on the same level as XVG. Price attracts people, developers and allows us to move faster, as well as for investors to DO MORE.
Problem is that Hive currently doesn't have as clear a use-case as projects such as Ethereum or Solana, nor is it as "cheap" as any of the 0.0000000 coin projects. Hive is this little decentralized underdog project everyone heard about, but why invest in it if you can be either in ETH or gamble on SHIB?
What to do?
The problem I see is that on HIVE much is based around voting, powering up HIVEPOWER, etc. But nobody in this market is going to lock their crypto up for 13 weeks. Even if they get 1/13th out of it every week. We're in the middle of a fucking bull-run. It could be over in 13 weeks (it prob. won't, but nobody can know for sure)
HF25 will come in 1-2 months, it will be conservative positive, improve governance & more, but nothing really extraordinary to pull the attention from outside. It also sadly doesn't include anything which makes it easier for people to participate on HIVE without locking up money for 13 weeks. Unless of course, you're referring to coming here for rewards without buying any tokens.
So, again: what do we do? How can we make it attractive to hold HIVE without the need to lock it up, because that's for sure not coming in the next 6 months?
Let's discuss this in the comments!
PS: https://peakd.com/hive/@therealwolf/why-the-next-bull-run-will-matter-for-hive (It's difficult to determine whether this bull-run will be the last of its kind, due to the fact that every bull-run had a 80% drop, but crypto is getting quite mainstream, with even garyvee launching an NFT project, ebay wanting to implement NFT selling and all the institutional buying of crypto)
What do the other witnesses think about reducing the 13 weeks to 4? I am agreement with you and it didn't do STEEM any harm (the less said the better).
Talk to them and get some general consensus. As a large holder myself, I am hardly happy about the lack of movement. We all want a more valuable token.
How well is STEEM doing really? I suspect someone is propping the price up whilst a small group milk it ($800+ per post). They did 4 weeks to keep the exchanges who supported the takeover happy. I wonder if we will see a big dump when the whales decide to take their profits.
13 weeks is better than the 104 we had at the very start. There has been talk of shortening it in exchange to losing some of your HIVE. That may be an option. I just think we should not be encouraging short-term thinking based more on instinct than superior knowledge.
I do expect to power down so I can spend some of what I have earned at some point, but I will wait until the HIVE price is much higher. Even at a dollar I could take out $1000 or more in a week.
The Hive platform has utility as most bloggers/vloggers/musicians cannot make much elsewhere. We have a coin with free, fast transfers. There is scope to build a thriving economy. I care more about that than the speculators.
It's bollocks but we can't deny that it's usually over $1 and HIVE can't claw it's way up there. Something needs to change else 65c is going to be the top.
That doesn't mean its acceptable. Look at the volatility of crypto, there's nothing like it, and that makes it exciting and interesting. During 13 weeks I can grow a sizable beard. We could be in another winter within 3 months, nobody knows.
If HIVE did suddenly spike to several dollars would we want to see lots of people dump? I know your view is different to mine given what you have invested financially. I'm happy to ride out the bumps for now.
I've heard this hypothetical point brought up in response a lot but see no reason to even take it seriously.
Many tokens with no staking mechanism at all have gone up many times over in a matter of days. Are there then some selling? Yes, sure. But that didn't stop them from still growing to become top market cap tokens.
The solution is to keep adding more reasons for people to want to buy HIVE and/or to stay vested. Not to do whatever to make it harder to sell.
So what was the thinking behind 13 weeks and 104 weeks before it? I don't claim to understand all the economics. I have concerns that we would see more people dump earnings rather than keep them staked.
I don't think that's a reasonable concern. The problem isn't people selling. The problem is people wanting to sell.
Flip it around: If you have people who want to sell their HIVE but can't, do you believe they are going to be good participants in governance or curation? If they want to sell, the problem has already occurred imo.
Some would, and others would be attracted to posts that are now saying $200-$300. I wasn't here for it first time around, and that will attract more authors (for the wrong reasons albeit), but it will create noise.. and that's what we want as right now HIVE is whimpering and drowned out under all these more exciting things.. such as dare I say it.. DOGE (which is a load of crap, and we all know it).
Saw this story of someone at Goldman Sachs who took profit from DOGE and quit his job. I expect a few people will be able to do that. I expect it to crash eventually as it's all hype.
Steem had posts making $10,000 in the early days, so that generated some news, but that was due to skewed rewards and it got changed. Hive hardly gets any news stories that I have seen, but it's hard to find them due to the name. I am seeing people come back to it though. We need something to take us well ahead of Steem and then we might see real growth.
