I do not expect Hive to reach past
a dollar. With everything going on
around here #hive needs something
to sustain that price mark.
Lately the market has its own root
to follow.
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it will absolutely blow past a dollar. The only thing this place needs is for LEO to gets its own BTC and USD pair. Quickly.
Why do you think a USD or BTC pair for LEO will help HIVE go up?
Because there is a ton of wealth being generated through LEO that has only one way to liquidate and that is through Hive.
I see. Keep in mind that the majority of the volume and liquidity is actually in the Uniswap wLEO Pool which goes through ETH... That being said, if someone sells LEO on Hive-Engine they would also be buying HIVE on Hive-Engine...
Right yeah good point i suppose i didn't really think down that line as i'm not into Defi much. Your right though its probably not that as big a deal as i thought. Still im not sure because most is powered up and as far as im aware that cant go straight to uni swap or can it?
For example if i want to sell my mined Leo daily i have to sell into hive and then dump that hive on BInance. ive been thinking about using steem instead but i cant get steem off hive engine, but i think i just need to add my steem keys to the keychain.
Ha yea it's hard to keep track of it all sometimes. And yea it must be powered down first, then wrapped into wLEO and sent to Uni. Once there it can be sold for ETH.
I think LEO is going to be a great driver of value for HIVE and I think having a HIVE pair is actually a good thing for HIVE, that way if people want to buy LEO they need to first buy HIVE. HIVE is the gateway to get to where they want to go...
That being said, the example you posted above could theoretically put downward pressure on HIVE because you are buying the HIVE on hive-engine (where the supply mostly just sits) and then selling on an Exchange that sets the external price... so I get what you are saying. :) Though if that happened at enough scale, it would force buying of HIVE because the supply on Hive-Engine would run out.
Thats one way to look at it.
So the real price discovery for Leo is on Uniswap then? Whats the volume like?
Well we will see. I don't think many of the price gains will be sustainable in much of the altcoins to be honest. In a bull market everything gets bid up, in a bear market everything gets sold.