The Most Unreliable Hive Wallet Stats - Usage of Savings
In my previous post I shared a python script that was trying to store Hive usernames and the balances in their wallets. The goal of the project was to find out the usage of the Savings feature of the Hive wallet. On top of already being a secure wallet Hive offers additional security features like Savings and Hive Power Up. With Savings users can hold theirs Hive assets in liquid form but locked for 3 days. So in a rare case of account being compromised, the user has three days to recover before malicious actor can steal the funds. Hive Power not only gives more influence on the network but also keeps funds secure in similar fashion but for a way longer period of 3 months. This experiment wasn't about Hive Power, but rather the liquid funds and how Savings feature has been used.
Unfortunately, the methodology to put together all the data did not provide the most accurate numbers. In fact, I ended up losing 13 million Hive. Lol. Do not hire me as your accountant. If you have read the previous post, you would know that I wrote a script that runs about a week to store al the data. One week is a long time for an actively used economy like Hive. From the time it starts from a user 'a' and gets to user 'z' long time has passed, many transfers have been conducted, people powered down/up, inflation went up, DAO paid out, users cashed out, etc. End result missing 13+ million Hive. They are not necessarily missing. They have just exchanged hands in the period of a week, so they don't show up in the total assets calculation. However, the discrepancy for HBD wasn't that big at all. Also, I believe discrepancy didn't affect the usage of Savings much. That's why I decided to share the data anyway.
Total Hive Power: 136,791,824
Total Liquid Hive: 215,258,104
Total Liquid HBD: 4,553,202
Total Hive in Savings: 1,182,654
Total HBD in Savings: 171,387
Now, 83,370,205 Hive is in @steem.dao which is a community fund. If we remove that from the total Liquid Hive we will get a more accurate total liquid Hive amount.
Total Liquid Hive: 131,887,899
Based on this data the percentage use of the Savings feature is not significant.
0.86% of Liquid Hive is held in Savings.
3.8% of Liquid Hive is held in Savings.
While percentages for Savings usage doesn't seem significant, there is a decent amount of assents are held there and there are users who take advantage of the feature.
There are 1160 users who keep 10 or more Hive in Savings. There are 688 users who keep 10 or more HBD in Savings. The highest amount of Hive in Savings for one user is 124,500. The highest amount for HBD for one user in Savings is 100,000.
I wouldn't want to speculate the reasons why overall percentage of Savings usage is low. There can be many reasons. It could be because the security of the liquid wallet is good enough, or people are not aware of the Savings feature, or 3-day wait time might not be worth bothering to move funds to Savings. In any case, I believe it is a great feature that offers users more security and peace of mind.
Other fun facts:
There are about 209,387 accounts that have zero funds in all wallet compartments: hp, liquid hive, liquid hbd, savings hive, saving hbd. In addition to this, there are 268,098 more accounts with 0.2 HP or less and zero in rest of the wallet compartments.
Python is Boring and I lack Skillz!
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@tipu curate
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Maybe also due to staking HIVE you at least get your 3% staking reward + improved curation, I guess savings would be good for HBD but not really HIVE! I think savings needs some sort of smart contract, then perhaps it can be used to fund the internal markets liquidity pool especially once SMT style tokens are launched, then it could make savings worthwhile and an easy way to dump HIVE/HBD into the pool and earn a return while helping trades complete faster
HBD is good as it serves as a stable token. If you don't want to gamble on the price of Hive, it is good to keep HBD in Savings. I with there was more use case for it. It does provide some stability.
Personally I keep the little hive and HBD I have in savings this is simply because I want that extra 3 days safety that it offers and I basically trust there won't be an attempt on my wallet but it's not bad to feel extra safe. In all honesty I think there hasn't been phishing scams on hive that's why people hardly save their hive or HBD. Lol look at all the discrepancies haha as for the lack not skills lol tell me about it.
I also use Savings from time to time. I think it does provide extra security.
Exactly, and that can be crucial
One week to run a script, oh lordy!
I use the savings feature to keep some liquid ish but to stop me spending Hive on Hive Engine tokens or powering up.
Yea. I tend to make things harder than they should be lol. That is a great use case :).
Basically using savings as an antidote to my own ill-discipline!
If I applied this method to everyday spendings, I would be rich now. We all lack discipline when it comes to spending.
This is something all Hive Owners need to remember
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That is a lot of accounts that have zero funds. Wow. I wonder how many of those accounts are active? I know that there are a lot of "dead" accounts on the blockchain.
I don't know, there is something about an active account that has zero funds though, that I just dont trust. I'm sure there may be reasons for it in some cases, but it still unsettles me hahaha.
On another note, I don't think I've ever used the savings feature
Zero HP accounts can’t be active because they wouldn’t have any resources credits, unless they have delegations. But any active account would have earned some hp that is higher than zero. I think those are accounts people created using free account creation tokens.
Okay, I see. Makes sense
I like to use a second account as savings. Even more security if done properly and no wait times to use the funds.
That helps too, especially if you bigger amounts. I don't think many would like to manage multiple accounts though.
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It is too informative. That's pretty cool to know. Basically i am new on hive. Thats why i have little knowledge about it. I want to transfer my money to hive from binance but i am confused whether it will good or not.
what is the difficulty you having with binany?
No problem but i am thinking that it will be good or not if i transfer my money to hive