The timing when I invested truly into Steem was probably a snipe for once in a lifetime. I kind of was sitting with a bunch of money but not quite ready to invest in any crypto since it all was in a downfall.
When Steem hit 14 cents I went all in and I gotta admit it was a pretty good hit since Steem only bottomed out on 10-11 cents and since then remained above my entry-point. Oh boy was I looking forward to seeing how this investment would payout in the future.
I didn't, however, expect Justin to buy take over Steemit, I didn't expect the whole chain to fall apart and I did most certainly not expect to get airdropped 50k Hive a few months later.
Reinvesting everything into Hive
I feel like I could have gone two roads on this one, either take the money off Steem and let my original 50k HP stay on Hive, practically taking my investment expenses home.
Or I could double down and try to effectively double my Hive.
I don't really need that money right now, so I might as well put them to good use on Hive and try to sprint for those 100k hives. (At the current Steem vs Hive price levels, this is indeed possible.) I still after another 38k SP sitting, slowly getting powered down.
I gotta admit the greed is real, but it makes a lot of sense when you take a step back and look at it objectively:
+ Large curation rewards
Since it's 50/50 on curation/author, stacking SP rather than posting makes a lot of sense).
+Innovative DHF(Decentralized Hive Fund)
Probably the one I'm the most excited about. I love the idea that stakeholders kind of choose who should get funded with their projects. If this system could be kept healthy it has huge potential
+Communities are developing
Communities are still new and with time I think many communities will start to mature and become a real asset to the blockchain. Right now they are mostly used for larger rewards from whales rather than actual communities should be, but hopefully, that can change with time.
+SMT(Smart Media Tokens) seems like still are getting developed
I honestly thought this project was long gone but seems like we have dragged the development over to Hive? I still need to find more information on who is, in fact, developing it but it's still worth as a + in my book.
+The crypto world are more aware of Hive.
Since the scandals of steem and the migration to Hive it seems like we got a lot more attention out there. It also seem like Twitter is Hives new weapon to stay visible.
+I like the Logo and the name "Hive"
Yeah it sounds silly, right? But you have no idea how much a logo and a fitting name helps. Before "steem" kind of just seemed random, like a misspelling of steam. Hive has much more meaning to it and the logo is freaking sexy. That can go far by itself, regardless of how silly it seems
Now for the negatives:
There's always a negative side to all things.
-Sometimes top witnesses seem to act strangely.
I guess that is how a political landscape is. But sometimes I feel like witnesses act a bit too much in personal agendas and feelings and not professionals who are chosen representatives of the Hive community. Don't get me wrong, many witnesses are doing a great job but sometimes they do seem to slip badly.
-Many of the above "+'s" could turn negative.
As promising as DHF might seem, it could fall flat on its face and just be a system that throws money out the windows, or since most major stakeholders also are witnesses, could just use it as a way to pay their own salary. As awesome as communities might sound, it could become a stagnant thing where everyone will stick to "OCD" or "GEMS" to get those juicy votes(Yes I am one of them, who isn't?) and as hype and excitement falls away, the outer world might once again forget about us.
-Is Hive resistant?
Can't Hive get sued? I mean, people could practically be going after those who run the nodes(AKA the witnesses). Or maybe a big bag of money be able to corrupt the witnesses. Although I gotta give credit that the whole scenario with Justin Sun probably showed the bribing witnesses did not work too well for him. Still, if Hive were to grow, will it be strong enough against other giants?
I will be going with my gut feeling here and double down on Hive. in the end, for me it's all about being honest and still makes the decision that I feel the best about. We all have to make our own call in the end. I started out investing in Steem and I feel taking my profit already is a bit early, I might as well take this double Hive gift and see where it will lead!
I remember you since day one, I think it will pay out eventually. If you made a couple of friends you share the same interests with in the way and a new hobby then it might actually already have paid off. Anything extra consider it a profit. Get your investment out when it is time and keep your profits in hive steemit or whatever is that interests you to keep your self busy.
Don't regret for outcomes that wasn't by any means your doings man. Peace out.
I also remember you @skapaneas! You were one of the first people supporting me in the early days when I was fresh as newly cut grass! Good to still see you around as well! You seem to have become active again as well with Hive! :-)
I agree on everything you just wrote :D
I am also in the process of powering down steem and transfering it to Hive.
