It is time again for another Finance Friday/Friday Finance. This is a series I started where I talk about random bits of financial stuff that I have seen, gathered, or experienced during the week. I hope as a reader you find it informational, entertaining, or both. I also hope it can generate some good discussion and edify the Leo community.
Fair warning, this is going to be a bit of a disjointed post because I am on the road and I have been sitting in seminars most of the day the last three days. It isn't that I haven't been paying attention to all things finance, but I just haven't had the time to process it all yet.
I'm still calling this a Friday Finance post and I am still expecting a high level of interaction from it. I really dig hearing from those of you who read my posts. It reminds me that I am not doing all of this for nothing.
Why is it so hard?
So if you recall from some of my other posts, my buddy gave me some money to invest in Hive. Let me tell you, you might think it is easy when someone gives you cash to invest in crypto, but it was far from that. Check out this process I went through.
Purchased $550 worth of BTC on Coinbase. Traded the $550 BTC into BUSD and lost a small portion of it due to fees. I then sent remaining amount to my BSC account, but didn't realize it was actually sending the BUSD to my ETH account (with the same address).
So I used a bridge to move that BUSD from ETH over to BSC and lost a bit in the swap plus the gas fees that I had to pay out of my own pocket. Finally, I moved that BUSD on the BSC chain to SWAP.HIVE via paraswap because the exchange rate on Pancake was horrible.
Then I had to move the swap.hive into Hive-Engine via the bridge that the LEO team created. I think in all I ended up losing $30 of my friends money in slippage, swaps, and fees. He knew that going in, so it isn't a huge deal, but it still bugs the heck out of me.
It shouldn't be this hard for people to get into crypto or to move stuff around. We need to do better. There is zero chance we are going to see mass adoption with the current process. Sorry not sorry.
Looking at the positive
Putting that aside and looking at the positive aspects, my friend now has a Hive account and a small investment in the Hive blockchain. I purchased some passive income producing tokens for him, I have some open orders ready, and i powered up some of the Hive. The powered up Hive I delegated to @leo.voter and he is already earning Leo from that. It's amazing the earning potential that exists on Hive.
The prices might not reflect it now, but every little bit you can stack now is going to pay off down the road.
Also, I am currently at a conference where a year ago I was off-handedly talking to some people about crypto. The one guy is pretty heavily invested in meme coins and other tokens, but I found out tonight he also started playing Splinterlands.
He didn't know his account name, but I am looking forward to him figuring it out and emailing me. I let him know that would delegate HP or RC's to him if he required it. He said he has been enjoying playing Splinterlands.
I don't know if he heard me mention it or he just found it on his own, but you may not have any idea how exciting it is to randomly run into a fellow Hive user who you didn't even know was on the platform.
I don't know if he will ever blog, but you can bet I am going to follow him and I will tag him to let you all know who he is as soon as I get his Hive username.
It's almost like discovering a rare woodland animal at this point. I am so over the moon about this.
Like I said, I'd love to think that I planted a seed last year and that led him to Hive, but even more, how cool would it be if he just found his way here organically? I think that would speak even more to the potential that Hive has for introducing people to blockchain.
It's pretty rare that we run into random people who even know what Hive is, so we need to savor these moments when they arise!
Sports Talk Social - @bozz.sports
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It can be tough to onramp to Hive compared to other meme coins for example. I am still using Binance but direct to Blocktrades or Hive Engine. Hopefully Binance will reactivate the hive withdrawals soon.
Great that you bumped into another Hiver. You never know where you might meet them! !LUV
@mypathtofire(1/5) gave you LUV.
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Yeah, that Binance wallet being down is probably the killer right now. It's still not very easy, even with that.
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Yeah, you need to buy another token that has a hive pair first. I wonder if it will change 🤷
I hope so. I know it will probably take time though.
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It's still a really complicated process to transact tokens from one point to another. A massive drawback for the 'uninitiated', how would the average new user be able to complete that process or even learn how to do that?
yeah, exactly what I am thinking. I am glad I am able to navigate it, but I don't think a lot of other people can handle it.
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Is there really not a single US regulated crypto exchange that allows you to buy HIVE directly?
The path you had to follow there is ridiculously inefficient.
Haha this is awesome.
I'm still yet to come across another Hive user in the wild.
But my reaction will be the same as yours if I ever do! :D
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Unfortunately no. Isn't it just ridiculous. Until they list it on something like Coinbase or Crypto.com, we are out in the cold. I have heard that will likely never happen due to the decentralized nature of Hive. Those exchanges want someone they can point the finger at.
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Thought you were calling a square dance . I moved this here and there and alamand left and dosey doooo right lmao. Most feel your pain and anguish when it comes to this stuff. Ppl make money on this stuff really ?There's an app for this somewhere.You friend would be better off with a trading acct .All in all you didn't lose it all just some on fees.But you got a person on Hive without saying a thing he came to you.All you did was ask a ?.Onboarding is the hardest since we don't know how to start a conversation regarding Hive.There is no affiliate system in place for onboarding. We can't send a link and ppl come running.It does get a person excited when you can talk shop and the other person knows exactly what your talking about.
Yeah, he knew I was on Hive, but he was never really interested in blogging. Now that there are so many other things you can do here including investments, he was ready to take the plunge.
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It's a tough process and I agree that we won't get mainstream adoption with the current process. Wasn't there a get Hive using credit card option in PeakD or something like that? It might be a bit easier but I am not sure about the fees.
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I don't recall that, but I would guess you are right. The fees would probably make it just about as bad as the current ways.
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One would think the process would be simpler by now, but maybe its hard for a reason. Beyond my knowledge right now. I purchased a bunch a while back, but wouldn't think of doing it now unless it drops back to below .25 cents or what not. I hope not though. looks like things are stable near .47. Sounds like you got it done though.. now lets rock! lol.
Yeah, it was horrible. I wish it could be easier though.
Yes, and all we have to do is continue getting the word out as you are. I like to split my earnings/investments in Hive up between: powering up, delegating, DeFi, @leo.voter and income generating tokens such as DEHEDGE. The more streams, the better. Putting those tokens to work generating other tokens really makes my day! :)
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I've been going heavy into HBD lately. I have some particular goals in mind.
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That sounds awfully complex from fiat to Hive. I thought you can do that on some exchanges like Blocktrades?
You still have to get it over there first. It was a huge pain!
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