Use Hive, because friends don't let friends pay gas fees.
This is the day I did some cleaning up of my Metamask account.
To cut the story short, I have a couple of hundred USD worth of tokens on the Ethereum network, including something on its Layer 2.
Since I wanted to tidy up my funds situation there, I had to unstake some old liquidity pools and send some tokens to BSC. It was frustrating to say the least. I lost track of the number of times I had to pay gas fees of about USD 10 each to complete the various transactions. I didn't bother to complete some of the transactions because the fees would cost more than the value of the tokens.
This is also when I appreciate Hive, with its feeless transaction system.
How did I get myself into this detour to the Ethereum ecosystem before coming to Hive?
I guess it was the days when Eth gas fees were cheaper and I was keen to try things. Being able to transact on Defi seems cool. Then.
My biggest regret in this episode was to transfer some substantial amount of tokens to the network and then see their value drop and yet be crippled by the increased gas fees. It was not easy to make any trade to salvage anything with that kind of expensive gas fees.
I stopped teaching my friends how to use metamask, not even to transact in the BSC chain. My Cubs staked on CubFiance also went to an inconsequential amount, by the way. Things are just more complicated.
Instead, I am now getting almost all of my Defi fix through Hive. Liquidity pool, staking, whatever.
Since my friends and I are all commoners, I also ask my friends to use Hive, because friends don't let friends pay gas fees that only the rich can afford. Hive is way simpler and we don't have to worry about gas fees.
I do have a question though... Would the RCs needed for transacting on Hive becomes so expensive someday that it precludes the commoners from using it, say if Hive ever hits some crazy price?
P/S: This is not financial advice, and please do your own due diligence before investing.
If you read this far... and if you are a like-minded Hiver who is on the path to learning more about Hive and crypto investing, and if you like to be tagged when I write such posts, I welcome you to leave a comment below and let me know. We can form an alliance to support each other's growth.
You might be interested in this post, @graciousvic, @deflacion, @jacoalberts, @young-kedar, @svanbo, @sumotori, @zakludick, @poplar-22 and @hankanon!
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I think it will take a while until the RC costs of Hive will cause any restrictions.
And when that will be, all current Hivers will enjoy nice gains in Hive price that by far outweigh any RC-related problems.
I have similar thoughts but would be sad if it becomes out of reach to new comers.
In fact, I often wonder what would have happen if Hive RCs becomes so sought after, when the price hits say thousands for some reasons. Business who wish to have a presence on Hive would have to pay those who had the means to delegate RCs.
... and then I was woken up from my sleep.. 😴
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Hive network is doing much better than others if someone wants to take it from there they don't charge any fee if they want to sell and balance then they don't charge anything. Like you are saying you have to transfer a few coins that are charging more than their worth. Hive is very strong and trusted platform. Incoming days hive become more popular over all the world.
I am glad you are the one with the crystal ball! 🔮 🤣
I love this concept of recharging RC as transaction "fees".
I ran out of those in the beginning when I was just a Splinterlands gamer and had no idea about the underlying structure of Hive and all that stuff.
A message would appear in Splinterlands that I should try again in a minute (in the meantime some delegation came my way) and that was it.
The more I learned about how Hive works, the more I fell in love with it.
Frontends like ecency enable newcomers on the chain, to read and curate at first and if they do a proper introduction OCD and similar projects will give them a nice welcoming boost.
If they move funds to Hive for trading purposes they also have the funds for a few HP to boost their RC.
I think this is a good concept and right now the best there is (as far as I know and every day I realize I don't know enough so please, if there is something better, point it out to me).
The hurdle at the moment is that hive doesn't have a prominent spot on google and its cohorts, I realize that every time I want to google something "on the chain" and end up using peakd's search engine.
And second hurdle is that the nature of Hive, which is at this point very familiar to us, is strange and unknown to newcomers. Many of its details in etiquette and technique differ from what people know from twitter, facebook and what else is out there...
Development on that part is making progress every day and one day it will have reached a point at which we will be overrun. (Hehehe, optimist in me wants a voice, too)
Have a nice sunday :-)
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Thanks for leaving an engaging reply.
You can try this to search for the Hive posts: https://hivesearcher.com/
You hit it on the nail ... Hive's culture is different. Which provides the fun for one to navigate through. It's like coming to a foreign land. Even some communities have rules that are unique enough to cause a well-meaning Hiver to run into trouble. For example, some really dislike occasional posters such that they label them accordingly. Geez!
!PIZZA with your wine!
