I have returned to class over the years since the plandemic, and done many things off of hive. I have returned for a special project only to be plagued by a really bad actor, one that just about everyone rightfully hates, for doing some archival work for the upcoming election. A cancer that is being financially supported by the DAO, namely due to an oligarchy mostly dominated by blocktrades (if you are reading, please read to the end), that chases off more users and discourages potential investors and innovators. And so this lead me to trying to learn more about proposals ( https://peakd.com/me/proposals ). The insane HBD interest rates have been bothering me for some time. But I see, lo and behold, there is a proposal that stabilizes HBD. I could be mistaken as I don't have the data yet, but the stabilization of these HYIP yeilds, and HYIP yields scares real investors because it screams scam, likely comes at the detriment of hive itself (are you paying attention blocktrades) to restore hbd back to a dollar.
So we have insane interest rates, we have an insane nutcase trying to censor content from the front end scaring new users away, and it is possible that the value of the coin of the use case is being destroyed in the stabilization effort to prevent the inevitable collapse of HBD from the mismanagement by certain witnesses. Also look at the daily pay the devs are getting, multiply that by 400 then deduct 10% [and add 5x the daily, if you really care]. That is how much they are being paid from the DAO per year. I am not going to bad mouth any project (besides hivewatchers), or express specific concerns, but leave it for the user to decide if these projects really bring value to the chain for what is being paid out, or if they really delivered what was claimed. There are no options to debate, to negotiate better rates, to see if there are more cost effective alternatives or business models, and so on. I know not all of the readers are developers or know the first thing about servers and that is ok, a lot of common sense can go a long way. Paying $x*100,000 per year to onboard users, and the number of their users only went up 200 over the course of over a year...isn't exactly a good use of the DAO.
There is more centralization on the chain than besides the whales, something the could lead to a catastrophic failure of multiple projects for the failure of them developing in house solutions. Why are they taking in 6 figures, and not addressing this weakness that might take a day's worth of coding and some hardware that the DAO, in principle, is paying for anyways. But that is another issue, I won't advance further at this moment of time.
Granted not too many people care about proposals; that's a side issue; Most users would like to create and express their creations, and there are many many untapped potentials that the halfwit hivewatchers shortcircuits over. However, it seems like non-proposal creators are slowly being boiled alive by the current mechanics. I don't think that most whales, despite the obvious HYIP flag and despite a heightened duty to do their own due diligence, are aware at the mechanical dynamics in place. Even @blocktrades , in his wallet, is mostly staked HIVE (see I told you to continue reading).
It looks like at present, the debt ratio is about 9% ( https://www.hbdstats.com/ ), up from 7% a few months ago ( https://www.publish0x.com/bala/hbd-interest-rate-is-slowly-changing-xnkjywv ), and we have a 15% hbd interest rate. When the debt ratio hits 30%, new hbd should stop printing ( https://hive.io/hbd/ ). So holders of hive could bleed a lot more until the whales really take ownership, and stop this apoptosis, and protect both the chain and their investments. Once the debt ratio reaches the 30% point, those holding hbd shouldn't see further interest returns. Those in the know likely will sell off prior to this, those who were blinded have the incentive to find better investments. As they sell dropping the price, i think the dao will still be funding the hbd stabilizer...to convert and sell off more hive.
Until I am presented with better information or I see a commitment from the oligarchy to do better, my personal answer is no.
- let's pressure the project owners to do their own decentralization. It appears that if just one particular project owner say dies of a heart attack, a lot of projects, some arguably mission critical, will cease functioning until they do what they should have been doing with their DAO funding to begin with....years ago.
- Let's decrease the hbd interest rates to be more on par with risk free rates.
- Let's either abolish, or amend the proposal system to make it harder to exploit by those who offer value and do not deliver or otherwise do not bring enough value (at present the faq makes clear there is no accountability), or increase the votes going into gtg's return project #0 to make it harder for project owners to exploit the dao.
- Let's start to phase out the hbd stabilization project.