!BEER
https://dpoll.io/detail/@therealwolf/poll-improve-powerup-mechanism-please-vote
Voted... thanks!
If it's not happening after it's been talked about to death, I think you know the answer.
Has it been talked to death amongst the top 20? That is where the decisions are made. We don't have any exposure to this information.
I like what's coming in HF25, why not add this to the mix.
Yes and no one complains about Leo having 4 weeks
I talked to Blocktrades. I asked him in case I could pass the return proposal with a YES option for powerdown reduction to 4 weeks (id prefer 2 but whatever) would he support it. He said yes, and it would prolly be added into a future HF, being a simple change.
Ive got so much on my plate right now that i cant get to it but if you have time to give it a shot, im all for it. Ill support it and help spread the word to make this change happen ASAP.
I don't see yet the removal of 13 weeks. I get it honestly but changing it to 4 weeks I don't think is going to really impact a thing and the lowest possible would be 7-8 days with how voting works right now. (which honestly could be changed as well because I never really see upvotes past 72 hours. Sure maybe one here and there but for the most part the first 24-48 hours are the bulk of the votes and after that might be a small trickle.
In any case though Hive doesn't really need to be locked up. People can just buy it and hold on to it and not partake in anything. I mean all these tokens that are pumping are nothing more than buy, hold in your wallet become a millionaire mentality right now they don't actually do anything with them.
The core issues with Hive as I see it right now are the following.
1 There is no easy way to get hive for many
2 Onboarding sucks, it's complicated and a long process for someone new coming in. The messages about not having enough RC to do something also adds to the frustration and complication and yet again it's difficult to get RC because it's difficult to get Hive. It should be better presented in the error message that they need staked hive and you can go buy some here. Again need a better swap platform or Fiat to Hive.
3 More use cases for hive - There's no reason why Hive shouldn't have all the cool things currently going on. NFTShowRoom shows NFT's are possible, we have a number of games but we lack a marketplace for games and NFTs as like a holding area for all of these assets for users. Instead we seem to be splintering off all over the place and making front ends do all this heavy lifting. I believe Hive should have a core platform for all of these cases and develop them.
Here are some suggestions:
There's a conflict of interest between content quality and token value. We can't have both. Creators spend long hours producing content, so they're going to want to get paid. It's reasonable. On the other hand, millionaires don't have time for any of this. They won't spend hours producing / consuming content, or putting up with anyone trying to tell them what to do with their own money, because they have made it and are enjoying the good life.
''But... but if you don't like the rules, go somewhere else!'' Guess what, that's what investors have been doing all these years. I don't think it works for HIVE.
This place is a no-no for investors, but a safe haven for dumpers. This is why our numbers are abysmal.
''But... but we need to attract new users.'' NO. We need to attract investors. We need HIVE to do a 500% in one day, and then another 400% the next one. That's how you attract new users. SafeMoon has been around for less than 3 months and has millions of users, when it's a useless token compared to HIVE. Guess what, price action is what attracts users, not free rewards. Free rewards attract leeches.
I've built my stake by blogging, so this doesn't serve my personal interests well at all. And no, I haven't invested in HIVE, due to the reasons I mentioned above. I don't like wasting my money.
Before any SJWs start responding nonsense, know that I really don't care. Just speaking my mind here. If anyone can prove me wrong, I'd be happy to hear their thoughts.
Have a good day.
!LUV 1
Posted Using LeoFinance Beta
Content on layer 2 and staking on layer 1. The reward/content nonsense on layer 1 caused nothing but problems.
At the very least, greatly reduce layer 1 social rewards is my opinion.
All fallen to deaf ears (or is it blind eyes?) it would seem.
But muh sekuriteh!! :(
I 100% agree. The Powerdown period is bad. I needs to change at somepoint or we are doomed.
When do we reach the point of insanity? Before trying something new?
When do we reach the point of insanity?
That was the starting point - and then repeated over and over, ever since...
Well. I think it was a fine starting point, we gotta start somewhere and get some data. Now we have that xD
lol- I love optimists!
Hahaha. Thanks :p
It's nothing to discuss here as long as top dogs don't scrape 13 weeks lock.
Posted Using LeoFinance Beta
It's totally frustrating, but then it's time, reduction in the powerdown isn't the only issue, there are issues like marketing which hasn't been implemented quite well or taken seriously too.
Posted Using LeoFinance Beta
@lordbutterfly and @guiltyparties are working on marketing. But the question is: what are we marketing? What are people supposed to get when they come to Hive?
well most coins now are marketing that they are going to the moon and beyond. and their use case is going to the moon.
i mean doge coin will go to 3000 and safe, safer, safest moon and cummie will be at least a 100. Is there a way to compete with that?
