And Hive Marches On

in #hive-1679222 years ago

How bad is the FTX fallout going to be? This is hard to predict. Some are coming out and calling it an Enron moment.

Whatever the end result, there is no doubt waves of carnage will travel through the cryptocurrency industry. It is a setback considering the path we are taking. However, in the long run, this is likely just another part of the clearing out process.

Here is a graphic that was being passed around Twitter. It highlights all the companies that presumably have exposure to recent events.

ftx.jpg

As we can see, there is a lot at risk. The incestuous nature of the entire industry is being exposed. It is going to take a while for all of this to unravel.

The Anti-Thesis Is Hive

Throughout all of this, Hive just keeps trudging along. Each day on the blockchain is similar to the one before. Certainly, the topics of conversation can change but we see the regular progress being made. FTX is not changing that at all.

Many often espouse how Hive as no Venture Capital funding. We are the overlooked engine in this machine, often to the point where we feel targeted. Whatever the reason, Hive still epitomizes what the industry is all about.

Sometimes there are no shortcuts. When people focus solely upon market price, they are looking at insanity. The most recent spectacle is evidence of this. Unfortunately, the market bought into the hype and pushed valuations that were absurd.

Now the unwinding is happening and it will be felt by all. Nobody is going to come out of this unharmed, at least in the near term. Eventually, the industry will regroup and be strengthened. That is, however, going to take a while.

In the meantime, builders will keep building. This is a technology industry at its core. It has nothing to do with market price. While that factors in with funding and other mechanisms, the reality is we are building. Valuing a business in its infancy is insane. What is even crazier is believing that valuation. There is truly no basis to go on.

Since most only care about price and their holdings mooning, this makes the entire industry susceptible to situations like this. Greed is powerful meaning that many want to take shortcuts. Bankman-Fried is an obvious fraud. Nevertheless, for a while, he lived the life of a rockstar.

Why is Hive overlooked? This is something regularly asked. At this point in time, it is a benefit. Hive appears to have no exposure to FRX or the fallout that is coming. Other than the price of the coin getting obliterated, we keeps pushing forward.

Slow And Steady

Hive is not sexy. To the contrary, it is boring and slow. Each day people show up consistently putting forth action that helps to move things. We simply inch along while maintaining the tenets of decentralization, open source, distribution, and freedom.

Others prefer to hop on the expressway, get in the left lane, and floor it.

This makes many envious. We have years of discussions on record about what needs to be done to market Hive. All of this is being exposed as premature. The cart before the horse really comes to mind.

Resiliency is vital. This year is providing a number of lessons as to what happens when an ecosystem lacks that. There are only two outcomes: collapse or being taken over.

Neither is what we want for Hive.

A lot of work went into developing a base layer that is decentralized and resilient to attack. We have safeguards in place to protect against a hostile takeover. This is something that many blockchains lack.

At the same time, we see work being done on a decentralized layer 2 node system. This is equally as important when discussing concepts such as freedom of speech. There is another factor and that is freedom of money.

Owning one's account is vital. The important appears with some of what took place in social media the last few years. However, it is starting to take on more meaning as finance is integrated into it.

Being able to secure one's wallet without fear of having it shut down is crucial. Here is one of the most overlooked characteristics of Hive. If we are going to truly have decentralized finance, we will not get their via VC backed entities built on centralized infrastructure that can be controlled by a few large entities.

The drawback to this is the fact that development is slow. Again, we are back to the slow and steady. That is Hive.

History is littered with stories about entities that were glamorous. Sadly, cryptocurrency seems to be starting its own list.

Hive Marches On

The key to all this is not to fear. Hive was designed to be resilient. Much of the last 2.5 years was spent with that in mind. We are ahead of everyone else because we had our Enron moment at the beginning of 2020. This gave Hive a head start.

Billions of dollars is being lost in VC funding. The gap on the playing field is closing a bit. Much of the duplication that was occurring is simply going to disappear. Look at the list above. Many of those features and services will end up being offered on Hive.

In fact, some of it is already being developed.

Those who were focusing upon Hive find themselves in a situation where they are most insulated from what is taking place with FTX. Many were drawn to the flashy nature of other projects. Those tokens are likely heading to zero.

On Hive, value is based upon building. There is a lot on here that will end up worthless. The difference is we can witness where the builders are. Here is a major advantage.

We have months of carnage ahead of us. The regulators are now drooling because they have the excuse they need to start clamping down. Everyone is going to feel that pinch.

In the end, on Hive, it isn't going to matter. Those that are constructed in a manner that circumvents the tyranny of governments and major corporations are going to excel. When dealing with fiat, it is ultimately going to be full KYC. However, through the use of DEX, liquidity pools, and other truly decentralized features, Hive simply will allow the crypto experience to continue unabated.

