It seems we go through this periodically, usually when the price of HIVE drops.
Instances like this attract the doomers who feel that Hive is dying. To me, this is a worthless analytical approach providing no value. When looking at the state of initiatives, the market is the worst barometer to focus upon.
Sadly, this is exactly what happens. When people see the price drop, for some reason, they take it as a reflection upon what is happening. Certainly there are instances where the market is simply addressing something major, such as a company heading for bankruptcy.
However, when it comes to cryptocurrency, this is often misplaced.
In this article we will cover what is taking place and why the narrative about Hive dying is untrue.
Hive Is A Different Breed
For those who have been around this ecosystem, we are dealing with nothing new. However, from time-to-time, we see the assertions come back in force.
The problem that I see starts with how people view Hive. They believe it is something that it is not. We are not dealing with Facebook, YouTube, or X. Nor are we dealing with a Goldman Sachs are Barclays.
Instead, we are dealing with a database. That is what a blockchain is. The network allows for the storing of data in a decentralized manner, without 3rd party consensus. Also, unlike chains such as Bitcoin, this allows for the storing of text data.
So far, there is no problems with this process. In fact, over time, this is only improving. We see the information put out by the core developers, addressing different issues as needed. There is also progress being made on HAF, which is a layer 2 system that allows for easier integration for applications that want to use the data.
The data is resident at the base layer, without smart contract integration. It is extractable by anyone willing to set up an API. Each day, more data is added, increasing the size of the database. Of course, this could cause issues of scaling, something said development team is continually addressing.
As this occurs, it becomes easier to keep the network operating. Each iteration of improvement actually enhances the performance of the blockchain, at least from a cost perspective.
What Is Causing The Drop?
This is something that is usually a waste of time to address.
Many often wonder what caused the price of something to drop. The answer is simple: most sellers than buyers. All the noise about this or that being the reason usually are nothing more than fluff to get clicks or eyeballs.
That said, one possible scenario could be the fact that Korean exchanges are being scrutinized and might drop a lot of tokens.
South Korean crypto exchanges could delist “about 600 altcoins” this year, as financial authorities step up their policing of the sector.
Source
We know that Upbit has the most trading activity for HIVE. Since many alt-coins are suffering the same fate, the market might be taking this into consideration.
Once again, there is no way to tell if this is accurate but it does make a degree of sense.
Also, it is nothing more than a temporary setback. We are looking at alternatives being constructed, that reduce the dependency upon centralized exchanges.
The Development Of Hive
Many correlate the advancement of Web 3.0 to the Internet in the 1990s. In my mind, that is a valid comparison as I see many similarities.
For anyone who experienced the first iteration, even in hindsight, it is a lesson in how things progress. When dealing with something of this magnitude, it is not an overnight process.
We now live in a world of instant gratification. People expect things to appear in a moment. If a new application rolls out, it should rival something that is a decade old.
It does not work that way.
There is a reason why developers release minimal viable products (MVP). They offer a stripped down version of the application to get it into the wild. From here, in addition to testing, other features can be added as development occurs.
Another problem deals with infrastructure. Here is where I see the general public, including those on Hive, completely clueless. Developers know you need basic infrastructure to build upon. This is a slow and tedious process. In the world of development, this truly is thankless work.
This not only includes the base layer but also all sidechains and other infrastructure that augments what is happening on layer 1.
In other words, we are dealing with something that is a consumer of time. This not only applies to Hive but every network.
Of course, we have some infrastructure that was long awaited in the final stages of testnet. It was years in the making, something that upset many people who thought it should just arrive in a week or two.
Technological Progress
Technology has to go through certain cycles. This is something that is unavoidable.
Unfortunately, this is not something that most people are accustomed to. Instead, they talk about marketing to attract users when that is not what should be done. What is there to offer?
Overnight technological successes do not happen. Sure, we can point to the iPhone but how long did that take to develop? When did Apple start working on that?
Besides, it took the advancement of battery, screen, and other technologies to advance before it was ready for use. At the same time, compute, the Internet, and mobile systems required enough build out to facilitate the shift.
In other words, the iPhone would not have been feasible in 1995.
It is easy to say that Hive is failing when, actually, the contrary is the case. We are seeing continued development both on and around the network. As always, nothing operates in a vacuum. We are dealing with some of the most fundamental in technology characteristics. For that reason, looking at Hive like one would a company or industry will present a fall impression.
This is something completely different.
It is easy to grasp the move from the traditional client-server system. However, does that mean we understand the implications?