Thanks, didn't know that one yet. Bookmarked for future use :-)
Oh yes, community rules are very different, have to be on a lookout for those.
But they are stated in that community so reading them beforehand is key.
Great example on how Hive differs from the other social networks. Lots of people just start doing/posting there. Would bring lots of trouble here.
Hive is currently the most convenient choice, also due to the absence of fees
We'll see what happens in the future but let's hope it stays convenient eh eh!
Let’s hope Hive remain robust!
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Great post, and I have some random thoughts...
Ethereum fees are way too high. I'm not doing much on the Eth blockchain due to the fees, but also due to the upcoming PulseChain which is a full state fork of Ethereum just like Hive was of Steem, so we'll get copies of all our Eth and ERC-20 tokens. Fees on the PulseChain token are super low, in the milli-cents range. HIVE has done better than STEEM and hive-engine tokens are alive while most steem-engine tokens are dead. There is a non-zero chance PLS, the PulseChain native token out=performs ETH, and possibly the same with the new PRC-20 versions of the ERC-20 tokens.
Regarding RC, our version of gas, you can do further research by checking out this thought-provoking post from @edicted
Regarding onboarding of friends, I have found over the years that if I set things up for a friend and help them manage the details while they just do the writing and commenting, things go better. In general, younger folks tend to be more adventurous and have an easier time slipping into this new crypto social media world.
Regarding Hive adoption, some people here like to talk about how Hive is about to explode and hit mass adoption, with the token hitting $10 or even $100. Maybe. But we're here 7 years now, and I'm happy just to see newcomers balancing out those who drift away. There's nothing wrong with Hive staying a niche social media site with a few other well used dApps like Splinterlands. The devil we know is a small but steady number of users, while the devil we don't know is a mass rush in through our doors and the system creaking or failing under that weight. I've built my account up under the steady paradigm and I'm certainly not the only one. I'm happy to be here to meet new people and think about new ideas. The tokens are a great bonus, to be sure. But obsessing over the money side of things can be stressful for many. Post, comment, vote, hodl, chill. :)
Thanks for sharing your thoughts!
This makes sense. Maybe someone can create a dedicated passcode access website just for submitting a post to a designated HIVE account, let them see how much it is earning... and then... Shhh... I am going to experiment this and shall write a post to document it!
I am also keen on getting some Koinos. I am seldom OG enough so I am looking forward to such opportunities.
I like your attitude of being quite nonchalant about the future of Hive (prices), and focus on enjoying the experience. Something I had picked up of late. I am just using this as a playground for respite from my day job. I like the space for creativity here. Priceless!
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I avoided ETH because of the gas fees and hive is great because HP can act as an access token and we don't lose any when we transact here. Make sure it is profitable before unstaking those tokens and I don't remember when the fees were low but there were a few months ago I think
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You're right mate, gas fees are a pain in the ass...!... I found myself cursing a few times as well when thinking, why the hell I need to pay all this money for "gas fees". I asked project creators several times as well WHY they choose the ETH network and not for example BSC (and later Polygon)?! The only answer I retain is that they did it because most of the major projects are on the ETH blockchain... !LOL - actually it isn't a "lol" :-(
In his sleevies.
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For sure, you're talking about liquidity pools.... You might (if you want of course) share your experience with (some of) these... You might remember that I've been trying quite some as well, but didn't benefit of them. I'd like to know if you did. Or if that is because I can only reap benefits when the rate of the fluctuating coin with the Alt is more or less equal to the point when I've been starting with the liquidity pools.... !BBH
@cryptothesis! Your Content Is Awesome so I just sent 1 $BBH (Bitcoin Backed Hive) to your account on behalf of @svanbo. (1/1)
Unfortunately it’s anyone’s guess what will happen to the value of the tokens. It is super speculative at this stage. I have no success yet.
I tend to avoid liquidity pool investment also because of possible impermanent loss. on Ethereum network it’s worse as gas fees are high. More to lose. On Hive its feeless instead.
That makes we want to ask about what you think about investing in HBD where you will get 20% on your HBD savings per year compounded monthly. 🤔🤓
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it can form part of one's profit-taking pile as new HBD are saved. but if one sees that Hive will moon, then maybe 20% is not so exciting. up to individual.
Some people say that HIVE mooning is not about if it will will happen, but when. 🤓 Regardless, if one sees that Hive won't moon for this year, then they might be interested in putting their funds to HBD Savings first for the year, then convert back once HIVE mooning is near. 😏 #NotFinancialAdvice 😅
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It looks like Liquidity pools have not been bringing luck to anyone till now... at least not to the people I've been asking for them