1 Cent > $2000
It's no secret that crypto has been on a wild ride as of late. Hive is no stranger to this volatility. My stack has gone from $164k down to $90k in a matter of 10 days, and has just now popped up back into the 6-figures range.
I must admit, the unit-bias of it all is getting inside my head quite a bit. When I see 5 figures it's a sad day but when I see 6 figures it's a good day. Brains are weird.
In any case, I just realized that every penny in Hive price changes my stack by over $2000 (if you count my big delegation). 220k Hive at 1 cent per token is $2200. Pretty wild when you think about it. Every time Hive moves up or down a penny I gain or lose over $2000 of unrealized value.
Considering I've been making $12k a year at my "real" part-time job this is overwhelmingly daunting at times. How can I justify gambling this hard with so little cash in my bank account?
YOLO!
At the end of the day I just tell myself to just keep my head down and keep doing what I've been doing. Reject the legacy economy. Study the tech and speculate on the future of decentralization. Avoid totalitarian control if possible. Yeah, it's a risky business, but it's worth it.
Consistency is key.
It's not about timing the market, it's about time in the market. What we are building here has been and will continue to be exponential in nature. Doesn't matter if it takes six months or ten years, the time will come where I can break free from the chains of scarcity and claim my place within this newfound society.
2k+ Hive accounts.
I've also hit another milestone in that I have over 2000 Hive account tokens banked. Again, I believe a Hive account is worth much much more than the current market gives credit. It is only a matter of time before people are paying $100 just to create a new account here. Just because the competition is zero at the moment doesn't imply that this will be the case forever. A big spike is coming down the pike sooner or later. Just a matter of time at this point.
Cubbers?
CUB is also scraping all time lows at the moment in terms of price action per token. Of course with these hyperinflationary infinite-liquidity tokens the marketcap is a much better metric than token price. CUB still has a market cap of $2.8M, which is significantly higher than the $2M rock-bottom we've seen from time to time.
In addition, Kingdom dominance still hovers around 60%, which is pretty insane when you think about it. For quite some time now, 60% of all CUB tokens in existence are going extremely long, taking a 50% penalty in yield to avoid impermanent losses incurred by LP tokens and price differential volatility. That's a pretty big deal when you actually think about it. CUB/LEO holders are pretty hardcore, and they'll get rewarded for their diehard behavior soon™.
Also it's the last day of September, historically the worst month for Bitcoin of all time. Combine this with the China/Binance/Regulatory FUD and the chance of a slingshot forward skyrockets in October. I certainly hope so because my target is to be getting rejected at all time highs during next month. We shall see.
Worst case scenario Bitcoin returns to the doubling curve at the end of the year. That would be a crash to $25k, fully deflating any kind of bubble. This would be a devastating blow, but also the perfect opportunity to go long once again. In all likelihood, this can't happen without some kind of legacy meltdown in the traditional markets. $40k, $38k, and $35k are still massive support levels for Bitcoin at the moment, and we are heading into the most bullish quarter of the year during the most bullish part of the 4-year cycle. Fingers crossed.
Conclusion
Many of these issues are all a matter of perspective. The things we're fretting about today will be completely forgotten in the wake of an actual mega-bubble. Time ticks away, and as long as we stay the course and don't give up, rewards come trickling in over time one way or another.
I may be gambling with more money every day than I would normally make in a year, but in another real sense this gambit has to work anyway or the entire world will descend into chaos. It's not going to matter much if I lose 90% of my net worth if the entire banking sector collapses, as everyone will take that same loss no matter where their value is parked.
All I can do is keep my head down and grind grind grind.
See you on the other side.
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CUB 🤣🤣🤣
Come back in three months.
Lol
Wishing you well, ofc.
I'm hoping LBI moonZ
I would encourage you to use the accounts to grow a project versus store for future sales. For those accounts to be worth $100 then Hive would have to be over $33.33 and our usage would still need to be scaling well past that point. I think they'd be better served growing people now for your overall investment versus being stored for later use in hopes that Hive is past $33.33 and users are still needing accounts.