Not necessarily.
For this, requires a deep dive into areas that are not commonly focused upon by the masses. Hive is not a company, hence there is no comparison to Google or X. Sadly, this appears to be the mindset many are bringing when trying to size it up.
The valuation is something completely different. We saw a bit of it of how it works with ChatGPT. That is another initiative that was years in the making before it hit the mass market in November 2022.
Right now, a great deal of infrastructure is being built for Web 3.0. The tendency to compare it to Web 2.0 is unrealistic. The latter is something that was built over 15 years.
As Warren Buffett is known for saying: price is what you pay, value is what you get.
Posted Using InLeo Alpha
I couldn't even count how many times bitcoin and crypto as a whole has been declared dead by mainstream. The technology is here to stay.
Yeah. Bitcoin was called dead hundreds of times.
Bro, one dip and everyone thinks it is dying. Now is the time to buy. I am building pools
There needs to be a strong emphasis on leadership around the chain. Far too much effort put on marketing and not real leadership in both development and how we move forward into the future (plus marketing ofc). There is a lot that is not good for developers that need to be improved at a core level if we were to match other blockchains. It's not crazy hard either. It just requires substantive and consistent effort that is focused on directly improving Hive both within the community itself and most importantly for external viewers.
If more of us would introduce Hive to businesses it would scale up.
We see Hive as an all in one Blockchain. We have so many tools that businesses can use if they are looking for a way to work on web3.
Data storage with free and fast transactions is one of the best selling points to a busines.
For example... forum... why use web2 forum when you can build one on Hive and get all the benefits having that on Hive. Decentralized, allready seen by 10k users... no fees, fast.
Then, we already have an open source wiki tool on Hive. Great tool for businesses thar dont want to loose any info.
There is a lot that can be used on Hive
This allows you to get paid passively for onboarding businesses and new users. Its free for everyone on hive to use and receive value for evangelizing Hive. https://hive.blog/hive-106130/@thedistriator/distriator-the-new-auto-cashback-reward-app-for-spending-in-bitcoin-lighting-and-hive-dollars
This is a great initiative and this motivates people to unboard businesses rather then users one by one. This info should be implemented in all Hive Frontends.
Considering that in crypto times, Hive is a LEGEND. 4 years without crashing or scaming people if not die? Is a huge success to my eyes in what is a truly decentralized community managed ecosystem.
+10
HODL!
That is a valid point. I didnt even cosnider it. Many were rugpulled.
In the crypto time line we are Top Tier! And if we count 5teemit era even more. And we can, because both are still working with similar mechanics.
And its unique in matters of... ehm... "reality"?
I know myself retired people using hive for buying meds. People that are not even using mainstream social media but workig in Hive, organizing meetups and creating community (much more active than myself i have to admit)
Real stuff. No trading or speculative all real work with real earnings, making real connections.
Im working now on the Argentina community and we are trying to expand the usser recruitment but is a huge task!
The Argentina community could have a great deal potential. There are many who are involved in an economy that is facing a lot of headwinds. Couple that with the currency issue and we see where things can get very hairy.
Indeed, sometimes people asks why some doesnt have much HP staked and i think "ehm... I pay the electric bill with that last month" =P
None of this matters. What matters is users. Hive is hemorrhaging users steadily, and that userbase is what matters. It's the users that matter, that imbue the token with value, and we're down to ~3k humans, while some of the whales have 10x that many accounts.
We've lost >1M users since 2017. That's not going to be reversed by funding a rally car.
Hive's not dying. It's weekend at Bernie's around here.
Users are only one network effect.
Yep. Pretty dumb use of funds. Who saw Tony Stewart racing and said I have to go to Home Depot and buy 2x4s? Nobody.
People are the fundamental purpose of society, and Hive is a society that has no purpose without it's users. I know there are AI bots I interact with already, that have become competent to post and comment better than most people. Hive is becoming a few whales that funnel all the tokens into their wallets using bots, while the actual society withers and is flagged away.
In the meantime the market for censorship resistance grows apace with increasing censorship across the social media landscape, and society increasingly suffers the inability to shout 'Fire!' in a burning theater. This isn't merely an economic or financial matter. It's a matter of survival, and people are dying by the millions for lack of forthright speech. What Hive could be becomes increasingly valuable to humanity, while Hive loses it's ability to provide that value due to regulatory capture by the oligarchy that own it.
That is true and Hive does solve that.
Not sure what this has to do with censorship resistance. All is posted on chain and can be accessed.
