gm fellow hiveans!
There's been lots of chatter around the block (chain) about using your stake to vote for proposals in the DHF, such as the Splinterlands proposal, voting for witnesses that signal your desired APR% for holding HBD in savings, and a host of other topics. In fact, we already saw an adjustment to the interest rate for holding HBD in savings from 20% to 15%, which got me thinking...
Are decisions made on HIVE a product of what the community wants, or are they product of what large stakeholders (whales)want?
HIVE's story is quite unique.
Without going into all the details though, I'll say this: A few years ago, Chinese billionaire Justin Sun acquired Steemit Inc. and used customer funds from Binance, Huobi, and Poloneix to replace the top 20 witnesses with his own witness nodes. His plan was to rule as emperor of the Steem blockchain. The community would not have it. The original witnesses and developers forked the chain and called the new chain HIVE. HIVE was born out of a desire to create a truly decentralized blockchain where the community is at the forefront of decision-making. In a world where large stakeholders, or "whales," often dominate the narrative, HIVE offers a refreshing alternative by placing the power in the hands of its users through a unique system of governance and a digital asset called Hive Power (HP)
Hive Power represents the influence a user has within the HIVE ecosystem. Which is why it's so important to encourage every participant to accumulate it. With every unit of HP we gain we increase our influence on HIVE and ensure a more balanced distribution of authority.
When individuals come together and pool their resources, the collective impact can be extraordinary. This concept is at the heart of Hive Power. By accumulating Hive Power, we can amplify our voices, support DHF proposals we believe in, and contribute to the overall growth and success of our ecosystem.
When we work together and combine our Hive Power, we can counterbalance the large influence often held by whales, creating a more equitable ecosystem where decisions reflect the will of the many rather than the few. The power in numbers is not just a theory; it’s a reality here on the HIVE blockchain.
For instance, when medium sized users (50K to 100K HP) upvote content, it not only rewards the creator but also signals to the rest of the community that the content is valuable. This creates a positive feedback loop where quality content is promoted, and the overall standard of contributions is elevated. Moreover, by pooling resources and supporting community-driven projects, users can bring new ideas to life, contributing to our platform’s growth and evolution.
Did you notice my cover image?
It's a group of orcas pushing back on a bully whale.
I'm personally glad that the APR% on HBD got brought down to 15%. I'd also be happy if more Hive citizens start voting up the return proposal in the DHF so that only the most solid proposals get funded, and even the ones that do get funded should provide quarterly, monthly and even weekly reports on progress and financials. If they're not providing value, we pull the plug.
Build up your Hive Power friends. and cheers.
As expressed in other finance-related posts, I am not any kind of financial advice professional, I have a very average IQ and low EQ and I'm pretty regular looking, tell bad jokes and come from an average income family. So don't go sell your house and ape into anything I say I will. Also, I'm drinking sangria at the time of writing this and here's the proof:
Posted Using InLeo Alpha
Having HP really does give you a say here. I feel more responsibility as mine grows. I've had whales contact me about how I vote on some things, but it's my decision to make. I want to see more people with a bigger stake to spread the responsibility.
It absolutely does. I support your content and decisions you make because I believe you are a responsible Hive citizen with Hive's interest at heart. I also want to see more smaller accounts grow their stake into medium-sized accounts. I hope I might contribute to encouraging them with these posts.
!BEER
View or trade
BEER.BEERHey @steevc, here is a little bit of from @alex-rourke for you. Enjoy it!HIVE .We love your support by voting @detlev.witness on
I think the topics you mentioned above have good and bad points, and the conflicting sides highlight the need for staked Hive. One can be very loud and vocal, but if their stake is miniscule then they will have to rely on others. With the stake weighted nature of Hive, those who have a large stake have bigger skin the game. They have more to lose, so they support things that they think will be good for them. I do agree that it is good for all to increase their Hive Power, and I don't consider the whales as bullies. They are just doing what they think is best for the assets and the blockchain. If I do not agree with them, then I need to put my money where my mouth is and increase my stake to vote for what I believe is right.
My post is not about considering whales bullies. My post is about the importance of working together to decentralize decision-making that reflect the will of the many rather than the few.
