The concept that underlies Hive is starting to catch on. We are seeing a number of issues all pointing in the same direction.
It is becoming more evident that the Creator Economy is growing. Individuals have more tools at their disposal as compared to the past. At the same time, we see more platforms emerging that can offer these creators a means to offer their products to others.
There was an article in Forbes that took this topic on. Here is the headline:
Here we see a very interesting tidbit of information. According to Forbes, there are 50 million people already in the Creator Economy, utilizing the centralized platforms that we are all so familiar with.
This comes at a time when things are getting bad for the average person. The International Labour Organization put out a report starting how global workers have suffered due to COVID-19.
Global labour income is estimated to have declined by 10.7 per cent, or US$ 3.5 trillion, in the first three quarters of 2020, compared with the same period in 2019. This figure excludes income support provided through government measures.
Of course, this should come as no surprise to anyone. It is well known that the shutdown of the global economy sent things screeching to a halt. In the United States alone, more than 40 million people were forced to file unemployment due to job loss. This is in addition to the millions of others who were retained by their companies through a loan program whereby the government essentially paid the organizations to keep them on.
While things have improved some from the lows, it is still bad out there. The entire hospitality sector, hotels, airlines, and restaurants are still taking a beating. In short, those industries are basically frozen.
Seeking alternative means of income is obviously something people are being forced to do. This is not a novel concept. Wages were stagnant for most of the last two decades while the "Gig Economy" took over. Many were working "jobs" but for less pay and without benefits. This has taken a toll on the household incomes of many.
The challenge with the present structure is that the centralized entities do not distribute much of the proceeds. While outfits like YouTube and Twitch promote the idea of paying content creators, the reality is very few see anything. This can be coupled by the fact the platforms often screw over profitable content creators simply by changing their terms of service.
Cryptocurrency To The Rescue
We are in the early stages of this transition. However, it is evident that if the current trend continues, we will see more people turn to cryptocurreny as a solution to the current financial mess. For the moment, it appears that DeFi and other financially based schemes are the talk. That said, in due time, other platforms should emerge and help to pick up the income slack that people are experiencing.
Crypto based platforms have a significant advantage over the existing counterparts. To start, the ones that have a degree of decentralization offer the ability to insulate one's account from termination. Unlike YouTube or Facebook, an account on a platform such as Hive cannot be closed down.
At the same time, the reward system is usually set in the code and can only be changed through a software upgrade of the entire system. To do this, many different parties need to agree. While this can often present the "law of unintended consequences", it does provide for more defense since there cannot be an arbitrary decision and, within a few hours, one's income stream is wiped out.
Finally, there is the prospect of much greater returns. There is no doubt making money online requires effort, time, and even some luck. Regardless of the platform, there are few who simply show up and make it.
Nevertheless, there is the opportunity to stand out and make a name for oneself. One advantage to cryptocurrency is that new projects are always popping up. This means that later entrants have the opportunity to also be early adopters. That might create a slow payout to start yet, as we saw with the recent run up in a Hive based platform (LEO), it can pay off big time down the road.
Mass adoption is the convergence of technological advancement and human's willingness to embrace the new technology. This can often take a while to materialize. Overall, humans seem resistant to change, often being creatures of habit. Also, historically, most of society was technology adverse. It was not simply something the majority embraced quickly.
Circumstances and people's recent experience with technology is changing this. Individuals are now more willing to change what they do. Will this benefit cryptocurrency and the platforms associated with it? In due time, I believe it will.
In the mean time, it is a slow process. Yet, as the Forbes article shows, there are 50 million people out there who are in the situation whereby they need to generate income from their content.
The question is how many of that total are truly making much money using the traditional platforms? That is something that cryptocurrency will be changing in the future.
If you found this article informative, please give an upvote and rehive.
gif by @doze
Posted Using LeoFinance Beta
When Hive is discovered the way it deserves, the future will be even more promising for everyone.
Absolutely true... and it's very interesting to see this all unfold. In some ways, I believe the whole Covid situation has merely served as a metaphorical pouring of gasoline on the flames of something that would gradually happen anyway: Automation and AI will increasingly be changing the entire landscape of what "labour" actually DOES in the world... and that means all of us.
Within 25 years or so, the world will not need all the available workers to do the jobs still requiring human participation. And yet? We still operate within a world that will require us to have "something" to pay for the goods and services we consume... it's going to be a LONG time before the capitalist-based paradigm wraps itself around a "Star Trek world" in which nothing costs anything.
The crypto-creative and crypto-social models are definitely at the front lines of offering potential solutions.
=^..^=
Posted Using LeoFinance Beta
Absolutely, its all about the incentive structure at the moment there's loads of money to be made in those platforms the issue is as more people race in they drive deflation and saturate the market lowering returns for many who will then look for something else.
At least with HIVE, I am earning now at a premium, if a lot of users come in to compete for the reward pool yes I'll be drowned out but the portions I've earned so far will be worth more. We all share in the productivity of the platform
Posted Using LeoFinance Beta
Yes and you have many options to choose from @chekohler.