Can you code a front end? I can't. 99.999% of society cannot. Despite I love Peakd, it also facilitates censorship that can only be surmounted by (highly competent) coders. DV's are censorship. That's why they work to prevent and eliminate spam, scams, and plagiarism. They're taxes, and taxation has demonstrated capacity to prevent autonomy. Opinion flagging has blatantly worked to chase off a vibrant community that threatened the capture of the rewards pool by the oligarchy, and the incompetence of people to pierce the veil of code that keeps the secrets of profiteers remains sufficient to that purpose.
Were Hive not a plutocracy, it could solve that censorship issue, but it is, and can't, because it's owner won't relinquish it's possession. Decentralization of governance cannot be delivered by a plutocracy. @ned proposed a system to use oracles and 1a1v to surmount plutocratic control of governance, but we saw what happened to @ned. He took the money and ran.
No but there are plenty who can. And there are other options. I dont use ecency but Leo doesint hide posts or comments based upon Hive voting. In fact, it does nothing with them.
And 3Speak doesnt censor videos to my knowledge. Maybe they are doing things on the back end I dont know about but I think anyone can post whatever they want. Would it apply if something such as porn or really racist ranks stay up? I cant answer if they would take it down or not.
I actually misstated the facts above. Hive censorship cannot be mitigated by code, unless code that eliminates the ability to tax forthright speech is implemented. The ability to censor spam, scams, and plagiarism (may be) is necessary to Hive, and this makes censoring free speech almost impossible to prevent.
It doesn't matter at all that the information persists. Censorship through financial taxation is one of the most effective tools to control populations that has ever been created, and DV's on Hive well demonstrate that competence.
I apologize for my dull-wittedness. I am exemplary of the dull-witted all too often.
It's inherent in the entire model. Without an owner, a CEO, a Ned Scott, there's no individual incentive to see to its growth. Everyone can just handwave it off to everybody else
There is an owner, it's just an association of whales. A few dozen whales command the vast majority of rewards, and tailor their capture to their needs. The user base has been reduced to a few thousand actual people, which actually lend a veneer of legitimacy to the platform and extend the duration of Hive to it's profiteers.
I await the eventuation of an actual censorship resistant social media platform that delivers what Hive only promises.
@ned well revealed the motivations of oligarchs. Plutocracies are contraindicated as management of societies, for the obvious reason that plutocrats only seek their benefit. Actual decentralization will eventuate, somewhere. Somewhere else, apparently.
Well, yeah I suppose, functionally so.
They have come and gone dozens of times. I remember feeling threatened that our project here is to vanish with the latest competition over and over again. They all centralise and vanish... That says something about the idea, I reckon.
I completely agree that the rally car is one of the biggest wastes of DHF funds I have ever seen.
This allows you to get paid passively for onboarding businesses and new users. Its free for everyone on hive to use and receive value for evangelizing Hive. https://hive.blog/hive-106130/@thedistriator/distriator-the-new-auto-cashback-reward-app-for-spending-in-bitcoin-lighting-and-hive-dollars
What we need is to retain users that make the effort to onboard. That will require a fund nominal to mitigate opinion flags and a bot capable of it. @freezepeach has not managed to provide nominal mitigation despite the outstanding persons and intent of that service.
Hive has lost ~2M accounts since 2017. It has lost untold tens of millions that they would have onboarded through their networks. Hive will not recapture those users nor dissipate the stench of their outrage at being flagged off the platform by any lesser means, nor perhaps by any means short of ending the ability of taxation to censor forthright speech.
I appreciate your substantive consideration, but only ceasing taxing of free speech will suffice to the problem.
It is also important for us to be self-critical, because we must not be doing something right. Certainly comparing Hive to a company is not correct, but when we look at the crypto world we are not well placed. While price is not a reliable indicator of what is being built, we can't forget it either, especially the capitalization and the fact that we have less and less active people.
Falling below 100 million market capitalization and dropping to 445th place is an issue for us to analyze and look at new strategies.
Either Hive doesn't have much to offer, or it doesn't teach what it offers well.
Of course Hive is not going to die.
👌
I would say, at this point, it doesnt offer much.
What services do you see offered on here? That is what gets me about the "hive marketing". What are they marketing?
always 😁
I think a lot of those that think Hive is dead are those mostly exposed in NFT games or meme tokens. When their price encounters such a big drop in a short period of time, it is usually a rugpull. I think it is relatively safe, since it is a blockchain token similar to Matic and Solana, so it isn't as dangerous as meme coins or altcoins in a blockchain. A lot of crypto are down, so we just need to weather this storm.