The only challenge is that we have to build it all ourselves.

But then, isn't that what decentralization is all about?


If you found this article informative, please give an upvote and rehive.

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Bang, I did it again... I just rehived your post!
Week 131 of my contest just started...you can now check the winners of the previous week!
!BEER
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That's a huge list of companies tied to the FTX saga. I think this coming months will be memorable in the crypto space. It begs the question of how many crypto companies are structured like FTX. Will they also suffer a similar situation with the current turn of events?

Yeah the exposure is large. A lot of money will be lost.

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Another fracking awesome sauce post.

I wish all the doubters out there would read this.

Thanks as always.

Another fracking awesome sauce post.

Thank you, I think.

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Lol.

You're welcome 😊

This....10000x this: "This is a technology industry at its core. It has nothing to do with market price. "

I am often in utter confusion that HIVE has not grown larger than it is. People would rather blog, vlog or post pictures about their lives on the big socials than actually earn and contribute to something better. Those socials then manipulate them, steal their content and abuse them when they break a rule. It's bizzaro world.

All of the newer front ends & layer 2's like, Ececny, LEO, 3Speak, Liketu, Splinterlands, etc. give me confidence that greater things will come from this base layer we call HIVE. Stick around and tell a friend. Slow and steady.

Well it is an undiscovered gem. For now, lets fly under the radar. A lot of interesting development taking place so we will have a lot more to offer in the future.

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Vlogging is actually much better for the popular people on YouTube. They earn money with their videos indefinitely, and not just/only for seven days per video. If you have partnership, and if you monetize your videos, then every video you upload will continously earn money for you. Even the videos you uploaded many years ago. This is a big advantage against the Hive blockchain.

Valid point, but how many creators actually make it to that level on Youtube? They demonetized my channel several years ago when they changed the rules, just as I was about to make the first payout threshold and when a few of my videos got over 30k views.

I know only a few people in my country (in Hungary), who make a living with YouTube. Much more people do it in the USA. Most people in Hungary earn a pocket money with YouTube. The location of the audience is an important factor. The advertisement clicks coming from people, who live in the wester countries worth much more than click from people, who live in eastern countries. And if you make content in English, then you can reach a worldwide audience. Many Hungarian people create content only in Hungarian. They usually do not reach a worldwide audience.

The downfall of crypto currency keeps getting worse by the day. Well, hive is quite different from the rest because its mode of operation varies a lot from the rest,even though price keeps falling all we need to is to keep pushing forward,never relenting.

It's hard to predict the future in this industry with everything moving so rapidly and so many different pieces tied together, security vulnerabilities that could drain Millions from... diversification, decentralization, it is a risk but with risks come rewards.

@taskmaster4450
I don't think this Commercial is going to Age Well, LMAO

Talk about resilience, Hive is truly exhibiting its strength in that regard, the way and manner other projects are going down out there say it all. Instead, we carry on daily like we are not affected except for the price of the Hive token.

Through it all, we are being airdropped GLX tokens which is putting a smile on our faces. It can only get better on Hive the longer it survives.

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Through it all, we are being airdropped GLX tokens which is putting a smile on our faces. It can only get better on Hive the longer it survives.

One of many , we need tons of apps with tons of airdrops within each and that is where Hive is headed .

WOO and GLX will definitely add value to Hive .

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Give Hive ecosystem another 2-3 years, it will be buzzing around here am already struggling to keep up with opportunities to tap into and stay active.

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Without a doubt , that is why the users currently are the luckiest .

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As long as the airdrops are tied to projects that build, all will be well.

Dropping tokens for something that has nothing going on ends up being nothing.

WOO is interesting although I havent looked at it closely.

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As long as the airdrops are tied to building, which GLX is, then all will be well.

That is why builders will win in the end. Bet on those projects where people keep developing. That is one of the main criteria for success.

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Everything is just getting confused by I know it will be better soon

What a mess, this is why I stay in the Hive ecosystem. I cant be chasing all the new sexy things on the blockchain, nobody got no time for all dat!

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Sexy ends up being an illusioin as we see.

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Hive has performed better even in this crash situation. Also the security with hive is not a matter of concern as it's not owned by any single entity. Hive is better in many ways..

Valuing a business in its infancy is insane. What is even crazier is believing that valuation.

$0.50 HIVE is already too expensive for many. 😆

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I think FTX will take months to play out and for us to really see the true damage. However, it just looks like most crypto is linked to each other and we saw how bad things got through the UST crash. Projects and money just disappears when these things just happen.

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Looking at this list above it seems that all Hive's so called competitors are being wiped out.

The Hive ecosystem and Bitcoin will be all that is left standing once all the stupid VC money disappears.

Even Ethereum is vulnerable to loss of VC investment. The Ethereum Foundation funds most development - there is no decentralised development mechanism.

