Quarter 1 report 2022

The big picture of HBIT

Hivebits came after its big sister, LUV. The idea of Hivebits is that your effort gives you a reward. The only way an HBIT exists is by someone's effort, somewhere at some point on the Hive blockchain.

Prior reports:
There are no prior reports - Since Hivebits started on 1/1/2022, this is the first ever HBIT quarterly report.

The introduction post is here and the About post is here. I try to keep the About page up-to-date.

Numbers

Graph 1 - HBIT emissions

_{Hivebits released "into the wild" via the HBITbot.}

Graph 2 - circulating supply



_{The circulating supply of HBIT. This is the amount of HBIT minted, but not necessarily in circulation. Most tokens are in Hive wallets, except for those in the @Hivebits account which are on standby waiting to be released when a Hive user calls the HBITbot.}

Some quick hits:

• Graph 1 shows how many HBIT are going out per day. The decline/leveling off at the beginning of March was due to stopping some bad actors. So, it's a good thing. I like to look at the green, 30-day average and I think it looks good.
• Graph 2 shows LUV that has been minted/issued. Not all are "in the wild"...currently 4,800 are held by @Hivebits and are awaiting release. The sudden spike recently is simply because I had been issuing only 1,000 at a time, but recently issued 5,000. The reason is simply so that I won't have to do it as often, which is kind of code for "doing it the lazy way."
• The LUVstore is here. Yes, you can buy things with LUV or HBIT (as well as with other Hive-Engine tokens). Currently, it's only NFTs for sale, but maybe in the future...who knows?

Alterations...two changes have been made since HBIT's "fair launch" using "proof-of-comment" on 01/01/2022. (See the intro post to learn about those terms.)

1. A 90%/10% split was put into place. Initially, the commenter received 100% of the Hivebits (1.0 HBIT). There was a concern that the HBIT reply/notification might be considered spam by the person to whom the command replied. I absolutely don't want that. Mute the token account if you wish. So, with the 90/10 change, the person being replied to at least gets a small tip...kind of a royalty for the commenter's use of their post. Of course, an HBIT miner can get the full 100% (the 1.0 HBIT) simply by replying to her or his own post or comment.
2. Additional HBITbot commands were added. Initially, !hivebits was the only command to mine HBIT. Recently, the following commands were added: !HBIT and !hbit and $HBIT. They all do the same thing: mine one HBIT, per day, per person.

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Looking forward

Looking ahead, I really see no changes at this time. I think things are moving along just fine. There seem to be a solid core of daily HBIT "miners". This was the plan from the start - one-a-day by rule, your effort = your reward, consistency.

This morning, actually, I was asked if I intended to add a minimum number of HBIT held in order to call the bot. My answer was, "No." I want to keep "barriers to entry" as low as possible. The intent is to keep things stupid-simple. The only requirements to mine HBIT are to:

1. have a Hive account
2. reply with one of the HBIT commands. Your effort = your reward.

I wondered about HBIT's growth rate. By comparison, I went back and looked at LUV's growth during its first three months (graph below, highlighted in green). At that point, highlighted in green, about 150 LUV per day went out. That's almost exactly where HBIT is now (143 HBIT went out yesterday). This is especially encouraging to me with regards to HBIT usage because, with LUV, there were likely fewer users calling the bot, doubling up or tripling up on emission in order to reach that 150 level. With HBIT, it is only one HBIT per person per day.

_{LUV's emission after its' first three months: about 150/day.}

Looking even further ahead, I'd love to see a buy-with-HBIT sale. https://hivepay.io/ makes buying/selling with Hive-Engine tokens easy. Ideally, HBIT will some day have it's own "pizza day", like bitcoin, where someone uses HBIT to buy a physical item that another person is selling. Want to be that HBIT legend? Get on it!

Summary and final thoughts

HBIT has begun and is doing just fine in my view. It was meant to be very, very simple, to be newbie-friendly, to reward a Hive user's effort, and that's the plan going forward.

Persistence.

written by @crrdlx

_{HBIT whale badge awarded to the top 25 HBIT holders.}

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• Check your wallet or trade HBIT at: [Hive-Engine(https://hive-engine.com/trade/HBIT) or TribalDEX or LeoDEX.
• Visit the LUVstore: LUVstore
• LUVshares/HBIT Discord: https://discord.gg/K5GvNhcPqR
• HBIT creator: @crrdlx

_{Not on Hive? The top benefits of the Hive blockchain: (1) no ONE person/group runs it, (2) YOU own and control your content, and (3) YOU earn the rewards that your content generates. Learn more or consider using my referral link to get your free account here and I'll support you as you begin.}