I'm starting to understand this after 2 years here! This was the best explanation I've seen so far.
Posted Using LeoFinance Beta
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I'm starting to understand this after 2 years here! This was the best explanation I've seen so far.
Posted Using LeoFinance Beta
Better late than never. Thanks for the compliment, I appreciate it.
If it took you 2 years like many, we need to question weather thus HBD is making any value for users or is this whole thing a complete redundant legacy.
One doesn't need to understand how it works to make use of it. Having a relatively stable coin in Hive is really useful.
A Short Story about Economics and Economists
(1) A very good friend of mine who once started and ran an international retail chain operating all over the world with 400+ stores got talking to a prominent Bank of England economist at a banquet in the City in the 80's.
(2) After talking a while he asked the economist the following question: what is the relationship between the interest rate which the Bank of England can put up or down and the UK£ Sterling exchange rate with other currencies?
(3) As he finished asking the question, the MC banged his gavel and announced "Please be upstanding for His Royal Highness....". My friend had to quickly move to his seat and never got his answer.
(4) He never did get that answer and he carried on running his large company and making huge bets on future currency swings based on his gut feel the way all of us have to.
(5) Years later he was walking to his (1st class) seat on a train and he recognised the same economist sitting with papers and charts and two colleagues.
(6) He went up to the now Governor of the Bank of England and said, you may remember, a few years ago I asked you what the relationship is between the country's interest rate and the value of the currency.
(7) Yes he replied, I do remember you and I remember I never gave you an answer! And I've thought long and hard about it in the intervening years!
(8/8) The answer to the question "what is the relationship between interest rates and currency" is I didn't know then and I still don't know now.
And that, my friends, is economics 101 and economic forecasting.
[There are plenty of theories on this, but no single answer]
Do you understand all the intricacies of the FIAT system you use for years and the different services provided by banks?
Does it prevent you from using your money?
Should banks reduce all their services to one?
You sound very upset. All I am saying is that when innovating need to consider letting go of legacy, and consider if this feature brings value to users.
I don't think comparing Hive to a bank is relevant.
I see you are very into the HBD and thats fine. I was just trying to be open minded and discuss the value, as I am not sure these legacy finance games from steemit is doing any good for the users.
I'm not upset. Just asking questions to make you consider the positive aspects of HBD.
I personally consider HBD brings positive value to the Hive ecosystem.
I'm not comparing Hive to a bank. I'm just saying that you do not need to know everything about a complex thing to use it. And it does not lower its value because it's complex.
Bad characterization. Steemit neglected HBD almost entirely, and since the Hive fork a lot more development has been done to make it work better.
If you don't like what you have now or what it might become, that's on Hive, not Steemit.
Well HBD is much better than SBD
Smelly SBD.