Does anyone else feel that the upbit vacuum is absurd?
I can't rationalise why air-dropping a community that completely abstains from actually using hive, not to mention actively voted during the witnesses wars to arguably hurt the good cause, deserves such a massive hold on the liquid supply of coins.
To get an idea of just how much Upbit controls..
Liquid supply ~ 232 Million
Supply on upbit ~ nearly 100 Million
It's even worse because Upbit can't even be used by non-korean entities.. which is probably 99% of the actual Hive users.
Those who have access to Upbit, also have access to other markets, but not the other way round. And because of the dominating float of hive on that exchange, they frequently try to corner the market resulting in very distasteful price action which absolutely does not reflect the health of the underlying holder base.
RE: Hive Supply On Exchanges | Deposits, Withdrawals By Date, Top Accounts | May 2023