- stop funding hivewatchers.
on edit
since I have been targeted by hivewatchers for their personal interest, in violation of their dao constituting wire fraud, I will not make anymore post here. Some corrections as to the above: if the number of unminted hive gets too low, and alternate conversion price will kick in; What that means is that HBD will lose its peg of $1, and holders to maximize sell off value would have to sell.
While I will not formally accuse anyone of guilt, besides wirefraud for which the attitude off pharesim is the USDOJ will not do anything with hive anyways or the foreigners abusing it (meanwhile, I am looking to join the trump administration, and I also qualify to work for the USDOJ). The same people behind hivewatchers is also behind the multimillion dollar marketing plan, called value plan. At face value, this reeks of total incompetence; The entity that scares away the most users and feigns ignorance is the entity trying to onboard people. While there are serious accusations of fraud in venezuala-for which receipts will not be provided (as a commenter, as valued-customer pointed out in the comments)- and questionable marketing schemes such as buying a rally car for, as the @themarkymark puts it, for a senior citizen to drive [in a 3rd] tier race, in a poor country, and often finished last ( https://peakd.com/hive-167922/@themarkymark/re-forkyishere-smhbd4 ). Although I have asked that the redacted versions of the receipts be provided as well as the cost benefit analysis of value plan, I was kicked off the hive discord page for opining about hivewatchers. I shouldn't have been kicked, but pharesim is far too protective of hivewatchers-and seems to hate america calling it a s hole country; since americans are large investers in crypto, let's just keep that in mind about what they really think about American investers. The upwards spike in crypto at the moment is due to Americans Electing Donald Trump. Guiltyparties, who is a part of hivewatchers, claims pharesim is not a part of the group-even though the dialog intellect, and behavior of pharesim are exactly the same. It's a very cult like mentality, which may be what they, whoever they are, are after on hive; a hive mind. If users get to close to the sun, their waxen wings will melt and they will cease to be. They will be festering angry strangely about what they seen on multiple other platforms further injury the marketting, yet they never left the atmosphere to see how bad things really may be. Themarkymark pays more attention to the mechanics of hive than I do, and at one point he noted we were paying hivewatchers some $350/day to prevent $20 worth of abuse ( https://peakd.com/hive-104500/@theycallmemarky/is-hive-watchers-doing-a-good-job ).
I am developing a new project, and I found a bug in hive's condenser. I was going to report it, but lo and behold, guiltyparties is a moderator there. I already worked around it, but geesh. He's also a moderator in the hive discord too.
There may be a larger ecosystem out there in this nexus of hivewatchers that is eating up the dao. Something blocktrades may want to investigate, because, if left unchecked, this ecosystem could overwhelm blocktrades centralized control of the chain. Although bad greed may not work that way, particularly when there are instantaneous real world rewards and perks.
Those who contend that we need hivewatchers may point to an old botnet (paying $95/day to stop $20 worth of abuse) , or to stop abuse. Some abuse is serious like scams and phishing, and others are well petty and more commonly associated with people onboarding on new platforms aka plagerism-and the front ends have copyright take downs too. But here is where I will be more cynical. If the front ends actually rely on hivewatchers as hive supporters supporters posit, then we are then paying the front ends obscene amount of money to give a pass on developing their own security protocols for content. This is concerning, although it wouldn't be fair to the front ends to make such an accusation since they may just be scapegoated by the hivewatchers (and also I didn't check their githubs to see one way or the other-how much time does one want to devote to a single post). Supposing the sites do have security protocols, Most front ends that spring up will likely use what is already on the github and tweak it to their branding, so the security protocols should be preserved by default-although a bad actor could override those defaults on his own front end....just like a bad actor could make his own scam posts appear on his own front end. So what is the reason we have hive watchers, other than to dilute our finances to enrich poorer countries and, yes, specific private individuals?
Why do we have a dao, since most front end could just use a beneficiary tag. Sure developers, like me, could bypass the beneficiary tag, but the front ends don't have to display posts where they don't get a cut.
