Regulation Will Send Hive To Astounding Heights

in #hive3 months ago

There is little doubt that 2022 was a very rough year for cryptocurrency. Between UST, Celsius, and FTX, the industry took a beating. Unfortunately, the fallout is far from over.

If 2022 was a year of major scams, we can consider 2023 as the year of regulation. There is no chance the government, politicians, and the associated agencies sit back and allow a repeat of 2022.

After all, they do live by the mantra "never let a good crisis go to waste".

Therefore, we can expect regulation to take place across the world. Different countries are going to approach this matter with a heavy hand. Some might be a bit forgiving yet the odds are great that we will see overzealous politicians doing a lot of grandstanding. Sadly, much of this finds it way into the bills that eventually become law.

This is going to be a major test for cryptocurrency. Digital assets are going to come under fire. Who is able to withstand the onslaught will be the question.


Regulating the Unregulatable

If we look at alt-coins, most are going to crushed. This is inevitable. Please note this does not mean they will disappear. However, we are going to see the regulators target them. Gary Gensler, head of the SEC, is already on record as stating all cryptocurrency other than Bitcoin is a security.

There is one that does fly under the radar and is actually outside the reach of Gensler and the other agencies.

This is $HIVE.

Here we have a coin that does not fit into the same category as the rest. We discussed this frequently but it is worthy of repeat.

Since there is no company, pre-mine, lab, or foundation behind Hive, it is not subject to regulation. In fact, compliance is impossible without a single point such as a company to adhere to what is set down.

Instead, we have a bunch of individuals (and projects) spread all over the world with interests not aligned with each other. They are operating independently, often in anonymity.

This puts Hive in select company. What someone asks who is in charge, the answer is obviously nobody (or everybody).

Certainly different projects might be subject to regulation since they are often structured as companies. The base layer, however, is outside of this.

The same hold true at the second layer as that is model, to some degree, after the base layer.

As we can see, this could really become problematic if we have sidechain after sidechain constructed in a decentralized manner.

The Regulators Will Help To Make 2023 The Year Of Hive

We have a lot taking place on this blockchain. Throughout the bear market, development as continued. This is a vital point.

Why am I confident that Hive will breakthrough this year? The reasons are many but one is the regulators.

Since we can presume many will come in with a sledgehammer, this is going to set many chain back. Compliance is rather expensive. Legal battles are going to ensue, something developers are not going to want to be a part of.

On Hive, we have none of these problems. Assessing the features and financial resources that are already in operation is something we can offer. Fortunately, those features keep expanding.

Certainly, we can expect the larger entities such as Ethereum (with the Foundation and Vitalik) to weather the storm. There will be many others, who simply cannot. Look at what happened to LBRY.

Hence, Hive will be elevated simply due to the takedown of others. This is rapidly becoming a game of attrition. Who can remain standing is going to be raise to astounding heights.

This, in my view, is going to be Hive.

Like Herding Cats

When things are chaotic and going in a thousand different directions, things become very difficult to monitor.

This is what is happening on Hive.

Due to a lack of centralization and coordinated effort, Hive is basically a bunch of individuals. This is problematic when it comes to progress since things are slow and drawn out. However, as regulators enter the picture, this is a powerful asset.

Ultimately, Hive becomes like herding cats. As soon as you start to chase one, others become harder to catch. There is no net that can encompass a global network run by mostly anonymous operators.

LBRY was a project that had great potential. It is still carrying forward but since the entity behind it is now shut down, what are the chances that much progress is going to be made?

That vulnerability was exploited by the US Government to the loss of the userbase. It is, however, Hive's gain since it is a video platform and we have 3Speak.

Hive Is A Unicorn

Hive is rather unique.

We arrived at this point, not through great wisdom and foresight. Actually, it was an attack that led to us taking steps that provide resiliency to this ecosystem. The fact the pre-mine was eliminated means it is no longer a threat. That also removes the point of vulnerability that is going to plague so many other blockchains.

The idea of setting up something decentralized does not ring true with most people. It actually goes against human nature. The tendency is to build a project by giving oneself significant stake. This is driven by both greed and the need for control.

With Hive, that was the case before the hard fork split the chain. Now, it is no longer an issue. The Decentralized Hive Fund (DHF) has that stake and it is not controlled by any single individual or entity.

Developers will realize this at some point. Many chains go the route of LBRY where projects might continue but development ceases as the one doing it disappears.

The governments of the world might well make 2023 the Year of Regulation, which could have a tremendous impact upon Hive..

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

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I still use LBRY. Any state actor can figure out who most of the Hive users are and it is clear that the law is not absolute but more of a pretext factory for preventing backlash while they jail, murder, and rob us. Kudos to @themarkymark . You were right. We were wrong. It's best to stay anonymous. It also means that you never cash out into fiat. Most of us are not prepared to operate that way.

We love to think we are invulnerable.

There are a number of people who are running nodes who are anonymous. A few others who are in places that the USG and EU cant get at them.

CZ is proving what a pain in the ass global can be.

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That is comforting.

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We love to think we are invulnerable

And it is assuring! We can only get stronger I see.

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I cash out to fiat no problem, I pay my taxes. I just don't have a need or desire to sell at this point.

