Hive Reputation: Is It Worth More Than $5K?
This article is going to share a story about something that took place this week which points to something much bigger with Hive.
We will start with a simple question:
- What is your Hive reputation worth?
By this, we are not referring to the number next to your username. Instead, we mean the reputation that you carry. For those who understand urban terminology, on the streets people have "reps". This is the reputation some have, mostly for violence, that others understand and respect.
So what is your Hive reputation worth? Is it something that you value? Do you work to ensure it is as strong as possible?
Here we will start to break it apart.
Selling My Rep For $5K
Earlier in the week I posted this idea on threads:
Would you send me $5K under the following conditions:
- you don't know my real name
- you do not know where I live
- you do not have my phone and have never talked or text me
Under those conditions would you send me $5K in hopes that I would reciprocate?
At first glance many would say "no". But is that the case on Hive?
To make this story short, that is exactly what happened. There was an agreement to do a swap, one that involved another blockchain. This individual sent me $5K worth of USDT without any assurances other than my reputation that I would send the money in return.
Why would someone do that?
The simple answer is that it is easy to see I value my reputation a lot more than $5,000. Over the years, I wrote about the potentiality of this place. We do not know what the future holds. However, if many of us are correct, having a strong rep on Hive will be a value asset to have.
In other words, there might be people who have reputations worth millions of dollars (rep not money in their wallet; they are different). This could give them access to things other do not simply because of the view people have of them.
Hive Is Different Then Other Ecosystems
Let us compare this to Bitcoin or Ethereum.
If I was a maxi for either of these coins, what would I do? I would likely be on social media like Twitter espousing how Bitcoin was the best thing ever. As I kept at it, showing myself dedicated to BTC, others would follow. In the end, I would interact, daily with other maxis over years.
After a period of time, I would have close Bitcoin "friends". We would support each other on Twitter, taking on all shitcoiners. The bond would be strong.
Naturally, I might only know these people as BitcoinGod or BadAssBitcoiner. That would be sufficient in the digital world.
Let us them touch upon the need for some money. Perhaps I got into a bind and I wanted to swap some BTC for cash. Could I go to by Bitcoin "friends" and get it from them? Perhaps. But who would send the money first? If I sent the BTC to them, what happens if they did not complete the transaction?
I could take to Twitter and complain. What would happen then? Most would say that I deserve it for sending money to a stranger on the Internet. They would be right.
The reality is no matter how much I "knew" them, there is nothing at risk. Their Twitter rep as a Bitcoin evangelist means little in the end. While it might be important, it has little to do with the success tied to their Bitcoin holdings.
We can see how Hive is completely different. Our Hive reputation is tied to a lot more than just an investment in the coins.
Do You Focus Upon Your Reputation?
Again, we are not talking about the number next to one's name.
We often talk about being a brand on Hive. Recently, we saw some mainstream companies who might have done permanent damage to their reputations. Time will tell on that one. However, it is crucial to remember that reputation takes years to build and can be destroyed with a single actions.
That said, how much effort do you put towards your reputation? Are you constantly looking for ways to improve it? Of course, it all centers on the actions one takes. That is what people have to judge us by.
This is a topic few discuss on Hive. The question is would someone send you money without having any of the information I listed above? If not, what are you going to do to get to that point.
All of this boils down to trust. Do people trust you, even total strangers?
We are likely looking at a time, if we aren't there already, where one's online reputation is going to be as valuable as in the real world. This is more focused upon our digital personas which, with the emergence of Web 3.0, have value.
This article is just one example how that is the case.
If more people approached Hive with the mindset of improving their reputation, we might see a difference course of action. After all, we are all developing a reputation through our actions. The spammers are quickly identified and given a reputation that is very difficult to break. We see the same of those who seek simply to extract from Hive.
All of this takes place without us paying attention. Therefore, what is your Hive reputation worth to you and are you working at increasing it as much as possible.
If you found this article informative, please give an upvote and rehive.
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Here we are to get great reputation
Have a great dsy.
https://leofinance.io/threads/view/alokkumar121/re-leothreads-aqzg4gna
https://leofinance.io/threads/view/magnacarta/re-leothreads-2u2hjndra
The rewards earned on this comment will go directly to the people ( alokkumar121, magnacarta ) sharing the post on LeoThreads,LikeTu,dBuzz.
interesting experiment, if it is true that reputation has a lot of influence on who we do or don't do business with, I think it is especially important in hive.
This is a really good point.
Trust is essential in all business and personal dealings.
Decentralised trust from blockchain tech can allow us to trust strangers in some situations but trust built on reputation in a community is still crucial in other transactions.
Hive provides both.
.
There is an attempt to get a digital passport via an obscure mix of verifications and it is very commonly used actually.
https://passport.gitcoin.co/
But I'd like it at all, it is dependent on more than one KYC account to get full points.
It really does. @brianoflondon talks about this a lot. How much is his reputation worth to him and what would it take for him to blow it up? He wouldnt do it for $100K.