Well said! If this doesn't pan out then that means that we're forced into The Great Reset and lose everything with everyone anyways. At least here we stand the chance to bring actual monetary freedom to the world.
This assumes that Hive accounts will always cost 3 Hive.
Why does everyone assume this?
I do not know.
The RC system has been stress tested zero times.
Give it one time and lets refactor.
Would RC pools solve the issue if it gets implemented before it's tested?
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no
Fair point about a change in the rules but as @jfang003 points out we'll have RC pools soon™️. That combined with the eventual adoption of light accounts, in my opinion, should limit the value of base layer accounts over time as consumers find they don't HAVE to have that base layer to transact.
It's not a change in the rules.
The cost of creating an account is controlled by the witnesses.
They just haven't changed it yet because there has never been overwhelming demand.
Light accounts are not helpful, as they don't actually reduce the number of accounts required. They only change the UX for newbies and onboarding (IE giving control of the account to a centralized entity temporarily).
RC pools will actually make the situation worse as it gives all whales a financial incentive to lease their RCs at a profit and flood the market with them, push the price up for everyone else due to massive hyperinflation.
It is possible that custodial accounts could control more than one virtual account just like centralized exchanges do, but that tech doesn't even exist yet as far as I know... because there is currently no incentive to develop that functionality.
I stand corrected on my verbiage. I just meant a change in the existing variables that we use but it is a good distinction to make on rule versus witness variable.
How would light accounts not be helpful? What other advantage to having a full account would there be other than having a shared nym across multiple apps? If @splinterlands utilized light accounts then the major use of account claims dries up overnight. I know I've seen some new users on sportstalk from splinterlands but I doubt the majority of these new accounts are using other dapps.
That would also likely move the publishing RC cost to dapps who would then be incentivized to provide posting ability (RC) for posts they deemed valuable from the light accounts. I'm assuming that's what you mean by custodial though the rewards could theoretically be set with automatic beneficiary to the light accounts still keeping it non-custodial in regards to funds. Hasn't LEO adopted an early form of this where they would let accounts from ETH still use LeoFinance without an actual Hive account and just publish from their own account?
You can create a Hive account with an ETH signature, but the Hive account still gets created.
It really depends how you are defining "Lite Account".
So far, all "Lite Accounts" are on layer one and are just regular Hive accounts that someone else controls.
In essence, this doesn't reduce the number of Hive accounts created, it increases it by making account creation more accessible.
I wasn't sure how they were doing it. I assumed they were just using some LEO based nym like @leoauthors and funding it with enough HP to cover the RC needs then processing payout rewards straight to the associated wallet address in b/wLEO post conversion. I haven't kept up well with the projects but see headlines and just assumed how things were being done.
I'm referring to light accounts as what @howo described as allowing people to own and pay with hive way more easily. I can't remember where I read it but my understanding is these would essentially be wallet addresses like Bitcoin addresses that would be cryptographically generated and thus be limitless in nature. Those accounts could then store Hive in them and transact but wouldn't be able to publish or use RCs beyond the free transaction limits.
If that were the case then dapps could still accept publications from any of these light address to be stored within their own database. Then as desired people with access to that database could publish the content to the Hive blockchain while still giving beneficiary status to the light account for any rewards earned.
Yeah if hive is $100 or $1000 that's fuckin 350 to 3500 dollars for a "lifetime membership"
Eventually we get all the money in the world to hire the best fufking front end and mobile app guys who make prettiest apps and get all the tik tok girls and indtagram users etc boom then we become an unstoppable force ......but we need that competition for the better and better app. @dapplr is pretty good but I want some sort of super expensive app bro like keybase quality and art style broooo
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I like your approach towards dealing with money in crypto. I bet you're considered a lazy American over there :D. Almost $200,000 just in HIVE tokens is not bad at all. If HIVE shall replicate STEEM price performance from 2017 you'll be a millionaire before you know it.
