What Does It Mean To Be A Billion Dollar Network?
Hive is a billion dollar network. Finally! Last few days Hive price kept going up, and brought us a pleasant surprise for Thanksgiving going as high as $3.35, its market cap increasing above billion dollars, and briefly becoming one of the top 100 coins. The Hive price has dropped a little bit and currently trading at $2.8.
Hive not like any other network. It is a decentralized network. It is people's network. That's why it makes this achievement is a special accomplishment towards bringing web3 technologies to many more people. Price action serves as a powerful marketing and bring more attention. And the question we all end up asking is why? What is the reason of Hive prices going up? I have no idea. I have no clue. In fact, I am not even interested to know.
The reason for this doesn't matter much for me and many on Hive. Because we already knew Hive is a billion dollar network and more. It was just a matter of time and inevitable to happen. At this point it doesn't even matter if it drops back down to 80 cents range. It has already proven to be worth at least billion dollars. Due its decentralized nature, solid fundamentals, and dedicated community reclaiming this market cap would be easier than getting rather for the first time.
Hive becoming a billion dollar network means a win for decentralization. It is a win for open source technologies, property rights for all, transition to web3, transparency, and much more. There are many crypto projects out there. But not all are decentralized enough as Bitcoin and Hive networks. It is a win for content creators who choose web3, ownership of accounts, ownership of content, and work on building financial freedom.
Higher Hive prices mean bigger rewards for content creators and curators. Higher Hive prices mean more funding of projects by decentralized hive fund. Currently DHF has 68 million Hive and 8 million HBD. Proposals are paid out in HBD, higher Hive price means less Hive will be converted to HBD to these pay outs. This will drive innovation and development of interesting projects in a decentralized fashion. DHF has $200 million. Impressive!
Hive blockchain has an inflation of about 7% and it keeps decreasing every year. All the rewards for authors, curators, witnesses, and payments for proposals are funded by this inflation. All investors of Hive take a risk of diluting share of coins because of inflation. This makes special kind of people to be investors on Hive. Those who believe in decentralization, those who believe in web3, those who believe we can change things for better. Even if these investors' shares get diluted with inflation, they get rewarded when prices go up. Congrats to all investors who believe in Hive! You all deserve huge gains on your investments.
This is a win for builders and developers. This shows how your works are valuable, people recognize your efforts and use your tools, apps, and products. Your continuous efforts make this network better and stronger.
This is a win for all witnesses, top 20 and backups. You dedication to this blockchain, engagement with community, keeping the chain running and secure are highly appreciated. You deserve to be rewarded more. Especially the backup witnesses, those who kept running witnesses even when the witness rewards didn't cover their expenses. Higher rewards for witnesses also will help with growth of the chain and scaling. This will help witnesses to invest in better infrastructure and the network grows.
Congratulations to all Hive People!
Next stop - 10 billion.
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I guess mostly, a lot of people are interested in knowing the reason for the pump because it wasn't normal for hive to go through such astronomical pump and everyone felt at least $1 hive would have been a sucess and surprisingly, we had more. I don't care where we would correct or consolidate at, hive has proven that we're not incapable of growth and we can repeat this fear and even go past it as well. The pump has been touted to be caused by the Koreans, but definitely I just happy that we are here.
All I want for Christmas is the price to reach $5 before the year runs out which is quite possible.
Hi Jen, the inflation decreases automatically every year. Can you explain what happens to the rewards pool once there is no more inflation? I don't get it. Cheers - Folker
Hi Folker,
My understanding is there will always be inflation and rewards. Once it hits 1% in 2033 it will stay at 1% for the following years. Assuming that by that time Hive price and total supply will be much higher, rewards will continue to be similar to today or better.
The table below shows the rate of inflation decrease, supply change and new supply added. I hope this can help.
Thank you, that explains it. I was under the impression it would eventually go to zero.
These parameters can be changed by a hard fork with agreement of the voters. We are in charge and not committed to decisions made by the original builders.
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Thanks for clearing that up. The changeability by vote is the only thing about Hive that bothers me a little, as it involves a level of trust. The political situation in Germany of recent months shows me how suicidally stupid voters can be...
I'm lucky though, I live on a fixed income of my own creation, which doesn't give me disposable play money for things like Hive :-( but lets me live reasonably comfortably w/o ever working again, and without depending on the possibly soon failing German state pension scheme.
