Wipe Out!
It must have something to do with the end of the year, but I have been reflecting a lot lately on the time I have spent involved in crypto. I've been thinking about how much I have learned, how my accounts have grown, and everything I have accomplished in the past five years.
I've also been thinking a lot about what I hold, what I am invested in, and which tokens I really believe in. You likely know by now that I was kind of an NFT whore for a while there. I was buying pretty much any project that dropped on the WAX blockchain. On top of that, I have some moderate holdings of Splinterlands and Rising Star game here on Hive.
NFTs have been a big part of my portfolio for the past couple of years. As the NFT market cooled down and I stopped aping into pretty much any opportunity that flashed in front of me, I really started to realize how unsustainable the whole thing was. I remember seeing scores of people jumping in the Telegram chat for whatever project and complaining that they weren't able to do a 100x flip on whatever they just bought.
After you see that a couple of times, you start to think "what am I doing?". I quickly started to realize how important it was to invest in projects that you actually believe in. Something I had already been doing for years with Hive.
I also realized what I already knew from dealing with Hive, that the get rich quick mindset is flawed. I started turning my attention more to DeFi and investing in that. While I honestly think there is definitely a place for NFTs in the crypto space, I now believe the banking and DeFi side of crypto has more long term benefits for us has holders.
Big wins are great, but I'd rather hold something that gives me a regular stream of passive income. Guess what, Hive does that! In fact, not just Hive, but many of the secondary tokens on the Hive blockchain as well.
It was just a few weeks ago that I eventually came to a second realization...
What would happen if all of my crypto assets were suddenly wiped out. Just imagine, everything goes to zero and none of it has value anymore. Which loss is going to impact you most?
Sure, it would suck to lose my BTC, I don't even hold a whole token, but it's still a decent amount of money. I don't hold much ETH. I have some stuff invested in CUB DeFi and it would stink to lose that, but it's already down so much the initial blow has kind of already happened.
I own a bunch of WAX, but I wouldn't say I am super invested in it. That was one of my $.03 gambles during the last bear market and it served its purpose. Yes, it would suck to lose it because I still think it has a lot of room for growth, but a wipe out wouldn't kill me.
Then I realized, the only token that would truly devastate me if I were to lose it all is Hive (and by default the second level tokens on Hive).
Hive is the only token I hold that I am not sure I would be able to recover if I lost it all. What does that say about the token? It isn't even purely financial either. It isn't like I wouldn't be able to pay my bills if all my Hive were gone, but Hive has become something more to me than just an investment.
I often call Hive my hobby and I honestly think that is a really accurate way to describe it.
I honestly can't think of a token that has more potential right now. It often feels like we are right on the cusp of something big happening for Hive and we just need a few more things to fall into place for it to explode. It could be months, it could be years, but that feeling has always been there. At least for me anyway.
Those of you with larger holdings off of Hive might feel different, but for me, a Hive wipeout would potentially end it all for me. At the very least I don't think I would ever throw myself into another project with as much enthusiasm and time as I have with Hive.
I just wouldn't have it in me.
Would you?
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Well....NFTs felt "scammy" from the beggining so i didnt get in it at all.
But as you said,i have been investing in a few projects and that is it.I dont consider HIVE to be that important to me as it is to you,but i do like the read here and engaging with some people.It would be a shame if it all went to h....
I never really felt like NFTs were scammy. I think the ones that have a game around them seemed better than the ones that were pure art. I feel like having a use case adds extra value. I still think there is definitely a place for them in gaming and stuff like that. I just think a lot of companies got ahead of themselves.
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That is probably true.diablo 3 was first to try to sell items for cash..you could just call them NFTs and it would act the same
Yeah, I remember when that launched, it was such a mess. It made some people pretty rich though. I wish I could go back and do that over again. I didn't commit the time I should have and ended up with nothing. I still play from time to time, but not like I used to.
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I'm not sure there is another project like Hive?
When you look at the breadth and scope. I agree, nothing touches it and that is only going to become more evident as Hive continues to grow and expand.
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Yes, I don't know where else I could get involved in the community and learn as much in the same way.
For sure!
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Agree with you there man. I’ve invested in a fair bit of different coins but if I lost all my hive I would definitely feel crushed and don’t know if I would spend as much time on anything like I do here.
Thankfully I’m not super into NFT’s and DeFi but then again you were able to pay off your house because of them LOL so I missed the boat on some of that.