The bully whale image is a hypothetical situation made as a visual representation of what we can achieve if we work together. If a single user with 1 million Hive Power votes for a self-serving DHF proposal (for example) it only takes 100 hiveans with 10,000 HP to counter that vote.
Large stakeholders are not inherently bad, I'm just pointing out the importance of having stake to make everybody's voice heard.
I agree. Although I will have to say that the will of the many isn't always for the best of all. I've seen this happen in Splinterlands, where there are bot farms that have decimated the economy. A lot of decisions have been made to go around them which ended up hurting the actual players. When a lot of accounts are trying to take advantage of the system, it is the big accounts that can stop them.
Splinterlands is different; Splinterlands is a business run by a team. It's not meant to be run my the many.
The decision to fund the Splinterlands proposal, however, is a decision for the entire HIVE community.
Hive is meant to be run by its community. Anybody who wants to participate, can and should, I might add.
Hi Alex! Long time no visit brother! I love the way you write, very relaxed with your sangria next to your laptop 😎 The image you share speaks for itself, although I particularly welcome the change just made to the APR percentage and hope it will be beneficial. Hopefully everyone understands the importance of growing their HP, we need more people to fall in love with Hive ✌️
Haha I'm also listening to reggae while making my blog post. I think I'll add another tag to this post, maybe #drunkenblogging 😄
It's up to us (medium accounts) to behave like mentors and signal what behavior is beneficial to everybody. We will grow, even if it's one by one, we will grow and orcas will be the driving force of this amazing, decentralized ecosystem, bringing balance to authority and decision-making.
#drunkenblogging 😅 te cuento que no eres el único 🤣 I understand what you are saying and you are right. I'm still a little young to be getting noticed, but I'm enjoying the process along with my cup and my laptop🥂
In reality, I think the whole splinterlands and DHF stuffs only proves that users just needs to have their own state, I know it's a downside of decentralization, but unfortunately, you need a stake to have a voice.
We're not perfect, but we're not bad either.
@tipu curate
Upvoted 👌 (Mana: 50/60) Liquid rewards.
I think it's a feature of decentralization rather than a downside. If you want to participate, you need skin in the game.
I was interested to see what your take on the recent reduction in HBD interest to 15%. Personally, I had a policy of voting for witnesses who supported the old status quo of 20%, but I can understand why several witnesses switched from 20% to 15%. (Actually, I'd like to hear from the top witnesses who are continuing to support 20%.)
I hardly ever drink sangria, but I certainly approve of the goblet style wine glass. My wine glasses are heavy goblets too. I much prefer them to dainty long-stemmed glasses.
Cheers!
!BBH
!ALIVE
I agree very much, with the increase of hive power in our account it has a big influence on hive, I am still a beginner of course I am very eager to increase the hive power in my account, because I am happy to be here, but for now I cannot afford it, although for now the price of hive power is decreasing, with my mediocre income makes me regret not being able to afford it 🙏
The amazing thing about HIVE is you can earn it if you create value for others. You can work for it by providing services and getting paid in HIVE.
Hear hear! Well said!
Do you really eat kiwifruit with the peel?
Absolutely ... it's a rugged peach-type texture ... a fully-ripe kiwi is soft and seedy, and the peel is nicely bitter and a bit rough ... PERFECT contrast!
I'm planning to build up my HP for 5 years to reach my desired HP value.😊
That's awesome to read!
Yes, building up your stake is super important to make your voice heard on the blockchain.
Thank you.😊😊
True, I learned it here too.😊
#hive #posh
I touched on this topic from a slightly adjacent angle this afternoon in this short post about the importance of your stake, no matter what size it is or isn't.
And folks reading your post may also find this one useful also to know about dead witnesses and more reasons why voting and maintaining up to date votes are important for all holders of HP.
You make some excellent points, and my posts don't disagree, they just offer some more reading on the same topics and some more thoughts on the matters at hand.
@hirohurl likes your content! so I just sent 1 BBH(2/5)@alex-rourke! to your account on behalf of @hirohurl.
(html comment removed:
)
@hirohurl likes your content! so I just sent 1 BBH(3/5)@alex-rourke! to your account on behalf of @hirohurl.
(html comment removed:
)