😂
We're already competing with it; even if we don't want to. The question is whether we can improve tokenomics so it's actually fun to hold HIVE, instead of feeling like holding a bag of bricks and waiting for the next blocktrades update. People literally gamified crypto on steroids with DeFi and we still have 13 weeks powerdown - incredible.
And before someone says: but, what about HBD savings feature?
That's another coin. I surely can sell HIVE to buy HBD and hold that, but what's the point there for HIVE?
the thing is do we want to compete with stupidity. it is nice when you make money on it but will any of those coins survive next few months (not counting doge, it will probably be here forever, probably not 3000$ :D)
the thing is, hive is unique in few things in crypto, the problem is no one cares about that at the moment. now should we try to transform it to something else that there is 100 other chains like it and try to chase the wave or just stick to what hive does and build on it?
I have no idea, i am not smart enough.
maybe the lack of second layer tokens where you could make safe hive, moon hive and mars hive and sell the story to tiktokers is what we lack.
you don't see any of the "serious" coins trying to chase the stupidity, but you can see tokens on their network.
maybe we should give few k hive to a big ticktoker and tell him/her it will be 5000$ till the end of the year.
on the powerdown issue, i don't really care as i don't have enough hive to really change my life if i cash out, so even if i take profits, it will be from post rewards just for fun.
for someone who if hive goes to 4-5$ has few mill $ i can see why he would not want to powerdown for 13 weeks. now again for that 1 week power down it would be $100k+. i never had that kind of money so it is a bit abstract to me :)
Guess that's why there's work to be done simultaneously. There's need for speed because this bull run was supposed to be a big break for us.
Posted Using LeoFinance Beta
Very good question.
Since we have a use case, ithinkreducing the amount of weeks to power down will go a long way. Then marketing is not aggressive. I intend to study how things like Facebook, twitter and Amazon got adopted because I mean a lot of people don't like to try new things and that's one big problem with hive.
In summary I feel reducing the time to power down and deploying a very good marketing strategy will go a long way. We need mass adoption since it is a currency
Posted Using LeoFinance Beta
Oh, I was assuming the next HF already contains the 4 week power down? It does not? WTF?
Maybe some witnesses think, Hive should stay the niche program it is right now, I have no other explanation. Couldn´t we just do a poll? E.g. add a proposal with a one-liner "Do you want 4w powerdown?" If it gets supported then let´s include it in the next HF. It could be that simple!
The example of that "sister" blockchain was already mentioned. They did at least some things right.
The meme got me really laughing. truth that shit coins are also skyrocketing this period but yet surprised that Hive isn't giving us some of those juices. Imagine me buying a $5 shib last month only for me to check it this month to see it at $81... I was shocked...
One of the features I am really looking forward to is high interest rates on HBD savings accounts. I know witnesses will set the interest rate and afaik they're thinking of something on the order of 20%. This to me has the potential to attract institutional investors who are currently using banks or similar and are looking for a way to get into DeFi but finding the DeFi risks unacceptable.
As an example, last year a nonprofit organization I am involved with was looking for a new bank for months since its current bank stopped paying any interest. After lots of due diligence, a new bank that payed a tiny interest rate was chosen and the nonprofit holdings were moved there. Now, if Hive offers something resembling a bank account (very low risk and high predictability) but paying an interest rate on the order of 20%, this would be an astonishing proposition and would certainly be seriously looked at. After all, for a nonprofit it would be similar to suddenly having 20% more donations (or more, if we count compounding of holdings over multiple years).
What does an institutional investor (like the above nonprofit) look for?
I think HBD savings accounts have long-term predictability since it's a layer 1 solution. The witnesses have incentive to keep high (but not unsustainably high!) and stable interest rates if it attracts capital. The blockchain network will be here for a long time to come, we have lots of money in the community treasury. Nobody can unilaterally make decisions, it's the whole network that provides the savings account, and the network has been around for over 4 years.
On security, where Hive can use improvement is in better password management solutions (such as integrating with hardware wallets), and in better account recovery solutions. If the password is lost for whatever reason, there has to be a clear and reliable way to restore your account. Maybe with oracles, maybe with some other social mechanism, or whatever else. But the current account recovery seems lacking and unreliable in many ways, and I don't think it works anyway if you lose your passwords.
On liquidity, I think we are doing OK already, and the coming Hive to HBD conversion will additionally incentivize market-makers to create more HBD.
