It is ultra important to ask questions, when it comes to our investments.
The recent debacle in FTX and the ones that came before point to countless questions that should have been asked earlier.
A case in point: How many Luna investors knew the exact mechanism behind their algorithmic stable coin? If a lot more investors of Luna had paid attention to its nitty gritty, and understood it, their risk appetite could have been more measured. Maybe they can prevent losses due to structural weaknesses in the project.
Of late, I found myself asking deep questions about Hive. Perhaps woken up by the slew of debacles occurring in the crypto space.
These questions are the technical ones that gets to the nitty gritty of things. Straight up to issues of Hive’s consensus mechanisms, calculations of Hive minting, nature of second layer smart contracts, and many more…
You can check out some of my posts/comments regarding some of these hard and not so obvious questions:
- Do you know why the reward amounts on Leofinance and PeakD frontends are different?
- Question on how much Hive is printed
Hive is getting too complex. Some say, especially for the newbies. To make matters worse, information is everywhere but yet seemingly no where. This is not good for encouraging adoption. Even after a year of being on Hive, I still do not have the full picture of how this blockchain is operated.
Obviously, if I understood it more, my valuation of the Hive blockchain would be more exact. If there are some worrying deficiencies in Hive, I will cut back on my investment. If I found out more benefits of the blockchain, I might invest more.
The beautiful thing about Hive is that we can articulate all these and question the blockchain right on it!
This is what I plan to do.
I am going to pin this on my account for a while. I am also going to return to this post to list my questions about Hive on the comment section whenever they come to mind. It is actually kind of handy to flash out the phone to add it. If I have the answers or link to the answer, I will also follow up as comments. Hopefully others who are wiser would also share their wisdom.
Over time I should be able to keep this record of my understanding of Hive. In a way, I am trying to create a pseudo wiki of sorts for my questions on Hive. It may one day grow to something else, but we’ll see.
If you understood me so far, and you too have questions on Hive popping up in your head every now and then, you can do the same. Make a new post, pin it on your account and keep adding questions and answers you found. Connect with me, and we can learn from each other.
I think this is an important step forward to safeguard your investment in Hive.
Remember, knowledge is power, sometimes bad actors would like to prevent you from getting them, in order to have the upper hand. Think Terra. Think FTX.
This is not how things should be in revolution brought about by the decentralized blockchain.
P/S: This is not financial advice, and please do your own due diligence before investing.
If you read this far... and if you are a like-minded Hiver who is on the path to learning more about Hive and crypto investing, and if you like to be tagged when I write such posts, I welcome you to leave a comment below and let me know. We can form an alliance to support each other's growth.
You might be interested in this post, @jacoalberts, @young-kedar, @svanbo and @hankanon!