Oh well, can't have everything...
There are undoubtedly big whales but the many votes of smaller holders are still necessary for consensus changes. The governance works as long as we keep the interests of everyone on Hive broadly aligned. We're in such better shape than we were when the Steemit stake was holding us hostage.
I understand that. The mass vote of the smaller stake holders can be more dangerous than the one of the whales, many of whom are involved in the technical aspects and understand it fully.
I know, 'cause I was one of those stupid ones! Back on the Steem, when the use of paid bot votes started to get frowned upon by the "powers that be" and whales started downvoting my paid posts, I was up in arms like you wouldn't believe! Out of sheer spite I almost left, powered down what I had made so far, and blew it on a vacation - to my own detriment, of course. A few folks with knowledge and patience talked me back down, and I'm still here...
Turns out, the whales were right, the trending page improved significantly and since then I came to my senses and have begun to build a slowly but steadily growing LOYAL and ORGANIC upvoter base. I'm a dolphin now, all from posting, with zero buy-in. Proof that the idea of Hive can work for everyone. There is a lot to be said for governance by experts who have put significant sums of their own money where their mouth is!
Anyway, yes, we're in much better shape, and luckily I'm not that stupid to ever argue with success. I'm a believer; no need to preach to the choir. Did I mention being here is more fun than a bucket full of monkeys? :-)
Exactly. I'm also almost all sweat equity. Most of my attempts at trading lose me money. Posting gains. I really need to do more especially updates on @v4vapp progress.
Yeah, I remember you putting in a lot of sweat, from misc. Islam controversies a few years back. Around here you get paid for that kind of thing. A niche for every project, every cause that one cares to publish. Hive is just great, just wait a few years. "Zuckerberg? Who is Zuckerberg?" LOL
that does not include HBD, Can end in extremes IMO. Massive HBD creation and Hive deflation or extra inflation for Hive :) Depending on how the market will move and user rates on hive.
Interesting time.
I am very happy to belong to Hiveblockchain I always trust it, its investment program, payments and distribution of the currency seems incredible to me, not only that but it has an incredible team of developers, who deserve to celebrate all this increase in the currency, I hope that the Hive cryptocurrency can continue to demonstrate its potential.
I agree 100%.
https://twitter.com/geekjen/status/1464102943368482821
https://twitter.com/jonamccallum/status/1464258432958148609
https://twitter.com/Hivebull/status/1464265883170320384
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Until this week, the pumps (and dumps) in HIVE have been due to activity at the South Korean exchanges. Why this would be the case, I don't know; I only know that they have done this several times just in the last 6 months.
I'm not complaining; if it results in higher lows after the dumps, that's a good thing for when the future pumps take place.
We'll know that HIVE has crossed into new territory when our favorite South Korean traders become a minor factor in the price increase rather than the major factor they are today.
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Thank God for South Korean traders :) They know what to trade.
Cheers to that.
I like that, 10 billion next. We aim higher.
I have a feeling that, we will cross 5$ in next few days...
Very optimistic! I hope you are right. I like to keep expectations low, just not to get disappointed. :)
I would probably wait a week or two to see how things play out. After all, not everyone had liquid HIVE available and it gives people time to get it. However I do agree with the positives if HIVE can stabilize around $3.
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It’s all blowing my mind. 4 years of building, holding, watching, learning for me. This is a massive win and I’m ready for the future!
One things I know is that, the collective work that brought hive should continue, the recent price and development should be our starting point.
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I am upgrading my witness hardware given the Hive price spike.
My backup witness deserves a nice new 1Tb NvME SSD for Black Friday to hold this precious blockchain (not my 5 cobbled together small old SSDs which fail occasionally)
Are you going to stick with Windows? I'm sure everything would be better on solid Ubuntu boxes.
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I have one pure Ubuntu witness box (that's what's getting the SSD upgrade) and one Windows (WSL2 Ubuntu) witness box that serves some other purposes too.
GM!
That’s it… I need to bring my HIVE node back. Sick of relying on distance to be in sync with my @atexoras.witness Hive-Engine node. I think its legitimate to work on this weekend given the HIVE milestone.