So, to use your term, you might be "drowned out" on Hive but standing out on Leofinance. Each puts tokens in your wallet, although one might put more and end up being worth more in the long run.
This for the same effort of posting an article. Add in a few other tags that get you into your favorite communities and a few more tokens might be following.
Over time, it all adds up.
Posted Using LeoFinance Beta
It really does. I think the wrapped token party is only getting started. This is all open source software. There's nothing stopping the other HE projects from following LeoFinance's lead. It's actually in everyone's best interests that they do.
Posted Using LeoFinance
Ironically, Leo just followed Hive's lead. They just were able to get community support generated behind the project and people jumped on board.
Posted Using LeoFinance Beta
Absolutely, but now that say LEO is on ETH, there are more things they can do, like listing on DEXs, CEX's, hot wallets, cold wallets, be used with dapps and that all drives demand for the token outside HIVE meaning those of us who mint it by using LEOfinance need to supply that demand :P
As more people come, the value of hive goes up and you will need to earn less hive to earn the same dollar amount.
Your stake though might be worth a fortune.
In that case I'll keep adding to my stake, also as people are pulling out to go farm my stake can earn more in curation so I am not complaining
Absolutely, in the end we all benefit. We just need to realize how we can make the best of it.
Great one here, truth is, change is happening and people have started realising that they're spoilt with choices and hence they'll no longer need to put up with things like censorship and centralisation, to this, I say this is where Crypto will of course benefit from.
Posted Using LeoFinance
Well, thank you for the information, if forbes publishes it, it means that it has some truth, and thank God we are already in the information economy, let's say that we are the pioneers in this problem, when the masses come here, and mass this I know that It will happen in the imminent medium term, we will know that we were right to remain in these parts, being constant and perseverant even slowly, but as they say today is time to pick, tomorrow it will be time to harvest the harvest and enjoy the fruit of the diamonds.
thank you hand for keeping you always up to date.
best regard.
Posted Using LeoFinance Beta
I hope that the creator economy will keep growing, but I'd like to address one common misconception:
Sorry, that's absolutely not the case. Anyone can write for Forbes as a "Contributor". This article was written by a consultant, based on a report by a VC firm. Both have financial interests to paint a rosy picture of this sector. I bet that most of these 50 million people are struggling to earn any money from their creativity.
I had forgotten that little detail that the newspapers are or dance for silver, the journalistic line depends on it.
But well for now we will continue moving forward here, hopefully by being in the first moments of this world we will be veneficed.
Thanks for the clarification
Maybe I fit these requirements, because because of the pandemic I ended up unemployed and without perspective if I could get my job back because my area of expertise is in education and I got tired of going to the office to find out if there were any vacancies for me and the doors to today they are closed to me because of my Physical Education subject.
It was through Hive and LeoFinance that I can say today that I am getting some income. I am not yet at the moment to say that for what I earn I am managing to support my family, because now I am accumulating my LEO and HIVE participation and I hope that soon I can say that through cryptocurrencies I am guaranteeing my family's food at home.
The universe of cryptocurrencies is vast as we know and there are spaces for everyone. If at least 1% of those 50 million migrated to Hive blockchain things here would be incredible. Well, time will tell ...
Posted Using LeoFinance Beta
The beautiful thing is also that where centralized applications might start for free. Eventually they will start to squeeze the lemon until it’s completely broken, just to raise shareholder value. On hive this is different.
When more people arrive on hive, they will flow into the communities and tribes and games. Which will help lift all of them up and everyone starts to earn more, rather than less.
If only 10% of that 50 million content creators know about HIVE, the music right know will be a different one. But no worries in due time they will while I keep stacking up in the mean time.
1% would be a huge difference.
Posted Using LeoFinance Beta
HIVE is the backbone of great communities and offers the right infrastructure for them to rise. And I think this goes both ways, HIVE uplifts the Communities and Communities like LEO will be uplifting HIVE.
Posted Using LeoFinance Beta
View or trade
BEER.Hey @taskmaster4450, here is a little bit of
BEERfrom @pixresteemer for you. Enjoy it!Learn how to earn FREE BEER each day by staking your
BEER.I'm currently in the process of getting things set up to start publishing properly... anonymously using blockchain systems like Hive and LBRY. More and more of the content creators that I respect are coming to blockchain platforms simply because the big platforms are becoming more and more restricted as time goes on.
I'm still looking for a good dark web (TOR) search engine as most seem to just list porn, drugs, etc... but in the world we currently live in I believe there is a solid place for health, freedom, trade, and everything else on the so called "dark web".
In a world of almost universal deceit and bullsh*t, I really hope folks can come together, embrace non-centralized monetary systems, and start speaking the truth they see anonymously. Hive is part of the solution. Hopefully more people will clue in and start making use of real systems that cannot be deleted by a few (very few) people who lack any perspective on reality and hope to be the future overlords of their "new world order".
I like how they lead with OnlyFans.
"Whatcha looking at Paul?"
"It's research for an article, I swear!"
Posted Using LeoFinance Beta