An example of how things have been done is to see how the markets and exchanges work in Hiver, L1, or L2. Recently I was looking for which DEX has the functionality of an order book with limit operation without applying to me the sensuality of being from a dark place in the world, the typical error 403, only in Hive have I had that freedom and hence my loyalty to the grand universe that is creating. Better slow and growing than fast rising and sinking. Greeting.

Those who held most of their crypto in Hive related asseets so far have been rather safe. While the values have been crushed like all else, the funds themselves are safe.

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The only challenge is that we have to build it all ourselves.

And that is a real challenge. Most people want to build it alone for themselves. And most people are not even able to build (develop). Compared for the millions/billions of users, there are only a few developers.

Well I am not a developer yet am getting some things done.

Keep pushing the ideas, working it, consistently taking action, and other will notice.

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Well I am not a developer

Me neither. I just described the situation. What I see. How I see.

Can't agree more .

The thing I love about Hive is that anyone can build if they have the right idea , coding isn't that big of an obstacle if you ask me .

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SO many reasons to be thankful here, the smooth sailing of things here like nothing happened. If anyones eye is on prices, then maybe the person is a newbie to things here. THe crypto space is for utility and problem solving, not primarily raking profit, Hive is essentially that, and will keep being so.

Great post Sir

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I'm continually amazed at this whole FTX situation, so many things seem to be tied to it, and yet prior to all of this I had never even heard of it 😅. I don't even remember reading about it on hive either but now everyone is talking about it! One thing I appreciate about Hive is it feels more like an "underground" coin/community. Flying under the radar so far has been a boon to this chain I feel.

Slow cooking growth is better than rushing in and artificially raising Hive. Doing things organically will ensure long-term survival of the token and thriving communities.

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I agree with you especially when it comes to development. We are building, that is what is vital.

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If I store my Hive username and keys in a laptop and/or smartphone, then copy-paste it on HiveKeychain or HiveSigner, then technically I'm using hot wallets, right?

If I only store it physically (paper, etc.) and still type it in HiveKeychain/HiveSigner, is it still considered cold wallet?

I still don't get it, help is greatly needed.

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I think I'm confusing myself with custodial vs non-custodial vs hot and cold wallets here, sry

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Cold storage is not tied to the internet like a paper wallet or Bitcoin or a Nano.

As for custodial versus non, all on Hive is non-custodial. There is no custodian of the funds. Centralized exchanges are custodians if you put your Hive on, say, a Binance.

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I did search online, but I got even more confused with the new information, but slowly I understand it better.

Thanks for the clarifications btw, without saying 'google it', it's very helpful and less confused now.

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Hive is not sexy. To the contrary, it is boring and slow.

Greetings from Venezuela.

I love your post, I'm just new to Hive but I understand many things you say.

The only challenge is that we have to build it all ourselves.

But then, isn't that what decentralization is all about?

I had not realized that we really are the bees in this great hive, we are building the web 3.0 with our own hands.

There are a lot of people who are ardently involved in what is taking place. This means the commitment to the tenets of Web 3.0 (if you will) are being supported here.

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My biggest issue is that most people will blame cryptocurrencies as a whole. And this is the problem that most chains will face as they try to get more users to 'trust' the platform. Hive, like it or not, is a cryptocurrency platform because you join, and make cryptocurrencies.
Governments put enough FUD on it by saying is not legal, now you have a See why is not legal?

All my crypto investment is in the hive ecosystem and not because of anything but because that is the only thing I understand. Hive is strong and with one the best tech in crypto space that give total control

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Sometimes limited understanding is the biggest benefit.

We can easily dive into waters we are unfamiliar and get our clocks cleaned.

Hive is not easy but once you have the hang of it, there is a lot to offer.

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Hive is ahead for sure in many ways.
All we need is more Apps and the Apps we have to continued improvement.
Communities will grow as the ecosystem grows and all these incentivized activities on chain will push up value of most of the ecosystem.
Hive like all crypto assets will follow BTC but my guess Hive will grow beyond that as adaption, creators, and apps continue to grow.
For those that sat on the sideline with their HBD gaining 20% and now being able to get 3 Hive for one dollar seems like a great value even if it goes down to $0.20 we need to think about gains for the next high.
In a past on June 13th of this year I wrote, "I look for us to lose up to another 50% from the current 23.5K"
I still think that is possible but regardless next payment I get in crypto I am putting 20% into the Hive ecosystem.

All we need is more Apps and the Apps we have to continued improvement.

In addition to the average users, we need more and more designers and developers to have more apps and games.

Great point.
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I cant disagree with anything you wrote. I will say we need some financial infrastructure that will allow Hive to take on the big chains in crypto.

This is being worked on.

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