Plus, I am not sure if there is any witnesses on New Zealand…
You are using the small foot print DB @blocktrades posted about many months ago or the old thing?
BTW: if you need to download the whole blockchain then axel is way faster (4x) than wget.
I downloaded the whole 470Gb in 5.5 hours on a home fiber connection.
Nice discovery... didn't know about it. Will add it to work place too.
This weekend... reading the MIRA stuff first.
That is great! So you run a local server for the witness, instead of remote one?
Yes. Both my witness servers are PCs I, own and built myself (repurposed PoW mining rigs).
I have them at home on a fast fibre connection with a UPS.
The people's network...So well put!!
And so awesome to see it finally get it's shine. Honored to be a part of this place :)
It's is I guess the start to climb to much more level.
It doesn't matter if the price of HIVE falls below $1 from now on. HIVE has proved itself that it will be a bigger platform in the future. These are just the footstep of HIVE.
We will see more beautiful days, HIVE is a long-term project.
Thank you very much for this, like I would always kudos to the developers and for the witnesses thank you all for building a strong community around hive.
Hive is always the people's network and choice, Hive is our network and we love hive.
Hive is an amazing crypto with definitely clear future , thanks to hiveblog for giving me the opportunity to own some hive
Interestingly, it was to be expected from a TA perspective. We are probably heading towards a low of 1.6-1.2$ in the next weeks before going higher still
https://peakd.com/hive-167922/@tobetada/crypto-analysis-or-hive-on-track-to-3dollar
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I couldn't agree more this is such an amazing community in the short time I have been here, I haven't seen anything like it when. I saw it go to 3$ I was in the hive pizza discord and we were listening to good tunes and appreciating what was happening, still feeling lucky to have found out about this awesome place and can't wait to see what's in store next.
This is a really great post & I am sure it will be helpful for people interested in Hive. I also tweeted this quote out with the link to the post:
"It (Hive's growth) is a win for content creators who choose web3, ownership of accounts, ownership of content, and work on building financial freedom."
https://twitter.com/jonamccallum/status/1464258432958148609?s=20
Let's go! I've always been a fan of Hive Blockchain co, and recently HIVE itself and a game within the ecosystem, Splinterlands. Love the fee and transactional model!
I need more HIVE 😄
We have chosen to support your post because you are one of the good promoters of Hive on Twitter based on our Hive Twitter Daily Report.
We appreciate your time and enthusiasm for promoting Hive! @geekgirl
Exactly- the market cap is simply an arbitrary number that doesn't really provide any new value to the ecosystem. At the very best, it will encourage more people to join the network due to the increased visibility that comes with a greater market cap.
Hive already gave you a Thanksgiving gift already 😆😆😆
After learning about the Hive blockchain and all it can do I am not at all surprised that it hit the $1 billion mark. Great post! Hive to the moon!
Good point. Thank You.
Very true and to summarize, it's one big win. I think that content creators that have been utilizing Hive over the years share opinion...
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With all due respect (actually), I don't understand how most of your recent posts yield so much value in terms of the rewards they're consistently given. Are you a Hive developer? Not a complaint. I've lacked the formula for substantial success on Steem/Hive for over 4 years no matter what I try and feel like it's swimming upstream when the majority of the faithful here are invisible to most larger stakeholders.
That is a good questions that I don't have an answer for. If you figure it out let me know too. But probably it has to do with Hive prices going up. As you pointed out it is a recent phenomenon and a pleasant surprise.
I do like coding but I am not a Hive developer. I don't think there is any magic formula. The only formula I have used since the very beginning is in my profile:
Thanks for your reply. I'm glad you understood. Since you've got a nice mission there, and my main goal is to branch out here to make meaningful connections, would you mind seeing what I'm about? They're hard to come by these days. My post tonight is a decent summary and has a lot of texture you might enjoy and perhaps appreciate to keep in touch. If not, no problem. Here's the post.
I followed you years ago and somewhat know what you do. It is always great to network on Hive. I think first time I heard about you was from carlgnash. Don't remember when and how. Just remember something had to do with lots of legos. :)
Hah, yep. Great memory. I sold him a few boxes of curb-recycled LEGOs for Steem and/or Hive. Haven't heard from him since, so hopefully he didn't trip on any bricks and hit his head. Thanks for checking out my post.
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