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Given the lag between powering down HIVE (or LEO) and the cash we get in exchange, alternate means of getting cash quickly will require reputation-based financing. This can't happen if we don't trust others.
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Wow! What an article that details the essence of a man on the face of the earth. In whatever we do and anywhere we found ourselves, our reputation pave way for what we can receive. In this era of technology, people have find ways to hide behind screens and rob others which leaves the majority in fear of whom to deal with in the internet space.
However, we can make a difference by building trust within the community we find ourselves. The trust you built increases your reputation, and your reputation can be an asset that could give you much benefits than money can give.
Although, a lot of people still feel insecure in this space, I have seen some good individuals with good reputation, and who are willing to give helping hands to anyone that asked. I hope to be able to emulate such people and build my reputation on this platform.
What are people doing on Hive and does it enhance their reputation?
It is all about building trust. Few cosider this when approaching something like Hive.
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that's the nice thing about communities, on a smaller scale, I send $ before to people in my guild I never spoke in real life, I don't even know their real names.
I also manage a guild account with valuable NFT's in them.
Cool people thrust you with that amount, I agree, in a community rep is more important than $
There you have it. Many of us are finding ourselves in this situation.
The amount is only a matter of degree. The premise is the same.
Sending money to people you never met nor could find if you had to.
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Very important point. Reputation in its true form (as you said, not the little number next to our names) is probably our single most important asset on Hive. It also where we should be investing our time and effort because it takes a lot of work to build
Yo, Task I know your name. I will not write it here in the comments doh.
I asked the Web connected Version of GPT4 to make a definite statement about your name
Shocking
actually,
There is still a .01% chance I am.
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That means we're a bit closer to knowing nothing.
My Hive reputation is worth more than $10K recently myself and @oadissin have been exchanging HBD for fiat, I send HBD to him and he gives me fiat, but on some occasions due to the need for an emergency he has to give me fiat currency while he waits for my HBD to be available after the 3 days withdrawal period, that wouldn't be possible if we both don't have our reputations on Hive to protect.
There's a lot more to reputation on Hive than the money we are mostly focused on.
Reputation and trust is not measurable in money. It is much more than money. If anyone measures these things in money, then these things immediately become worthless. You cannot buy or sell reputation and trust. If you can, then it is not real reputation, and not real trust. So they are worthless in that case. You can earn it. And you can destroy it. And the biggest value in the world is love. The unconditional love. You cannot buy or sell that either. You can give and/or receive that.
But if we talk about money and business, then it would be very good to have not only trustworthy business partners (as individuals), but businesses/companies/stores too. Imagine businesses/companies/stores accepting Hive and/or Hive Dollar (HBD) as a payment method for things and/for services. Or individuals just simply helping others. @felixxx can write about this. He helped (gifted/donated money to) many people (including me too) over the years.
This is another level of trust not only in each other as people, but in the Hive blockchain too. Anyone can directly help a single person or a family on the Hive blockchain. Either by upvoting their content, or transferring cryptocurrency to their Hive account.
Have a nice day and have a nice weekend.
All the best. Greetings and much love from Tenerife, Canary Islands, Spain.
All valid points. It is something that is bigger than money yet can translate into monetary affairs.
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Sweet to hear your side of reputation, Hive is taking the shape of all kinds as it impacts us positively. Reputation takes years and lots of work to build, but can be lost in no time so it is vital we always bear that in mind as we go on about our daily business on Hive,
Nice hearing from you, it's been a while. Greetings buddy, have a good one.
That is how it works. Only need to do it once before the pattern is established.
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I share your position. Hive creates everywhere in the world friendship and partnership between authors.
That's a great point, reputation is extremely important in any business dealing. Community trust from your Hive reputation is interesting, but being a bit of a doubting Thomas I think I would want more....
Yep. In business we often have to rely upon the word (rating) of others.
With Hive, we can establish that trust among the community.
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If you believe in your own brand, as well as that of Hive as a whole, then the genuine nature of your engagement will shine through.
Of course, psychopaths/sociopaths would also know how to do this, albeit with ulterior motives. 😉 It would be interesting to see whether their behaviors and thought patterns could be detected through online interactions. Blockchain technology could end up being a very dangerous and very helpful tool if used this way...!
Before I open up further Pandora's boxes, thanks as always for the useful insights you bring.
Over time, it is hard to fake especially with transparency of the blockchain. That is where human behavior becomes obvious. That doesnt mean it is perfect and that people should not be careful. Naturally they should be.
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I just received 4K HBD this week to trade them to that person. I also receive Hive accounts as collateral for loans. That's trust that has earned my reputation.
You make an extremely good point. Many in the crypto space think of trust as the problem, and certainly in the case of money where you need someone to hold your money on your behalf and to not abuse it (such as in the case of a bank). But they go well beyond that and treat trust as something that needs to be eliminated in every transaction of every type, which is essentially taking an argument with a limited scope to an extreme where it no longer makes sense.