I also think that this dip.is just because of market sentiments and hive is certainly not dying. Hive is a great tech and it will improve its price surely
I strongly agree with the points raised one of which is the fact that hive is not dieing. Better days are ahead and way nearer than we can ever imagine.
Yes, I have been encountering such idea from comments on my post. A few accounts are convinced that Hive is dying and they would interpret the current drop in Hive's price as a confirmation. However, I also observe that those who complain about the reward mechanism and concentration of power on Hive are doing the same in their own community. They assume perhaps that we don't see what they do.
Technology has to go through certain cycles. This is something that is unavoidable, this is a fact that we mostly forget during market panic. I also had to address this issue during this market dip. Indeed there is a future for hive. Thanks for the wonderful article friend
I don't really know much about this, but I do remember the STEEMIT blockchain which is very similar to hive, if you check it out, the price started dropping and dropping to it's all time low and hasn't really seen it's highs for a long period, I haven't figured what caused that, but that's likely an area to understand or be explained in other to calm the minds of people.
Hive was a fork of Steem.
So I have heard, I pray we do better and improve more.
The technology is getting better. That said, it still is dependent upon what is built.
And how well we become owners and utilize it's tool to make it's value reflect on the price
People need to look at what they are doing.
Well, yeah, but this isn't really 'instant gratification'. Hive / Steem has existed for the better part of a decade, and on the surface to most consumers, it hasn't functionally changed in any way at all in that time.
The crypto space itself has been around for what, 15 years? And there was some initial altcoin development and some lofty scammy ideas, a handful of potential decent use cases. Almost none of them came to fruition, and I haven't really heard anything hit the headlines of noteworthiness other than the price of BTC being either pumping or dumping.
It's not so much the need for instant gratification in this case, as it is just can something please happen, before we retire and fade away.
The internet wasn't an overnight process, sure. But from the day of public release, 1993, it gained 100,000 front ends in 3 years and 45 million users. Half a billion people in 7 years, the same duration I've been using Hive, which has seen a growth of about -80%
The problem with framing Hive that way is half of that was under Steemit Inc which did nothing for many years.
As for crypto in general, there are hundreds of millions of users. You can debate what they really do, which would be valid. That said, they are involved.
I think the biggest issue is the fact we are dealing with the overwhelming majority simply being green candle people. The industry is absent builders required.
Also, we are not seeing networks focusing upon the totality of their offerings. Too many are simply trying to duplicate what is already out there.
They had different goals (greed). Different goals for the same entity just goes to show that multiple approaches aren't working.
Sure, agreed, but when businesses hit a hurdle they either die or they overcome. Hive neither innovates (visibly, entrepreneurially), nor dies off as a failure. It just floats in purgatory as long as a steady trickle of value oozes out of it.
The world record for most blood squeezed from a stone.
That's not to say I'm an anti-hive doomer. I'm just getting impatient waiting for the day for literally anything to happen. I tried myself and failed, I'm not willing to put my entire life savings into something that will just float along with 7 monthly users and Venezuelan bot accounts using PeakD's AI tool to automate comments. Not enough of that blood is ever squeezed out to properly incentivise somebody to actually take anything on and dedicate full time to the end of any project. 10 more years of 'minor improvements to the back end'
Who are you looking to solve the problem?
Here is where I disagree with most. People keep talking about Hive. What are they even talking about? It is a network. That is all.
Now if you want Web 2.0, it is a network that is owned by a company that provides features and attracts users. This is what FB, Twitter, and YT did. A company keep advancing the platform forward.
That is not Hive. I dont think people realize what they are dealing with. Again, as mentioned elsewhere, what services are offered? Who is building them? Here is the core issue.
People want decentralization but dont accept responsibility for what is taking place (or not happening).
The missing nugget. Show me the business people. There is the root cause of the problem in my view. It actually translates throughout Web 3.0 although not as bad. At least Ethereum has VC companies running many of the projects being developed.
Yeah I've read your stuff before saying this and of course I agree. I'm not exactly saying Hive is a business but that, in order to grow, it needs to be treated in the same kind of way. There needs to be someone who wants to see it grow and who will take major financial action for it to do so.
It's not just gonna grow by magic. It's not gonna go viral after just the right tweet by the right person and burst into the mainstream zeitgeist.
