The story of one of the most broken loose pegged stable coins continues. SBD, now HBD, just wow. Wrong coin to go up in value. We should just stop calling HBD any kind of stable coin because it's not, instead we should call Hive a blockchain with two closely connected cryptocurrencies. Aka a mess.
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I don't understand why now after all this time we care so much about HBD being $1 and the methods being used to try and bring it to $1 seem sketch and odd to me. There are better things that could and should be worked on instead. Legit at this point who cares if HBD is $1 steem never was. If you're going to fix HBD then it needs to be on the code level. Not just throwing money at it.
This will trigger unsustainable growth just like last time, also the crash will be just as strong completely destroying the uneducated ones. If they don't want to get rid of it at least they should stop calling it a pegged stable coin, that's what I'm saying, it's just another crypto.
So far I found no one who could explain it correctly to me or I am too stupid to understand. What I did understand is that I had to sell hive and buy HBD recently as I expected an external party to buy HBD with the hive OR people locking in their hive increase.
The main downside I see of this in this day and age is people who can't access exchanges and only use the Hive blockchain for storing their value. I.e. those who want to trade hive/hbd for a working stablecoin in hopes to buy more Hive next correction can't do it against HBD because that will also drop down along with Hive. This was the same problem last bull run along with FUD about USDT which made a lot of people lose a lot of money cause they just stayed in the base currency after not wanting to deal with taxes by withdrawing them into fiat.
This time around there's more options, though, more stablecoins to diversify into and existing ways to do so on Hive as well (right now mainly through hive-engine).
Knowing what HBD is I would only keep it or hold it when it's on peg value, holding it now is like asking to get rekt. I never want to speculate on stable coin, but some people here do that, they anticipated this could happen and made a profit(and so many times before on SBD), my guess not too many, but those who know the inner workings of this shit show certainly did. There is just this bad vibe around this coin, it's very scam like.
Is there any legit stable coin on HiveEngine? I'm out of the loop if there is one. For noobs the last thing they should do is to use Hive chain stable coin, they will need to make a binance account or something and get ustd and other stable coins. Education is very much needed.
Not sure, tbh, I just figured since they have coins like BTC and ETH pegs they may have some of the stabelcoins too.
Are you not having fun? It's a fun mess to me :)
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Nop, mostly facepalming :)
:D