Hive: A Top 5 Token?
@theycallmedan posted a video yesterday detailing how he believes the goal is to make Hive a Top 5 token. This would put the market cap of the token in many billions of dollars.
In this video I discuss how it is possible and what it will take to get us there. Is it realistic? That depends upon what is being rolled out in terms of development.
▶️ 3Speak
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In summer 2016 Steem was #3 cryptocurrency
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yeah but there was like 5 cryptocurrencies at the time lol
CMC had 627 coins listed at that time, and there were thousands more unlisted.
https://coinmarketcap.com/historical/20160724/
Almost all were straight clones in the vein of Feathercoin, Litecoin or Dogecoin, but it really didn't cost much to create a new crypto so there were thousands pretty quickly.
Today almost all of those are way, way down the list on CMC if they haven't been entirely delisted.
I totally agree , hive is unique platform but this gem is still undervalue . We need more momentum , more project or dapps to make people come into the community .
I'm a big Hive believer and I want to see $50 HIVE like everybody here, but I feel I can't just nod to this.
No more projects talk, no more development focus. I call bullshit on this attitude, chasing one trend after another, lagging anyway because no marketing, no hype, no buzz, there is optics of greater importance IMO. We have GREAT use case here and we should focus on this. The time for decentralized social media will come and will come big.
Apparently, there is no way to improve it any further at this stage from the level of frontends. We have very strong technical background and development is top level, I appreciate it a lot. But there is right hemisphere development left behind.
Do you know what I hear from new users?
-it looks ugly
-I feel lost
-I'm still trying to figure out what is forbidden
-on which DEXes can you buy Hive?
-how does it come I didn't hear about it before?
We need to focus on collecting feedback and finding the way to incorporate it. I don't know about any comprehensive tutorial, community guidelines and tools easily accessible in one place for new people. Leopedia is not an obvious place. We are losing hundreds of opportunities daily because of this, people who give up because they don't want to make full time job figuring out Hive. This is painful to watch for me.
Another thing is marketing, posting on Twitter inside of our echo-chambers make us look like spammers, it might work for other crypto when it's connected with buzz made by influencers. It's not 2017 any more, we will not get free users because there are much more efficient ways of making money in this cycle. There is harsh competition for people's attention, and those who can't play this game are left behind.
I believe it's necessary for Hive to create any sort of decentralized governance body model for marketing, PR, UX, feedback, invitations, strategy, coordinating this efforts while being in contact with tech people. Decentralized doesn't have to mean chaotic. Tech is just a good start point, but this tech needs to be brought out to the people in certain way. We cannot expect people just to see what we are seeing and change their habits and behaviour. Anyway, just an opinion.
Cheers!
Actually, there is buzz. d.buzz.
As a veteran (I use the Steem blockchain since 217.05.17), I say that they are right.
It looks ugly in multiple senses.
Most people feel lost because of the lack of interaction on the Hive blockchain. One look around, and see a lot of posts without any real, human comments.
I also feel lost. And disappointed.
And those are the most of the users.
Rich people's posts gets to the Trending section, and almost everyone focus their attention to them. They are trying to get the rich people's attention. The rest of the users are basically ignored.
I absolutely do believe it's possible. It takes development to create the use cases. Tapping into DeFi was the right move on part of LeoFinance. But I think the old core use case of Hive will be at the forefront soon enough. The people with clout keep dropping hints about it. At some point, censorship resistance will be a bigger thing. What it takes is for governments and big tech starting to go further in their manipulations than they already have.
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The problem is the fact that most of the current users are not looking for censorship resistance, but for money. Steemit made a big mistake in their marketing. They advertised Steemit with the money earning opportunity, and most of the people registered on Steemit (and started using the Steem blockchain) for that reason.
I am not going to lie. I also registered for that reason on 2017.05.17.
The Hive blockchain need a different marketing.
And people with long term perspective.
I agree. I don't think it should be advertised too much that it is much easier to monetize your content creation here than on any other platform. Hive's market cap per daily active user is huge compared to any Web 2.0 platform. But focusing on the easy money only attracts milkers who are not useful to the long-term health of the platform. I've seen the $30,000 makeup tutorial. It was quite unbelievable and utterly unsustainable.
