How to Make Hive Rich (And Maybe Ourselves Too)
So, you’re wondering how to make Hive’s value go up? Well, if there was a magic button, we’d all be pressing it nonstop. But since the crypto gods didn’t bless us with one, let’s look at the actual stuff we can do to nudge Hive’s value in the right direction.
Now, let me start by saying I’m no expert—I’m just another Hive enthusiast trying to figure it out. In this post, I’ll share some thoughts on what might help, but I’d love to hear your opinions too.
What Makes Prices Go Up and Down?
First things first: Hive’s price is a bit like that one friend who can’t decide where to eat—it’s all about the mood. When more people are buying Hive than selling it, the price heads up. But if folks start cashing out, maybe to buy the latest tech gadget or splurge on something shiny, the price takes a nosedive. It’s supply and demand, just like your Economics 101 class, but with a lot more drama.
Then there’s Bitcoin, the big boss of crypto. When Bitcoin decides to moon or dive, it tends to drag the rest of the market with it. Hive included. Plus, any major news or developments, good or bad, can send Hive’s price spinning.
The Role of HBD Savings Interest Rate
Now, let’s talk about Hive Backed Dollars (HBD) and that sweet, sweet 20% interest rate. Sounds like a dream, right? But before you start planning your early retirement, let’s dig into what this rate actually means.
The idea behind offering 20% interest on HBD savings is to encourage people to lock up their HBD instead of selling it. Less HBD on the market should, in theory, help stabilize the price of Hive. But here’s the catch—20% is pretty high, and while it’s a great incentive, it could also lead to inflation if too many people decide to cash in on those juicy returns.
Think of it this way: if everyone’s getting 20% interest, there’s a lot of extra money floating around, and that could dilute the value of Hive over time. It’s a bit like trying to balance a teeter-totter—too much weight on one side, and things could get a little shaky.
Note: Interest rate was 20% APR at the time of writing but is now 15%.
What Can We Do to Increase Hive’s Value?
If we’re serious about making Hive’s value go up (and not just daydreaming), here are a few moves we can make:
Increase Adoption: The more people using Hive for blogging, gaming, or just hanging out, the higher the demand for Hive tokens. It’s like getting more people to join your favorite club—the bigger the group, the more valuable the membership.
Support Development: Hive is like a sandbox, and we need more cool toys in it. Supporting new projects and developments is key. Whether through the DHF or direct investments, let’s add some shiny new features to keep people coming back.
Rethink the HBD Interest Rate: Sure, 20% is attractive, but maybe it’s a little too attractive. We need to find that sweet spot where the interest rate is high enough to encourage savings but not so high that it risks inflation. It’s all about balance.
Boost Community Engagement: Hive’s community is its heartbeat. The more we engage, the stronger we become. A thriving community attracts new users and investors, which in turn, boosts Hive’s value.
Call to Action
Don’t forget to check your witness votes! This is where you can use your stake to vote for changes to the interest rate, among other things. Your vote matters, and it’s one of the most direct ways you can influence the future of Hive.
Now it’s your turn. What do you think? Should we keep the interest rate at 20%? (now 15%) How else can we boost Hive’s value? Drop your thoughts in the comments, and let’s get the conversation started!
Check out the proposal for VIMM 2.0: Reviving VIMM - A Plan for Recovery and Growth.
HBD savings rate is 15% not 20%:
Well, that’s fantastic news! Looks like my timing was just a bit off—guess that’s what I get for dragging my feet on publishing. Thanks for the update!
Haha, you're welcome. I only noticed this change in the last week or so... it was 20% for so long.
Whoo.. I just noticed it's posted under 'vimm', you're 'the author'. I had a longer break from hive, and I'm not up to date with all changes. I remember 'reblogs' very well, but I don't remember an option to post as someone else those few years ago. Or to make account X (bot, etc) post something "for you", it would just look as if that account posted its own thing.. Could you drop me a hint how's that possible, to sort of 'post a someone else' or to add this "authored by Y" metadata?
Peakd gives you that option. Under advanced options for a post you can set an author if the post is written by someone other than the account used for posting.
I need a better way to buy Hive right now. Bittrex and Binance are both gone, and I don't have a good and easy way to buy and sell Hive.
I had a grid bot on Bittrex playing the arbitrage game on Hive for a bit, while it lasted. I'd do it again in a heartbeat if there's a good spot for buying Hive. Hell, I'd buy more Hive again if it was easy to do so right now...
Bittrex, yeah.. but why do you say Binance is gone too? I didn't notice any shutdown notices.
For Americans, it is. Binance.us is long gone. Blame the SEC.
Aaaah alright. I'm in EU. Yeah, I heard about it leaving the US. Just didn't connect the dots. When you called out Bittrex, I thought Binance is totally going down. Phew!
The easiest way to buy (or sell) hive, in my opinion, is to purchase a major crypto (bitcoin, litecoin (my preferred one), etc.) on whatever your favorite exchange is, transfer it to hive-engine for swap.btc/swap.ltc/whatever, then trade for hive.
The only problem with that is in the reporting for tax purposes. I pay 20% capital gains tax each time currency is converted. FGSFDS...
I'd rather have a straight Hive/USD trade and be done with it. I blame Gary Gensler for the troubles we face on that front...
Heh.. it seems you'll be surprised just like me, it's not 20% anymore :) few weeks ago it dropped to 15%. Still good though!
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