On price stability, the coming Hive to HBD conversion feature seems like it might stabilize the price at $1.05 (due to 5% conversion fee). This is a problem since if a large investor buys at $1.05, they may not have assurance that they'll be able to sell at $1.05. The even larger problem is that the price can go below $1.00 during a bear market, which creates a difficult to accept risk for an institutional investor.
If we work on some of these challenges, I think the HBD savings account can become extremely attractive for institutions who need something with low risk. I know many institutions like pension funds are looking to get into DeFi, their managers are getting calls all the time from people whose money is in the fund and who want the money to be put in DeFi. But the risks are probably unacceptable. With a layer 1 solution, Hive can mimic the long-term stability of a traditional bank account combined with sustainably high interest rates, enabling low-risk institutions to get into DeFi. It could be an extremely attractive proposition if we work on making it better.
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Yep cool video ;)
There are many crypto advisors there in the space ;)
Namaste 🙏
The 13 weeks power down period for Hive is old age imo. We live in the era of DeFi, cross chain transactions and so on. Let the user decide what he wishes to do with his funds. Forcing someone to hold onto a coin it drastically reduces its value. The better way around would be to incentivize people not to power down, if it matters that much. I also believe that we won't have the whole community powering down at once and sell. We all have different perspectives and mentalities. Some proper marketing would benefit Hive as well. It's such a pity seeing literal shitcoins pumping like hell while Hive struggling to hold $0.5. This project should definitely have some marketing in order to put it under the spotlight.
Edit: I can't vote on the proposal.
Posted Using LeoFinance Beta
reduce to 1 week with the things I mention before. Would be IMO a cool thing. With Treasure funds as the second option.
No trap in lock-ups.
People can feel free to hold a million hive.
Also something about marketing. I post today about Keychain and it would be the best way to put it in the middle of everything to the market hive. It would make the explanation 100x easier for new users. Like the basic step one. If you like you can give it a shoot and read it :).
Some personal node:
It is the most retarded to think " If 1 week powerdown, all people sell". If this would be the case, it would be proof of shitcoin.
We need the freedom to move funds. And if some people would panic sell sometimes, it would be the same if they have the funds on exchange? So this argument is overall stupid ( i mention it because idiots talk about it in the past).
If wanted I do a proposal later for faster power downs.
If I would do it, I would use the 1 week idea from me :)
So we can all vote it and look what happens.
Or maybe you can do one. It's up to you :)
I don’t really understand how this coin works. I can not make much hive from my content. What I am doing now is keep power up for feature prospects. Since I can’t make much from my content so I am trying get some hive from trading and send some profit to hive wallet for power up. I have a suggestion for two types of power up option if possible. First, the hive power earn from content keep it with 13 weeks power down. Second option, hive power from outside can be powered down at any shorter week (1 or 4).
I would begin by asking the simple question "what is Hive supposed to be really good at?" And what is its unique value proposition in the current space?
Then we need to make sure people know that simple one sentence.
I see so much going on that is all over the place from interest on HBD to and other DeFi ideas. What vision are these ideas meant to support? How do they help in realizing it or improving the value proposition? It's as if people just hope to add some burns here or staking rewards there without having a fucking clue about what problem we're trying to solve to begin with.
It does include a mechanism to do that IF the witnesses are willing to setup a higher interest payment for holding HBD in the savings account...and increase the limit on the haircut rule.
Why reduce power down period to 4 weeks? Make it 7 days. Power down all at once. That will free the money flow and give freedom over my funds. Ofc there will be be downside pressure on price action at certain times initially. I do not care about staking now and locking my money for so long. It's a big risk and it has opportunity cost, when i can simply buy some trending coin short term. Curation rewards can not even match it by far and makes managing my finances very noneffective.
Reduce inflation. It will have direct price action upwards. For those that have already invested so many time and effort that will be the bonus. And the earnings would still remain the same due to a higher coin value.
Do a neat and nice search that will help people to find content they need. I do not know how many times i have addressed the issue. I should come here for the content and information (like any normal content website does that for ages) not to upvote a few people follow and befriended during my time on Hive (Steem previously).
4.Last but not least. Let the posts be upvoted in perpetuity where rewards on that post are being paid weekly with a limitation that one Account vote per post. Yes, ppl can power down, transfer Hive to another account and reupvote, but creating a new shitpost is far less hassle than doing this. This will reduce number of shitposts and will reward people that are putting in time in creation of meaningful, educational or entertaining content that has unlimited shelf life. Couple that with a decent search to find content and you will drawing in content consumers and content creators. For now it's not worth spending too much time in creating a really quality post. You may hate me saying this but only a few people will spend time from ideological incentive.