I remember the last time the crypto world made its way to the moon. Vividly. I had always been skeptical of crypto. Who wouldn’t be? Numerical numbers held on servers with values based on speculations. But damned if they didn’t just keep going higher. Finally, I had to research them a little, found the Hive blockchain formerly known as Steem, and here I am today.
I remember my excitement as though it were yesterday. Getting hooked and wanting to reward everyone I possibly could. Enough I joined Coinbase, despite the many complaints of them playing KYC games to withhold assets from their users. To join Binance so I could trade that Litecoin for Steem so I could power up and rent delegation to have higher votes to give. I was hooked on the idea of rewarding those I would have a community with from a reward pool that didn’t actually touch my stake. Hell, it even grew my stake for rewarding them.
Buying in at over 2.00, I watched in horror as it fell. At close to 1.00, buying in again so as to average my cost downward and mitigate the loss of half my value. Watching in more horror as it continued to tumble. Of course, I still had a lot to learn. Not understanding how alts were Bitcoins bitch. Not understanding shit like wash trading. Not understanding the many facets of the block chain economy, as far as dust votes and SBD to Hive ratios.
Speaking of being Bitcoins bitch
It dawned on me about a year or so ago that no alt would break free of Bitcoin until such a time as it had so much demand it was sought after as much or more than Bitcoin. Despite the smart contracts Ethereum offers, even it is not free of this Bitcoin dominance. As such, when one looks at market charts side by side with Bitcoin, we can visibly see how Bitcoin is like some large mass that all the alts gravitate with.
Hive on its way to the moon
It would be pretty hard not to notice that Hive has not only traveled to the moon in the last couple days, it’s circling it pretty fast. Despite Bitcoin not doing much. Most in the know understand this is due to Huobi listing and running a contest. What everyone knows is that values are going up across the board. Voting values no exception. This is one area that those whose holdings are in the lower spectrum (below Orca) need to be careful.
It’s easy to get fooled watching that vote value and deciding to lower the percentage of your vote. More votes, more money, amiright? But what isn’t so evident is that nothing has changed under the hood. Well, some things have, but stay with me here.
If the price comes tumbling back down as fast as it went up once the contest is over, that USD value you see attached to your vote will also come tumbling back down with it. And with the reward pool adjusting at 3.5 day averages, your votes cast today will tumble as well.
Converting SBD and Steem Powerdowns To Hive
For those who are here to build themselves and the communities around them for the long haul, right now is probably not the best time to convert ones HBD or Steem powerdowns into Hive. Here is an example on the Steem conversion I’m talking about.
Last week when I powered down, I sent 56.696 Steem to Ionomy. Trading it for 61.52 Hive that I sent here and powered up. Using numbers from CoinGecko right now as a base, Hive is valued at .78 and Steem at .17. Meaning it would take 4.6 Steem to get 1 Hive. This is without any trading fees. So that same trade today that netted me 61.5 Hive last week will only net me 12.6 Hive today. So this weeks powerdown will get parked in Bitcoin until things settle.
On HBD conversions, the math looks like this.
On 4/23 Hive was valued at .18. HBD valued as high as .97. So if you converted that for every HBD converted you would have received more than 5 Hive.
Today, Hive is valued at .78 each, HBD at .95. For every HBD you would convert you would only get approximately 1.2 Hive. I will be holding my HBD until these numbers are more favorable again. You should too.
I prefer playing the safer game, which might take longer but is steady and more secure. The power of our communities will come from more of us having larger stakes, that we plan on keeping as stake and growing those around us who also see this same vision. Due diligence as far as understanding the mechanics behind this are crucial to maximizing your growth of stake in this ecosystem. Let the whales do their whale things and we shall do ours without becoming their bagholders. Let the speculators who don’t give a shit about our community hold their bags.
Unrelated New Pet Peeve
I’m beginning to really dislike the crosspost feature offered by the Peakd crew. While the concept is a good one insofar as it rewards others of different influence for exposure, it’s being abused. There is no reason for anyone to crosspost their own posts. NONE.
Fair warning to anyone I follow who continues doing this. I will be unfollowing those of you who continue doing this. There is simply no reason to do it other than greed. I don’t wish to support others who are double dipping in this manner.
