Hi fellow Lions,
Recently I had another thought about scarcity, given the token price fluctuations we've been seeing.
Hive Power Locked in Inactive Accounts
One of the things that we always talk about in crypto is scarcity. Scarcity is the best thing that we can have in crypto and in life. It drives markets and prices! Particularly with things like Bitcoin, scarcity is the most important part of it. Only 21 million Bitcoin will ever be printed, not a single more. That really messes up a lot of people that I try to tell about crypto. They can't wrap their heads around it! "Why can't you change that??" and some other questions. I try to explain it a little bit but they get this look on their face that lets me know they are done with the learning attempt lol.
One of the other things I was thinking about as it relates to Hive and the ecosystem we have going on here is the fact that we have quite a bit of Hive locked in accounts that are inactive. I have a bunch of people on my following list that haven't posted in months or years and haven't done any voting in that time either. This presents some crazy opportunities to show how a portion of Hive is going to be permanently locked and never accessible.
I wonder if the folks like Penguin Pablo or Asher (don't want to tag them, they get enough tags already lol) would be able to figure out how to query Hive DB to see accounts that haven't done a posting operation or vote operation in x length of time then get their Hive Power amount. I know it's not perfect but I know that in my time on here, I've heard of a few people who have passed away and their Hive holdings are now inaccessible to others. That's definitely a shame and sad thing to hear and learn however it's beneficial to the rest of us that that removes a few hundred or thousand Hive from the market forever.
I know that Hive isn't a blockchain like Bitcoin since we can print unlimited Hive but it goes according to a specified set of code (I think?) for rewards and inflation so we can at least say that many thousands of Hive will never see an exchange to be sold and will always be staked to eternity.
Let's say that there's 50,000 Hive locked in inactive accounts. I don't know if that's true at all but with the recent spike in Hive price of 1.48$ per Hive, that's nearly $75,000 locked away permanently! That's great for those of us who have stake on here, it drives up the token price knowing that 50,000 of the Hive will never move or change hands.
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This is an interesting point that I've never really thought about before, nor have I seen it talked about. I bet it might even be higher than 50k locked away like this; a lot of it is going to be tons of redfish that gave up, but there are probably a few people who passed as you say without anyone being able to access their account or who got locked out somehow because they lost their keys or something like that as well.
Thanks! Sometimes I get a good idea out there and get the old gears moving a little bit lol. It’s certainly interesting to think of! I know a significant amount of it is redfish that give up or lose their keys. Can’t tell you how many of those I see in discord looking for help! Even browsing my list of people I follow I see 200-1k hive here and there and totally inactive. Sad but good for us holders and active people! lol
Every once in a while I purge accounts from my follows that haven't posted in a really long time, though I leave some there because I know the circumstance as to why they're not posting and they might be back or something like that. But yeah, quite a few have dropped off. Sad but as you say, good for us holders too. A silver lining perhaps to the "oh this isn't a get rich quick scheme? (disappear)" people. ;)