HIVE Keeps Falling While LEO Forges Ahead
One user after another has announced having powered up. One only has to be aware of the pace at which things are moving forward to recognize that sort of enthusiasm as fully warranted. The hack is now a thing of the past. It was dealt with swiftly, fully transparently and as a damage control measure, the liquidity providers who lost funds in the attack were made whole! It is hardly surprising that many users are enthusiastic about the project.
My subjective belief is that HIVE may keep falling further until it's closer to 10 cents. I'm pretty sure some of HIVE's loss of market cap may have taken place because of users selling HIVE for LEO on Hive-Engine and LeoDex.
LeoInfra's Metamask signups are in full swing and the first batch new users have been onboarded. Judging by some of their questions, these are people from outside the Hive ecosystem.
I have to say that leadership is important when it comes to projects like LeoFinance. But perhaps a year from now it will be clearer that second-layer projects will be at the forefront of onboarding. Resource Credits being as cheap as they are, it will probably still take a lot longer for organic appreciation of Hive Power through growing demand for Resource Credits. What a wonderful problem would it be for the cost of transacting to rise on Hive due to new users rushing in through every opening like the vampire beings occupying Manhattan into the protagonist's house in the movie Legend starred by Will Smith.
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Something occurred to me that I found interesting, I once wrote about pseudo decentralization being a thing, which is somewhat how Leofinance operates, decentralization in the core with a little bit of centralized leadership. Even though the project is still pretty much centralized at the core, steps are being taken to address the feat, it is achieveable albeit in the long run. The centralized leadership helps to make progressive developments which is obviously evident in the way the economy of the project is faring compared to Hive, which is "fully" decentralized or trying to be
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It often works best if there is a centralized developer team in the beginning and if the whole thing decentralizes as it grows.
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Damn.
What stands out to me on your image there is how far ETH dropped. It was around $420 last week. A big pullback.
As for the sentiment of your post, I agree, this is something that is going to take a while to work out. Hive is dependent upon user growth and that is still slow. However, if we can start getting a few thousand more active, it will reverse the trend.
In the meantime, Leofinance will continue to lead the way.
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I wouldn't rule out an explosive HIVE rally in Q4 2021 when the whole market is most likely to go crazy. But if organic growth were to be relied upon, it would take hundreds of thousands of users to cause an uptick in the price of HIVE.
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Yeah...tens of thousands regular users at a minimum.
Of course, a few DApps that get hot, and that can be added.
The world of the Internet is enormous.
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We already have tens of thousands of regular users. To get the price to move above $1 would probably take 100x the number of users we have now based purely on the utility value of HIVE.
I would say right now we are under ten thousand people who are active on hive...probably way under that number.
But even if we need 100K people, that still isnt a ton in the digital world.
So far, we havent had many apps reach outside of Hive.
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I think we have about 10,000 daily active users. I believe if 100K new users were onboarded in the course of a year and all purchased an average of 10 HP each to be able to transact on Hive, it would not move the price too much. The daily trading volume of HIVE is worth $2.6 million per day. A million coins bought in a year would only be worth about $135,000 at the current price.
https://www.coingecko.com/en/coins/hive
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I can see that!!!
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I've been out of the loop for quite a while with other projects and have let my HIVE account lay dormant... just signed into Leo, it seems to be 100% crypto content, is that right?
The LeoFinance community is focused on crypto and finance/economics content in general.