For those with a greater concern about how blocktrades is managing hive, consider taking to an attorney about "piercing the corporate veil". The rules may vary by state, and typically this doctrine tends to protect stakeholders behind a LLCs. Hive is not an LLC, but blocktrades is some kind of legal entity in the Cayman islands which may require greater research (they claim to be an llc in the cayman islands on a trademark application ( https://tsdr.uspto.gov/#caseNumber=88061545&caseSearchType=US_APPLICATION&caseType=DEFAULT&searchType=statusSearch ), but deny it in court https://www.courtlistener.com/docket/17253432/80/notestein-v-bittrex-inc/ with the sole shareholder in western virginia claiming to be a limited liability entity ( https://www.courtlistener.com/docket/17253432/80/1/notestein-v-bittrex-inc/ )). Hive wants to pretend it is a decentralized community based thing so that certain whales can do bad things with impunity across the globe with no accountability, and the worst actors are foreigners who hate Americans.
anyways, remember this lawsuit, so as to remember who in the US to serve. https://storage.courtlistener.com/recap/gov.uscourts.vawd.119172/gov.uscourts.vawd.119172.1.0.pdf
Nope… we all moved to Blurt
No Hivewatchers. No downvotes. No DHFund scam Ponzi scheme.
See you there
Https://Blurt.blog
Interest on HBD savings does a couple things that Hive needs. It reduces the curation rewards that staked Hive sucks out of the rewards pool because it's an alternative place to gain ROI than curation, and this increases author rewards commensurately. This has two beneficial effects. First, it decreases financialization of curation, and thereby increases the subjective valuation of content, which is the actual purpose of curation. Second, since author rewards aren't based on staked Hive, reducing curation rewards as a percentage of the emission of inflation from the rewards pool increases the distribution of Hive, increasing decentralization.
I agree about hivewatchers. The purpose seems to be to prevent the growth of users on Hive, ensuring Hive doesn't attract outside investment from folks that could buy Hive's entire market cap for lunch money and replace the current oligarchy that rules Hive. Hive governance is a pure plutocracy. Each Hive token is a vote for witnesses, and controlling the witnesses controls how the rewards are disbursed from the pool, and this enables that oligarchy to extract the majority of rewards. Steem proved that outside investors can simply take control of Hive by buying it, and our oligarchy can't compete financially with sharks seeking profitable investments. Keeping Hive from growing is the primary security they have to defend their ROI.
I disagree. The DHF is basically Hive's cash on hand. The proposal system enables the oligarchy to extract the funds from the DHF, and mine the cash on hand like hostile takeover funds do corporations they buy. KKR and Bain Capital Partners typically buy a controlling interest in a company, fire all the employees, sell off the tooling and anything worth money, and suck up all the cash to make a quick buck before abandoning the company and moving to the next target. The fact the DHF is hemorrhaging money indicates the oligarchy is in process of stripping the cash on hand and selling it off for fiat, preparing to abandon the shriveled husk of Hive and move on to new pastures.
Particularly since I was told on chain by guiltyparties that receipts would absolutely not be provided for Value Plan's expenditures in Venezuela, despite accusations of fraud and kickbacks from people that claimed to witness those crimes, I think it's obvious the DHF is being mined for quick cash before someone that's witnessed the fraud calls tips.fbi.gov and ends it. Things could get a lot worse for the scammers if the State Department gets involved, because they're very interested in Venezuela. This constant hemorrhage of funds from the DHF is what is crashing the token price, because demand isn't keeping up. The more Hive they sell off the lower price they get for selling it off, and they seem to be trying to keep the price at $.2 or so, but it's 10% below that now and these profiteers can just dump and slink off at any time.
The Hivewatchers scam is hard to prove. The DHF mining isn't. That's why I think it's a sign of the final phase of the Hive oligarchy's scam. I vote the return proposal, but I'm barely a dolphin and that doesn't impede the oligarchy when they want to ram through a kickback vector. 4 accounts hold ~30% of Hive, and a couple dozen whales have the majority of stake. There's not much the rest of us can do about whatever they want to vote for, because Hive's a plutocracy where tokens are political power.
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