Missed it by that much.
Maxwell Smart (Agent 86)
I really enjoyed Get Smart as a kid, though I am not sure how many people will remember a sitcom from the 1960s, that I watched in the 1980s. Still, I enjoyed the beatnik feel, silly humour and Agent 99. But while it is nice to reminisce about childhood entertainment, the "missed it by that much" quote refers to missing the flash crash sale on Hive (and all of crypto) last night.
I did pick some up below 14 cents, but it hit just above six cents on Binance. I tuned in at 9 cents, but with nothing ready to buy with, I had to wait for BTC transfers (which were even slower than usual) and just watched the price increase and increase again. I even tried to take some BNB out of holding (which was down by far less), but Binance had "thoughtfully" put their own hold on that to protect its price.
Seeing HIVE at -75% was pretty exciting.
The cause for the crash was supposedly the announcement of new US tariffs on Chinese products, but I don't think this would have been enough to trigger such a collapse. Though, perhaps margin positions triggered and it quickly cascaded. I think some people made an enormous amount of value in a few minutes. Some likely lost a bit too.
I can't really say whether it was a good decision or not to buy some HIVE or whether I should have picked up something else, but without cash to buy, it was crypto to crypto, and HIVE was down the most of what I am interested in. If I was buying with fiat, maybe I would have gone with something else as I have a fair amount of HIVE, but I am hoping that in the coming months, HIVE will outperform Bitcoin at least. Is it more likely that HIVE goes to 28 cents, or BTC to 230K?
Who knows!
What I am hoping though is that this crash event is the last trigger required before there is a decent run up, rather than a steady rise and fall on the back of the traditional markets. Often it seems, that after such events, those who picked up cheap are then more willing and able to manipulate market supplies and drive price upward to maximise their gains. And these kinds of turnarounds can happen quite quickly. September is gone and November is on the way, so we are going to know soon enough what the markets will do.
The biggest question it seems is the unfortunate state of the current world, where there is so much uncertainty from geopolitical posturing, war, and the increasing threat of automation on employment and disposable incomes. While stocks have climbed and gold has hit new highs, real people who demand things, have lost a huge amount of purchasing power against the inflation. Ultimately, real people buying things is where the value of the economy comes from, so unless that improves, expect that there will be a stock crash in the nearish future, as companies wind down their sales expectations.
This is why gold is surging.
Gold is a safe haven for a lot of investors for obvious reasons, but I think that a lot of this is also just due to traditional practices. For the most part, gold is just another token, except it is physical. It doesn't really do that much in the grand scheme of life and humanity could likely live completely without it, using alternative metals. It isn't a species survival item. Yes, it is used in many pieces of equipment, but it isn't the only thing that can be used, even if it is best in class in a few.
People go into gold during times of economic uncertainty, but again, "the economy" as it stands isn't vital for our species either. Sure, there is always trade of some sort, but how that trade is organised could change and it is very possible that with technological advancement, gold becomes increasingly irrelevant as a value store. Same can be said about Bitcoin, or HIVE, or anything else for that matter.
The value of the economy comes down to the demand on goods and services and the demand has to have some level of token to trade. Right now, what we are doing is trading in tokens, not in the goods and services that are actually bringing value to our lives and the wealthiest, most profitable companies in the world are trading our lives for more tokens. Very little of what is happening has anything to do with improving our humanity or species, it is just a merry-go-round of token trading.
Hopefully at some point, the merry-go-round evolves into a species growth economy, where what we value is what makes us more capable, more loving, more useful, better people. That is not the case today, because the incentives are around consumption no matter the harm, to drive profits, no matter the cost to society. It is the antithesis of what we should want as a species.
But here we are.
Taraz
[ Gen1: Hive ]
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