Not my house but close. Hopefully one day that can still happen! I totally understand though, there is just something about Hive that feels different in my opinion.
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I feel you there, it does become a part of you and you get attached to it.
Yeah, it's funny because sometimes I feel like I wouldn't miss it, then others I think "what would I do with all my free time". It's totally worth it to me. I don't even want to think about Hive at 0.
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The bear market has certainly shaken out a few people. Still plenty of time to stack though 😃
I just powered up 2k more Hive to reach Orca 😃
Nice! congrats! That is awesome!
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Thanks! Its a good feeling!
Not gonna lie, I am super jelly!
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I hope you get the badge soon too!
I think NFTs have been over-hyped. I have bought a few, but often to support the creator. I mainly have those that are useful in games. I'm old-fashioned enough to prefer a limited print on my wall to setting up a screen to display some GIF.
I'd hate to lose Hive as a platform and my stake does have a fair bit of value. I just don't plan to take it all out any time soon. I may just spend some now and again. What would it even take to lose it all apart from someone exploiting a bug to steal from us? Of course we need to watch out for phishing attempts.
Stay safe.
Since everything is still tied to BTC so closely, it could just be another major exchange falling that brings it all down. It is hard to say. I don't really see it happening, but when I think about it, it becomes pretty clear just how important Hive is to me and where I should be focusing the majority of my investments. I think NFTs absolutely have a place. I think they just grew too quick too fast. The hype in some areas was definitely warranted. They can be game changing.
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I think there's a lot of people who just see crypto as an investment rather than a thing to use. Some will stick with it and if they see uses then it has some value. Crypto in general does get hyped, hence memecoins going crazy. Hive has real utility.
Hive is definitely on a different level than a lot of the other tokens out there.
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It is funny with NFTs I did write an article else where and described them as No F..cking Thanks or not for me!
I can imagine you have a big wadge of Hive.
It is a great platform and a great token, and does make up a significant part of my crypto portfolio.
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It's probably my biggest holding next to WAX. The price of Hive is holding up much better than WAX right now though!
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Yeah HIVE has held up pretty well really.
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For sure!
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At first, I had this skepticism with cryptocurrencies about whether it is actual money and what would happen if it were to disappear. Although anything is possible, I think we've passed the stage of crypto to dissappear and not being around anymore because we've already gained some solid ground.
If all my Hive or crypto were to be wiped out then a great tool to achieve my future goals would be wiped out. I will recover from it but it would take a while.
I would have thought the same thing, then you see how weak people are at holding during tough times like the FTX thing and it makes me a little concerned. Not a lot concerned, just a little concerned. It gets your mind going places.
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I am never worried about markets. They do what they do.
To me, it is about building wealth on Hive. We are at the point where we need businesses.
This is where each enters.
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Yeah, losing Hive would be a big blow. Out of everything I hold, that's the one I feel most confident about that it's going to turn into something someday. Even if it just goes to $3 and stays around there for a few years, I still feel like that would be a major success. Especially considering you'll still be able to earn a passive income. I mean, if you could bring in 20 Hive a day at $3 that's almost $2k a month. That's the thing that would hit me the hardest. Hopefully we'll just keep building and get there during the next bull run and then eventually break out into the mainstream and start tapping into the network effect value this thing should really get credit for. We'll see. Just powered up another chunk to reach my 50k goal yesterday. Orca is next. Obviously I'm a believer... :-)
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Nice. I have been trying to get to that 50k mark all year. Didn't help that they upped the HBD savings percent and I have been dumping all of my HBD into that. I would be fine with $2 Hive for an extended period of time. This $.30 range is way to familiar and I was hoping we would never see it again.
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The NFT craze was definitely super speculative and it was a bubble. From what I saw, there weren't many projects with clear use cases and most of it was just people expecting prices to go up. All the influencers were also about printing NFTs so it went out of hand.
As for investments and Hive, I am in a similar boat. I have put a lot of time into Hive and I would be devastated if it disappeared. I don't know if I could do it a second time with so much commitment. Of course, I don't expect Hive to go away anytime soon.
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Yeah, I don't think NFTs are going to have the weight they did in the next bull run. I expect some might pump in price a little, but I don t think we will see the crazy prices like we did before. It's more likely the chain tokens will grow. I've been considering selling some now to maximize my quantity.