Its "only" 2500 more Hive, but as you said it is doubling ones money! And I currently dont need it aswell :D
I hear you man, 2500 is still quite a lot honestly! you almost jump up as a dolphin then! :) congrats!
Ye its quite nice! It has sped up my goal of reaching 10K HP this year :p
I might reach it now haha
Yeah most of the witness here don't really care about community. It's all profit after all. I don't see any major improvement yet in gitlab hiveio. Other than renaming everything to hive. Steemitblog used to announce what major breakthrough they've improved or done. This is like nothing major improved.. kind of worrisome
I think it is a mixture and that is why it is hard to see: Most witnesses and investors do seem to care because they see potential and yes, because of that invested money. So it all blend a bit together.
I think we have to recognize Hive is new and a lot of "not so funny stuff" needs to be done before the flashy stuff can come out. Anyways, I agree, I am super eager to see how the community can develop this place. We will see how it turns out:)
One question we need to ask is how we're going to maintain the Hive Price - I mean no one's buying outside of the 1000 or so people PDing, and the whole point of Witness rewards and the DAO is that people sell that Hive into the market to pay their costs.
That's one thing Steem doesn't have to worry about it - it seems JS can just sub all the operating costs himself.
If I didn't now hate Steem's cuts and fear for the security of my coins the most rational move would be to leave them there and milk it and use that to buy BTC and then eventually buy Hive once it bottoms. I think we're a long ways off that yet.
That's a super legit point and I think it falls under one of my mentioned "reasons not to buy". Although if you think about previously how much Steemit was selling of steem beforehand I would say DAO is a fine alternative.
There's no way I would leave my money at the mercy of Justin. I could, however, imagine taking some of my Steem and reinvest it into let's say BTC or ETH.
Yes DAO for us the only alternative I think! Sell pressure though... lots of sell pressure!
We can see what happened to all the chains which came out from Steem (by forking), might be Hive is different or not, only time will tell. One thing is if we get a lot of media attention and if people are willing to invest in Hive then we are good otherwise it's dark days ahead of not maintained well.
Given today's pump of 60% increase it seems there are indeed some buyers out there! ;)
Yes and that is because of the media attention I guess the "AMA"
If nothing else Steem lacked a middle class that could take responsible decisions. By powering up here, where we intend to post we can better influence what is happening. I am also moving my funds here.
Very true! I seem to notice more and more people with 2k + SP if not even 10k+. That was a bit more rare back in the days
Same here, powering down Steem and powering up Hive. All my posts are going to be 100% HP. I see great times ahead
Same for me as Steemit randomly banned one of my music videos for no reason.
So officially on your way to a double orca (or a big fat bumblebee :D) status, nice :) Good points here and interesting discussion. Only time will tell how things pan out here on Hive but I am optimistic. The community is mostly made up by great people :)
Is there an animal badge ranking on hive yet?
I don´t know :) I can only think of bee, wasp, hornet and bumble bee :D
Maybe start out as a larva, then go to drone, worker bee, bumble bee, honey bee, queen bee, swarm etc.
Ha! That would be cool! But not sure who would want to be a larva :D It doesn´t have very nice connotations in my native language :D
Maybe people with -reputation can get the larva ranking.
Haha so what's a whale then? A bee queen? 🐝
I don't have a major stake with just over 4k but I am powering up every time I get a chance but at the moment with this corona virus my business has ceased trading and financial strains put me in a situation where I am unable to throw fiat at the situation but I will be putting some of my powered down steem into btc waiting for the right time to buy me some hive.
I think the fund will be abused to some extent but overall I think we should rejoice in the beauty of the idea, one thing I would love to see is that all proposals are put out as promoted content with all earnings going to DAO to make every user aware of new proposals.
With regards to hive getting hijacked like steem was with Sun, I find it unlikely as the ninja stake is not there and to take control you would push the price through the roof and also have a wait as powered up hive has a safety catch on voting for witnesses.
I have hit that follow button on your profile as I like the cut of your gib and upvoted you the best I can, keep on hiving and soon we will be thriving.