Trust is ultimately a key component to almost all aspects of commerce. We should not be trying to remove trust from every area of commerce, but to only remove it where it is not appropriate, and in all other cases to improve our ability to trust each other safely (as Hive does, as your post demonstrates).
Yep. The existing system tells us who to trust often to our disadvantage. Banks are a prime example. Well Fargo just settled a case for a billion. How much did they bilk from people?
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Reputation? Trust? ...on someone you don't already know very closely from inside-out, from top to bottom and left & right?
Haha, I wonder how many different "reputations" had Mahatma Gandhi, Mother Theresa of Calcutta, Walt Disney, Karl Marx, Albert Einstein, Adolf Hitler, Winston Churchil, Osama Bin Laden and even Charles Manson? Or how many different and picturesque reputations currently have Pope Francis, Joe Biden, Donald Trump, Mike Pompeo, Vladimir Putin, Elon Musk, Neil deGrasse Tyson or Kim Kardashian for that matter.
Yeah! just pick your favorite reputable character who actually is a complete strange to you and throw them into this funny list. Because I trust you must have some!
my low
Hive provides a good ground to builds one's brand or reputation that over time it becomes hard or not worth it to sell it for a monetary value. The potential upside of having a trusted brand is much bigger than any monetary short term reward in this digital era that's just beginning.
Pretty cool post, it makes people think a bit. I think I have some trust here and have had some cool dealings with folks.
There is incentive for people to maintain the trust on here. Dont want to kill it and then have to turn around and find this place explodes.
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I don't focus my reputation on HIVE much I focus my HP so that I can influence the blockchain much more!
Wait … your real name isn’t taskmaster4450?
It is actually Task E Masters.
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Trust and reputation are both very important factors, and not just in an environment like Hive. I seel things online I and I have customers "known to me" who even live in other countries and there are some I will send items to "on suspicion" before they have paid me... been doing it for 25-odd years and so far never been burned. But there has to be a sort of "mutuality" there.
I'll add that clear communication is super important, so people understand what to expect rather than leaving anything open to "guessing from hints."
=^..^=
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I have previously borrowed a few thousand based soley on my reputation. Like you said, my rep is worth more than a few thousand and I'm honorable so I paid it back.
Reputation can take years to build and seconds to destroy.
Cg
"Reputation can take years to build and seconds to destroy."
More like undergo different degrees of politic conversion. Whatever is presently in vogue. Right now, it's the "Trump model", bombastic, loud, a shameless taker.
Marjorie Greene, Boebert and George Santos use this. Santos might (smirkingly) argue that he has been "upfront and honest" regarding his deceit to "rise from nothing" to a position of direct power over common citizens.
I look at my Hive reputation as I would value any business. What is the potential future revenue I can make from Hive times some multiple to give a valuation.
this is not to say that I am on Hive purely to earn money, but the fact that I can earn money from the things I do here means that I am able to devote my time to this platform.
I may even value my account on hive higher than anyone else would, but a conservative valuation for others to look at might be five times an annual earning potential of an account.
I would also argue that powered up Hive and savings as HBD add to this valuation completely over the top, and I perhaps that should also carry a multiple as well because once you have powered up Hive you’ve already made a statement that you believe in the future of the collective platform. That in itself is another investment.
Reputation allows us to run services here which don’t have to be completely trustless (which is always an incredibly high technical bar) but where trust is a small fraction of the reputation value of the party you are trusting. Combined with making the arrangements indelible on the Hive Blockchain.
I have to disagree with that. An older, well established account tends to start growing exponentially. If you factor in other opportunities it's downright priceless :)
Could probably say multiply by the number of years on chain with good standing as well. That would be a very large extra.
It really would, because each year tends to add a lot, both in social capital and account potential.
!PIZZA
Honestly I don't focus on that at all. But I do try to help others when I see a need from someone who seems to be genuinely trying. I can say right now that if you are doing the right thing expecting your rep to go up (or any other reward) you'll usually be disappointed. It's far better to do it with no expectations whatsoever :) ...
It's the same in real life :) If the person able to fill your request knows you are not only honest, but also worthy, you are far more likely to get your big break :)
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Interesting question and answer!
Hive unlike any other social platform stands out there is no doubt about it.
$PIZZA slices delivered:
@wrestlingdesires(1/15) tipped @brianoflondon
"Do You Focus Upon Your Reputation?
...it is crucial to remember that reputation takes years to build and can be destroyed with a single actions...how much effort do you put towards your reputation? Are you constantly looking for ways to improve it? Of course, it all centers on the actions one takes. That is what people have to judge us by...would someone send you money without having any...information? If not, what are you going to do to get to that point. All of this boils down to trust. Do people trust you, even total strangers?..
It may not be needed. Not when there are talented 'spin-factories" and 'spin-doctors" for hire to induce, to convince the public to believe in something or someone despite clear evidence to the contrary.
The value of reputation on the Hive blockchain is very precious as it leads to trust and opportunities for reciprocity, which actively helps in building and maintaining one's Hive assets and influence through that. Like a known saying - good people gather around.