In a world where cryptocurrencies have been at the forefront of major investment booms, Hive, a blockchain platform that operates as a decentralized social blogging service, seems to have been left behind. Jimmy Barnacle, a noted figure from the Coin Tribune, shares his insights into the reasons why Hive has not taken off in the expected trajectory.
Though Hive boasts of a robust peer-to-peer network, no transaction costs, and practical applications, its performance in the market is perplexing, especially given its strong start post a hardfork from Steem in 2019. Barnacle ponders, "Why isn't Hive hitting the $50 mark, especially when it supports platforms like hit game Splinterlands?"
In a recent poll conducted by an independent crypto body, around 100,000 individuals weighed in on the potential reasons behind Hive's subdued performance. And the results? Well, they're surprising.
1. The Hive Twitter Cringe (30.8%):
The most significant factor pinpointed by respondents was the cringeworthy exchanges between Hive users on social platforms, particularly the use of the catchphrase
Adopted from Disney's 'The Mandalorian,' the phrase has left many feeling the Hive community is overly nerdy. In fact, respondents deemed it more 'cringe' than even "Cowabunga dude." Barnacle laughs, "Are Hive users subtly hinting at their impending extinction with this phrase taken from a somewhat hidden society, much like the Mandalorians?"
2. Misdirected Marketing Budgets (23.1%):
Hive has been notably active in countries like Venezuela, where the fiat currency is notoriously unstable. While Hive's intent to provide an alternative currency is noble, it hasn't gone down well with many in the crypto community. Barnacle explains, "Targeting economies with higher GDP or disposable income might be more strategic. Currently, it seems like Hive's outreach is simply enriching those spreading the Hive gospel and this is not a good look externally"
3. Users Voting on Ladybird Posts?? (15.4%):
The wider crypto community are still trying to get their head around Derek getting $45 Hive rewards for writing a post about a ladybird. They think there is a catch to it. They then sign up and write a detailed post about the "Inner Workings of the Hydrogen Collider in Geneva" and earn a measly 5 cent. They then head away and confirm to the wider public that Hive is a pyramid scheme.
4.Whales Chasing Out Influencers(15.4%):
Famous or Infamous crypto influencer (whichever way you see it) cryptofinally joined Hive and was ran out of the community with digital pitch forks because she was a hot chick was basically the crocks of the situation a couple of years ago on Hive. Since then we are known as a bunch of hillbillys protecting our lands from any outsiders. She may have a point.
5.Reward Pool Shenanigans (15.4%):
Whereever there is money there is greed in every fabric of our society. This is a major problem in a decentralised society where trust is key. Thankfully there is the downvote button for this reason. The top accounts uses these effectively because they are the pillars of society or so it is to be believed. But what if the top accounts are raping the reward pool themselves. This is where it all gets a bit messy with proof of work. Other crypto currencies just cut out the shite and think we don't have our house in order.
"So there you have it." proclaimed Jimmy.
"Why the outside world think you are a shower of numptys."
"But on the brightside you are not a cringy as the space cadets over at Blurt"
"They are crazy with a capital "C". If I hear one more word about Epsteins flight log I will scream."
Best of luck to the HIve Community. Couple of easy fixes there. Ban the Mandalorian shite and you will be trading at $1 before the end of the week.