The people needed here now are the entrepreneurial type who are interested in growing this network to reap sustainable benefits in the future. I don't think we're necessarily ready for even the masses of casual users. It takes the right kind of app to attract them.
We still dont have a DApp that competes with Web 2.0.
That is something that is crucial.
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Unfortunately this concept of top 5 is competitive in nature, and open-source economies are largely cooperative. Hive needs $47B market cap to get to top five. Can it get there? Sure it can.
Easy x209
However, after Hive goes x209, it's still not going to be top 5 because everything else will get a bump as well. Is anyone going to care? Highly doubt it: Because again, it's not competitive. You and I will be sitting on 8 figures happy as clams on top of our in insane incomes.
Arguably it's in our favor to be lower on the rankings because that just gives us more runway to climb and build connections with other equally valuable networks.
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I agree with this. Flying under the radar does have its advantages. Few like to believe this but it is a positive especially with some of what is taking place with the SEC and other entities.
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I did not even consider that.
By the time Hive gets attention from the regulators we need to be as resilient as Bitcoin is today.
For this to even remotely be possible a lot of things have to fall in place: defi, stable coins, ease of use, decentalized exchnages (plural) on hive, etc.
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There is no doubt about that. We are not going to get there simply based upon what we have now. There are a lot of "holes" in the system.
The biggest being decentralized smart contracts.
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not happening any time soon. I don’t think we would even go top 100.
It can be done, but it would require a lot of time, hard work, patience and not insignificant amounts of luck.
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Here are some relatively old (23 old post) stats about BSC compared to ETH:
https://leofinance.io/@dalz/eth-vs-bsc-or-data-on-wallets-transactions-fees-and-contracts
A more recent stats post about PancakeSwap, which may give some idea about recent BSC evolution:
https://leofinance.io/@dalz/pancake-data-on-tvl-trading-volume-users-and-supply
About Hive, Top 5 is very crowded. For starters, I want to see Hive in Top 100. That won't happen unless we'll have defi+smart contracts, because currently that's where money is. And simply Top 100 will become filled with defi coins, unless Hive will include defi in its ecosystem, then Hive price and the market cap might have a completely different dynamic.
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My concession to this would be i believe there is going to be a time when a crypto social media site is ranked in the top 5. At this stage it's nothing in hive i see that will make that possible. However that doesn't mean in the future changes or certain applications can't make that possible. It just means it doesn't exist at this time. To have nearly $50 billion entrusted on hive's structure i dont think is possible. However, there may be some application that could in the future make that possible.
So that's pretty much similar in line with what you're saying. Although as far as tech development goes. I'm in the camp of we're oversaturated with technology. Now it all comes down to who's community has the best user experience. So that's void of technology in my opinion and is going to be more about how valued does your community feel. In this technology race of constant development and ideas i just don't think its like a magic app out there. I think its a collection of things and experiences and the projects that do the best balancing act in that. I think they'll be the ones who get to that position faster
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The video discusses the potential for Hive to become a top five blockchain in the cryptocurrency space. The speaker references Binance Sidechain's success and the growth in the world of Ethereum, highlighting the need for Hive to leverage its technological advantages. The speaker believes that replicating what Binance Sidechain is doing, but on an open chain, could be a significant opportunity for Hive. There is also mention of the development of a smart contract sidechain, Hive Smart Chain, along with other projects like 3Speak, which are working on decentralized smart contracts.
The speaker expresses optimism about Hive's potential, mentioning the possibilities of delegated proof of stake, tokenizing communities, and the development of decentralized video storage. The discussion delves into the idea of reaching exponential growth with Hive, potentially seeing a significant increase in its value. The speaker emphasizes the importance of ongoing development and technological advancements in moving towards the goal of becoming a top five blockchain. The video concludes by inviting viewers to share their thoughts on whether Hive can achieve this ambitious goal.
In summary, the video explores the potential for Hive to rise in the ranks of cryptocurrencies and become a top five token through technological advancements, project developments, and community engagement. The speaker shares a vision of exponential growth for Hive, backed by ongoing efforts in the blockchain's development and potential future innovations.