HIVE rallied "biggly" over the weekend. However, come Monday HIVE began to sell off.
While HIVE was selling off STEEM began to rally.
From my perspective, there seems to be a huge amount of cross selling. When the power downs in STEEM occur the price of HIVE rises.
When the power downs in HIVE occur the price of STEEM rises. Simple enough.
A Civil War has been commenced in the community.
Which side wins is still in question.
My own thoughts run along these lines.
I joined STEEM for a few reasons. Those reasons were to learn how to post on social media (I had no clue) and to obtain exposure to cryptocurrencies.
As far as I am concerned mission accomplished.
As time went by certain flaws became apparent with STEEM. The largest was STEEMIT, Inc. itself.
First I was never comfortable with the founders of STEEMIT as some had very colorful pasts. I will let you do your own investigations.
The main problem that I saw was that if the blockchain was to expand further into the "mainstream" everything had to go through STEEMIT.
After having raked in huge crypto fortunes, very few at STEEMIT seemed interested in taking STEEM into the mainstream. Rather the founders Dan and Ned seemed more interested in how to exit their positions.
Enter Justin Sun, the answer to Dan and Ned's exit strategy.
For a very brief moment there was hope that the long sought after goal of taking STEEM mainstream now had someone at the helm who was interested in taking STEEM mainstream.
Well that did not last long. Justin Sun immediately took STEEM from an arguably decentralized into a very centralized blockchain.
Justin seized a huge portion of STEEM that had been delegated by the former owners to benefit developers. Mr. Sun's position is that when he purchased STEEMIT that these funds were now available for his personal use. And use these funds he did, essentially voting for all his chosen witnesses and freezing everyone else out.
The former owner Ned went on record to say that there was never a contract with the developers and witnesses that these fund could not be used at the owners discretion.
The one question which I personally do not know the answer to is whether these funds were ever segregated into a separate account. If these funds were segregated into a separate account along with a promise never to utilize these funds except in a specified manner for the benefit of the developers, then a "trust" was created. In which case, STEEMIT, Inc. is the TRUSTEE and not the owner of these funds. The developers and witnesses of STEEM are the beneficiaries of the TRUST.
The first rule of being a TRUSTEE is that you can never utilize trust funds for your own gain to the detriment of the beneficiaries.
Regardless, trust was broken and HIVE born.
In my brief exposure to the crypto world, I have learned a few things.
First, the crypto space is full of charlatans willing to take your hard earned money with the promise that you will be rich and soon.
Second, despite the good intentions and the libertarian philosophy of most here in the crypto world, the old rules apply, primarily money talks and bullsh*t walks. When big money is involved keep your hand on your wallet and get it in writing.
Third, when dealing with enterprises outside of the Anglo-American world remember the Common Law does not apply.
Fourth, Communists are in fact Communist! I got great delight from young Justin's lectures concerning private property rights. His screeds about how he bought STEEMIT Inc and the assets were his personal property. A lecture about personal property rights from a Communist! Unfortunately for Mr. Sun, the last I checked, STEEMIT, Inc is a US corporation that is headquartered in Virginia.
So what is a brother to do in all this mess?
I know not what course others may take but I for one do not like Communist because . . .
they are Communists! And no other group on the face of the planet will pillage faster than Communists.
Being an American I prefer slow theft and a whittling away of my basic human rights at the hands of well spoken Capitalists.
I wish there was away out of this pot, or at least a cold beer and then it would be just like staying in a jacuzzi a little too long.
As the old saying goes, time is MONEY!
And since I have very little extra time, since the lock down I have been watching my small business whither away. And let me tell you that is very time consuming!
I have to make a decision, which side shall I be on!
Well . . . since I have not quite figured out how to sell any STEEM or HIVE for that matter . . . I am stuck with both accounts. But you can't stand on both sides of a picket line.
Well if I must, I will for now be posting on HIVE all my deep thoughts that I know nobody ever reads but are preserved on the blockchain FOREVER.
And as to STEEM?
MEME WARFARE against the Communists!
It is in fact my birthright as an American!
If you have read this far a little more concerning the great shiny metals.
Gold was off today but we have a huge delivery day coming.
I am not sure if you can read this but so far there appears to be over 31,000 notices for delivery on the April Gold contract. Last month there were only 2914 notices for delivery.
Hmmm!
I wish them luck at finding physical gold.
Peace out and stack and or HIVE on.