We could double down on 'its just a network' and say it has no desire to grow, the very concept of asking it to is wrong... but then well, what's even the point in being here for anyone? I think everyone here wants to see Hive grow, become mainstream, become valuable, become implemented into numerous front-ends and lifestyles.
The only way it could ever become part of a wider ecosystem of web3 or whatever, is if someone who is already here, who is still passionate and well-funded, comes up with a massively successful idea orders of magnitude beyond anything like splinterlands (which is just a bot farm as far as I can tell).
I wish I was that person but, like everyone else here, I'm not an entrepreneur, as much as I've tried. Maybe Acidyo's holozing?
(Edited to cut down on size)
There are a lot of initiatives that are moving in that area. Sure, Holozing is one. I do not follow it closely so I cannot comment on the game or prospects for success. @simplegame is building an entire Web 3.0 platform that has potential. There is the latest spend2earn with an app evidently built to help that initiative. There is the lightning network integration.
These are just a few off the top of my head that appeared in the last few months.
I totally agree with you brother, the point you drive home is what most miss. Hive's strength isn't just in its price but in its robust technology and dedicated community. The market will always fluctuate, but the core of Hive remains solid and innovative.
For a technology to develop, it takes years to proceed and move on its own way. For Hive that is what happens years after years of time. It grew more popularity and dropped for a certain time, although same thing happened for vital prices.
Buy sell ratio has its own calculation and also the way users and traders handle it. Data is the prime resource for blockchain and with the improvement in these sectors would grab lot other points for future market capture of the cryptoverse.
I hope Hive gets back to its golden times soon. This might relieve some of our suffering as well.
Hope isnt a strategy. It requires building.
It happens that many people get scared when this kind of movement happens. They go on to believe that all is lost and in the case of content creators, they believe that at this time it is not worth doing.
They forget that this would be practically one of the best times to take advantage.
On the other hand, a drop in the price of Hive could mean a lot of symptoms, even that tomorrow one of the biggest games could come out! I don't know, we don't want it to happen, but there is a possibility and that represents a negative effect, an effect that would take a while to correct itself.
However, right now, there are a variety of things that give utility to the $hive and I would think that at least increases the possibility that by having so much utility, many users will be coiban of just selling!
haha, I don't know if I'm talking nonsense or if something is logical!
That's what I've been thinking, and, the material you share with us feeds my knowledge a little more!
Greetings.
Thanks for addressing me and my concerns. Hive is great tech. Price is trash though. I say what I see. The dump by Koreans is the problem and it's big. I care about price. Not the tech. The tech is fine. I care about the Korean dump. That is bad. Very bad. Look at price. It hurts in the wallet. I will scream about it if I like. When we're in pain we scream. Get used to it because I have a loud scream bud.
I cant say for sure that is the reason behind it but it does make sense.
Well said Taskmaster4450 👏
As I see it, price fluctuation is a natural part of the journey.
Too bad is certain centralised exchanges are under threat.
Hope this forces decentralisation along. Could the Hive price dipp, just the result of some whales cashing out, I wonder 🤔
I agree.. I saw the percentage turns green.😊 Hive up.!!
Hive's gone down a few times before, it'll go up again.
I really think this is one of the best times to buy hive. Whoever that has some cash should quickly buy. That's my thinking.
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Hive is not dying! #td100
Thank you for bringing this on topic. the story always continue with the fall.
The opportunity lies when everyone starts to bag more and the narrative will change.
Grabbed around 2.5k on this dip. Not much, more to collect when people say it's dying. Grabbing more.
Good post :)
Long live Hive and its ecosystem!
Hive isnt dying, my friends been buying from the backdoor ^_-
Although I'm new here at HIVE for me you said everything I think.
It takes a lot of internal reflection.
The crypto market is undergoing normal corrections but it would be important to give the project a new direction.
There must be dedication and passion for valid and deserved serek rewards. HIVE is not a bank, that said!
Stfu.... You're spammy ass is not doing anything good for Hive. You are mentally ill dude
Most people do not realize it is even technology but you are correct.
This is 100% true. And that is the crux of the entire industry. People think like users and not owners. Web 3.0 is much different than Web 2.0 but people have not made the conversion.
What is missing is people who are truly building businesses as opposed to people looking for income. Going back to your first statement, we are dealing with technology which offers quite a lot. Yet people are still touting the "blog to earn" ploy, something that failed repeatedly.
This should be the tagline.
It is up to those who are here to do their parts. That is what the ownership mindset is.
Can you not upvote a guy who spams the blockchain with the same comment over & over again with 3 different accounts and is getting downvoted on every single account x)