I suppose you can trade Hive assets to Monero in a non-KYC exchange and then Monero can be used to eventually get fiat. That way, your real name and your Hive ID cannot be linked. We do, however, open ourselves to eventual identity theft by doing KYC in any context.

Using any third party service (crypto or otherwise) opens you up to identity theft. Just being secure is not enough, most of the time it is a third party that is leaking your information.

Well, yes someone could if I am not careful with my keys or password, I could lose my leprechaun account. I meant people misusing scans of my government issued ids and taking out loans for amounts I'd never dream of doing!

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Honestly hoping to see a renowned hive this year, especially in terms of market value

Market value is the last thing I am worried about. The focus is on building and, hopefully, having a massive expansion of the userbase.

That will take care of the market price ultimately.

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I admire the confidence, but I want to see how this regulation fight will turn out this 2023. Also wondering about the extent of anonymity of top witnesses. Thinking of a hypothetical scenario where governments will really come up with a kind of international regulating body and will decide to criminalize any decentralized or distributed activity.

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Have you seen the divide between the West and Russia/China?

I laugh at any notion of a unified global regulating body. They cant agree on lunch.

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With no centre entity or individual in control of what is happening here, Hive has nothing to be afraid of, be it regulations or any form of attack.

The only possible attack is a money attack which would further raise hive's value in the process.

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It is like file sharing. They USG went after that a couple decades back and lost, big time.

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You know, when I joined that other chain and they the hard fork happened, I knew nothing.

But I read, I listened to others. And this little bit of knowledge gave me a warm and fuzzy feeling about Hive and its potential.

I believe that same. This is the year.


It does take time. I am glad you put forth the effort to learn what is taking place. Most do not and that is why they are missing something very special that is taking place.

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@taskmaster4450! Your Content Is Awesome so I just sent 1 $BBH (Bitcoin Backed Hive) to your account on behalf of @bradleyarrow. (27/50)

Very interesting, after such alarming crash in crypto, regulations are likely to follow. Prominent figures have been talking about decentralized social mediums lately, even though we know they’re not. Deso, Nostr, as long as they have centralized entities running them, they’ll be very easy to be slapped with law suits and when that happens, and again, people will start scampering around, and Hive will be there telling them it’s been in operation fir over 6years.

Politicians use every excuse to pass more laws. Crisis is their best ally.

It is why so many believe that many are planned.

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People tend to wait for a reason to force them to move, we are seeing that with nations as their citizens opt into cryptocurrency as their national fiat devalues.
The same will apply to decentralization as there are not many out there we can boast of Hive awaits those that seek it.

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I believe that regulations will be about CEX. It’s easier to implement. From there they start hitting hard stablecoins.

No doubt. This is why DEX are vital.

It is safe to presume HBD will be banned from CEX.

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I believe that the success or failure of a cryptocurrency project may depend on its ability to navigate the regulatory landscape and adapt to changing requirements. Many crypto projects died due to the inability to adapt to new changes.

That is true. One either needs to be out of reach (probably a DAO of some sort) or willing/able to fully comply.

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I think Hive is well positioned (or getting there) to welcome the developers and users who'll have their projects crushed by the regulation sledgehammer. This will also reveal how valuable and unstoppable Hive is. While many will be wiped out by the storm, Hive would remain nearly unscathed.

Well I am not sure it will be unscathed. There will be some pain but, overall, I feel it is out of reach for most of the alphabet entities.

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I smell this year will be just full of regulations and Hopefully that will bring Hive at some Good Place.

Let's see how everything will happen or market will react this year!

These points make think HIVE is a little bit similar to BTC? I ask from my ignorance, as there is no one and everybody is part of BTC...

I say it is similar in that it is not a security.

Outside of that, they are far different.

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Thank you for your answer sir!
Have a great day!

I have been thinking similarly about HIVE and the Howey Test. I am bullish on HIVE and BTC. My concern is if MATIC and BSC somehow get burned, it would reduce our on/off ramps. We would still have exchanges. But, those are more centralized and vulnerable to regs.

I can only hope that strict US regulation makes those chains a boon for other countries that embrace them. I see parallels between crypto regulation and the SWIFT network.

You hit upon the subject of my next article. LOL

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Looking forward to it.

I believe hive has nothing to worry about even if they try something funny in a country another will pick it up from there

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The Justin Sun attack ultimated ended up helping Hive a great deal.

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Your beautiful plans for the Hive this year and some nice points about the rise of the Hive. We also hope this year will be the year of the Hive.

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Hive seems to just grow ever so slow and that I think is good for the long run. Folks seem to want Hive to grow fast and I do not think that is the best way to go for the long run. We fly under the radar and I think that is a good thing. Have a great New Years onwards and upwards in 2023

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I like the analogy with herding cats... Although I am not a fan of regulations I do believe that some projects deserve their share of regulation just because such projects have been designed this way, to get regulated...

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You could also most likely toss Monero in there with the unregulatable.

All of those centralized tokens will be in danger and Hive is in a good place because there is no easy target. It makes me wonder if the regulators could hit centralized apps though.

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They will hit anything centralized. I fear Splinterlands will try to KYC and that’s when I’m out.

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How can the SEC go after LBRY and not Hive? Just curious your thoughts is it because there is no one owner or central powers in Hive?

Sometimes I wonder if you've come to earth to preach Hive, as your commitment and clarity with words is astonishing

Happy New Year from finansaurus

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