If you have been reading you will know that I've been working on getting the GLD community up and running. Using HELIOS to upvote good comments was something important to actually be able to provide real upvotes to members. This downturn in HIVE has really taken the wind out of my desire but at least HELIOS was a bright spot.
Then this morning I found that HELIOS had gone down by 80% from 1.2 Hive to 0.22 HIVE. My first thought was... Someone read my article on a different account and decided to dump their tokens. Then I read further that HELIOS delegations weren't going to be given payouts because of a hive-engine hack.
My first thought was:
Oh God, not again
I've been burned by QuadrigaCX, I've been burned by NiceHash, but Hive seemed more stable. Silly me
I worried that the Swap.LTC that I had purchased for about 400 HBD would be lost. Sure its only a drop compared to the hack but it is real money for me! Luckily it wasn't that hive-engine was completely hacked but the Solana, ETH and some other parts were hit. Check out the hive-engine for details on that.
Just a week ago I wrote an article about how wrapped tokens have a centralization risk. You can read the article here but in general it says that its important to have an alternative way off HIVE than just hive-engine because what if it goes down. Sure it was just a hypothetical because hive-engine has always been rock solid since I've been on HIVE but still... Things can happen right?
Man I wish I didn't have to be right on that one
But what now?
Now that HELIOS isn't paying out for delegations and delegators are removing their staked HIVE is burning the token still going to be useful? Will there be any use left for the tokens that I have? At their peak they were worth about $2500 HBD and now? Let's just say they are worth much much less.
Which makes me wonder...
Do I even continue trying to build something?
Honestly I'm tempted to just cut my losses and walk away. Still, I'm committed to making sure I honor my pledge to the GLD token holders but its still hard to want to build apps and spend all that time one something that could go poof because of some hacker.
But one thing I don't want to do is make any hasty decisions. I'll wait a week or two and see how the dust clears. I am removing a bunch of swap.ltc from the liquidity pool for GLD:Swap.LTC but I'll be adding HBD to the GLD bot to make sure that I can guard the 100:1 peg of GLD to HBD. It will take a bit of time to do and eventually I'll find a way to keep the HBD staked and allow people to get their HBD at peg with a 3 day delay.
Just to make sure that it is hard for anyone to hack our system and keep our money safe. I'm thinking 10 HBD liquid and the remainder sitting as HBD Savings which get unlocked when there is less than 10 HBD liquid.
I'm also thinking that I'll have to finally take the plunge and create my own Bitcoin wallet where it is non-custodial and I don't let any central system hold my crypto for me.
I know that has been the mantra ever since the beginning. The only crypto that is truly yours is the one where you hold the key ... I've just been trying to avoid doing it for a long long time.
Sigh But maybe the third time seeing a hack in real time is the push I need to take my crypto matters into my own hand***
Thoughts anyone?
