The market does not consider Hive a social media platform. In the eyes of the market, this project is an altcoin first and foremost. That's why its market cap can be $128 million even with such a tiny user base. Most people here do not fully grasp how overvalued HIVE is as a platform financially speaking. Yes, decentralization and censorship resistance are valuable but the organic monetary value of a social media platform comes from the size of the user base and how effectively it can be targeted with ads. The market cap of HIVE is tens of times higher than it would be without the exchange listings. If the money to reward the users and to fund the infrastructure had come from ad income, HIVE would be worth less than 1 cent.
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And why should it? It's a blockchain. The social media is just an app build on it.
Well, the chain itself has built-in operations and other primitives such as "posting", "voting", "rewards", "payouts" and so on. Hive is an application specific blockchain as Steemit, Inc put it. Steem from which Hive was forked was built specifically with social media and content delivery apps in mind. That it has the ability to store text without it having to do with the reward pool just extends its capabilities potentially to other areas as well.
Shut up. I just wanted to sound like a smart ass.
LOL