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Awesome pieces
I feel you. We keep our heads down and keep stacking, regardless of market conditions.
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Satoshis aren't even 1 penny yet but they will be $1000
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Thanks for the reminder to not waste the account tokens to be claimed. I am wondering if the claiming can be automated.
Anything can be automated on blockchain with a bot.
All you need is a script that signs the transaction with your private key automatically.
Keychain is supposed to have this functionality but I never got it working.
I am not into scripts, unfortunately.
hm yeah I've always thought about writing it...
would be super basic
ATHs good, crash to 25K bad.
I am not ready for crashes yet.
Traditionally it takes 5-6 months for normal bubbles to deflate back down to the doubling curve. We saw this happen in summer 2019. However, mega-bubbles take a full year to deflate.
Also, normal bubbles take about 3 months to ramp up to the peak, whereas we've been above the doubling curve for an entire year already. The current run we are in is unlike anything we have ever seen.
My point here is that if $65k was the peak and it really just was a normal x3 bubble, I would have expected for the head-and-shoulders pattern to complete three months later in July. Instead the opposite happened and August spiked. IMO the mega-bubble is still very obviously on the table and the most likely outcome based on history.
Thanks for the more detailed explanation. Yes, I am very hopeful for the next six months and I am looking forward to some of the crypto hype to settle onto the Hive blockchain. What people who have been here a while know is, even in the bear we were having fun - just imagine what it is like with 20 million people flush from a bull and looking to make camp for a couple years, shoot the shit and build the future.
I hope hive will break the highest price as 1 cent of would be $10
You seen the price of steem dollar?
Sure.
What of it?
$6.98 last night, thought it was supposed to be fixed at $1 USA?
It's been over $1 since Hive was created.
The Korean community has been manipulating it mercilessly this entire time.
Doing a good job too by the looks.
Mate, you're a success story. I love reading about how you work your arse off for pennies but have done well in crypto.
Not sure how anyone else feels but I'm pretty excited that you have done well. The impacts on your life with crypto are phenomenonal.
You're what crypto is about, sticking it to the man and making it out in the wild.
Well done mate, be proud.
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Thanks friend.
I've made a lot of progress but I feel like I've only made it 5% of the way so far.
Here's to the future!
No one really knows how far this will go and where we can take it but that's the fun of it all.
If you're 5% I'm 0.00000000001% of the way 🤣
Well done, enjoy.
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how can we have account tokens banked too?
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I'm not sure on the number now (guessing around 7000 HP) but when your account gets enough RC then it can claim account creation tokens. Whenever you claim one they are automatically stored to your account allowing your account to create one new Hive account.
I would also be freaking out if a penny resulted in such a high value but it's the result of you growing your account. I would like to claim some account tokens but I don't know how long it would take for me to get enough HP to even claim one.
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Hi @edicted
Most people need to realize is that yes, crypto is a risky business, but it more than worth it, because it gives you are chase at financial freedom, you just need to learn how to navigate throw it, there are going to be times like the current dip's in September but if you buy the dip, and when the market recovers you will be in mad profit.
I think this sums it all up nicely:
Yes it is....
Meanwhile we all make money everyday in this wonderful social media project on a blockchain.
From my perspective it's pretty sweet.
By the them from your last post and info about your impressive frugality was reassuring that frugality is a sound road to financial success. That plus a few opportune investments! It sounds like @edicted putts for the win!
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Dollar is something else.
Dang, that is an impressive amount of account creation tokens. I was in the habit of collecting them myself and then I let it slide. I need to start doing that again. Especially if we start seeing people show up in large numbers here.
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Hive Keychain should automatically claim them for you with newer versions and if you have enough HP. Under settings there should be a section called 'Automated tasks' that allows you to claim account tokens and also post rewards automatically.
Okay cool, I will need to check that out.