Just a quick notice, I changed my HBD rate back to 20%.
When I re-entered the top 20 recently, I remembered the discussion from a few months back about lowering the interest rate, and saw that it's a close tie. I decided to use my new found power to try how the community reacts to lowering it. What I've seen most users haven't been happy, so we're back to a stable 20% until someone else changes it or I drop out again.
I think 20% is a nice round number that can be remembered easily when presented to outsiders as a reason to come look at our ecosystem. An algorithmically stable coin at a stable interest rate when staked a stable number of days might give people the trust they need to buy some HBD and then Hive as well.
Thanks for the stable 20% 🙂👍
Does it work this way, thought? This rate has been around for over 2 years, if I am not mistaken. Are there users successfully onboarded thanks to it?
I don't know if it works as a reason to come here, because we don't record data on why someone became a regular user here. Without data, anything I say, or anyone says, is more of a feeling than a true provable statement of fact. I know some of the people I talk to regularly on Discord and here in comments like the 20% APR on HBD and has been a factor in their adding to their HBD stack. So I will admit that I can't factually say if it works this way or if users were onboarded due to it. One should be clear when something is a feeling rather than data driven; mine's a feeling. :)
Good decision, I voted for you!
Wise decision
As a HBD saver, I thank you ;)
Excellent 😃
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Thank you so much
The arguments that 20% is unsustainable seem vapid to me. As long as the price of $HIVE doesn’t crash, we should be okay. And if $HIVE were to go higher during a crypto bull, so much the better.
It is sutainable, indeed, But is not this rate one of the things that prevents Hive from going up like many other coins? HBD is basically a debt and paying such an interest rate on a debt that we don't use anyhow (as a bond, as intended way back in 2016), seems as a waste of money. Which, obviously, doesn't come out of nowhere.
Hive, like most cryptocurrencies, is dependent on the bigger crypto cycle. In 2022 and 2023, most altcoins lost 90-99 percent of their value, and they are just now beginning to recover. Hive lost about 95 percent, and is back bouncing around 10-15 percent of its all-time high. Check the record on most other altcoins. Hive is not in a vacuum. As the cycle progresses and people discover it, it will rise -- but in a bear market, the interest rate on HBD that the vast market does not even know exists means little to adoption.
I am glad that you made this decision, at least for now there isn't any reason to go lower...
There are at least four great reasons, at least to me. I can actually see no benefits for Hive as a network. Would be happy if you could list them ;)
I totally respect your opinion but I see in a different way, just to rebuke your reasons
2.Driving Users From Active Participation on Hive -> I don't see that, if you see most of the hive users aren't using HBD savings as main investment in Hive. And people like my self what we do is bringing money that we wouldn't put into hive blockchain since it is a money more dedicated in less risky investments (not saying that HBD is low risk but for sure much lower risk than Hive) is coming to the blockchain. People aren't saving everything that they would add to their HP. I see people saving sometimes a part of it but still doing their power ups.
3.Loosening the Bonds : Again the answer to number 2 is the same here...people are still powering up.
4.Hindering HBD's Adoption as a Currency -> I don't see that, people who need to use Hive as an income they are still withdrawing and the savings is a great opportunity for them to save money, like we do with our fiat...do you save all your fiat ? It is impossible.
I will finish my comment with a quote from a post that I read yesterday that probably you know:
It is an almost perfect quote .... We can't compare hive to a country , not even to a financial institute. Unless the ecossystem is broken because of the APR than we should change...take a look into Cosmos, they reduce their stacking apr to reduce their inflation which was getting crazy. 20% to 13.5% to go to an inflation of 14% to 10%... Hive isn't there =)
Ad 2) That is sort of a confirmation bias - you see active people around, not those who only have HBD staked to Savings. Check on the HBD Savings rich list, you may be surprised :)
Ad 4) People keep withdrawing Hive and dumping it. But that's not the same as using HBD as a currency.
I will check more the Ad 2)
HBD has a potential for currency and it is used in some countries (Venezuela is one of them, not sure if there is another) I am not sure if the APR could affect the usage as a currency. There is so much other things in front of that that avoid the usage now in most countries that Hive should solve it. Right now the platform has bigger concerns compared to HBD's APR. Hive needs to be more used. I saw a big project speculating the usage of Farcaster for example...I wanted to know why Hive is still unknown in big crypto discussions. People are still "pegged" to ethereum network or even bsc network.
The only thing that I criticized a lot about the HBD APR right now is that it isn't too much democratic the decision, I am a witness for example, I can set the APR but it doesn't matter if I add 0% or 50% hehe the top decision makers ( the top 21 witnesses) usually don't consult the community.
The last bit of not making it a democratic decision is keen - that's a very poor example of self-governance :/
🤣
I believe the current rate is not the very best option. And perhaps there's still space for leading a discussion on that topic - it seems that many users are not actually aware of where does the money paid as interest come from and what are the pros and cos of maintaining such a high interest.
Yes, a bunch of us noticed that ... thank you for changing it back and being responsive to the community!
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Thank you very much !!!
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