While I didn't participate in PHUD (Power HIVE Up Day - I think it suits crypto better than HPUD), today I thought I would add what I have on an exchange to my staked stack -as it was getting lonely waiting there just in case. May as well activate it and use it in the community. There are a lot of large accounts supposedly powering down, I think that some should instead power up.
Although, perhaps it is a good thing to have large accounts selling, as while it will depress price in the short term, it dilutes the power of large accounts and gives more possibility for smaller accounts to build up their stake for the future. It is imperative that the middle class expands and that the peak to the tops aren't as pronounced. With this power up today, I am sitting in around about 150th position for stake, according to the Hive.blog UI:
This is quite interesting as this is about where I was (actually around 180th I think) when I had the greatest amount of stake on Steem, so I thought I would check where I am now.
Okay, okay.... Last time I was paying attention, a person had to be a significantly sized dolphin to be near the top 1000 staked accounts on Steem - I am there with 187 SP. If there was ever a sign of consolidation into a centralization, I think that is it. What a joke in the world of crypto and blockchain.
What is even more of a joke is how the price of STEEM has remained static-ish - and if ever there is an indication that at this stage of the industry project details don't matter, this is it. It is incredible that there is any value there at all and brings into question the credibility of all projects as STEEM did have some use case at least as a social platform. For price to stay up amid so much dumping, it means that the people buying off exchanges are likely in a very small circle of users - though many might not be staking it and are instead waiting for a Justin Sun-driven, face-saving, pump. If there was such a thing as crypto excommunication, he would be a likely candidate - though that would go against the tenets of crypto - much like Justin Sun himself has done in so many ways.
But, enough about Steem, as regardless of whether price does well or not, the community that remains there is not of the kind where I would want to invest my time nor me resources into. It is a strange thing to say after being there for so long and investing a massive amount of my time and significant chunks of my money into it.
The reason I had some HIVE unstaked is that there are so many unexpected costs coming up that I was considering using it to cover things, which I still am, but figure that I can take a powerdown as I can't imagine needing the conversion immediately. I am still hoping not to have to use crypto at all of course as that is something I want to hold as much of for the future.
Pomp: "The way I think about a portfolio is what percent confidence do you have in the new one [Bitcoin] versus the old one [legacy financial system]?"
“Most people are 99% old one. 1% in Bitcoin or 2%. Me, I’m younger and I’ve got a higher risk tolerance. I understand this stuff in a nuanced way, so I’m 50/50. I took 50% of my net worth and put it in the new system and bought Bitcoin.”
I might not be younger for an investor, but I am a relatively new investor - but I have approaching zero confidence in the old system and while the new is highly volatile and imperfect, I see it as a likely candidate to eventually pressure and replace the old.
I am "invested" in the old economy in the same way as most however, a house (with some collateral already in) I am improving and paying off, some kind of compulsory retirement contributions and protection for my business, as well as contributions from my secondary employment - but I do not own shares, stocks or some other form of traditional investment. I am considering expanding into some silver - but don't yet know where to start.
But, I do not want to use crypto to strengthen a position in the old economy, when I am moving toward its replacement. It seems strange to use what many in crypto will consider the successor, as a way to shore up what is crumbling - but hey, LAMBO!
But I do understand that we are likely a very long way from real adoption and people have real lives that they must manage and a range of issues they have to negotiate. I just hope that everyone who is looking long understands that at some point, they are going to have to bite the bullet and make the switch to a higher degree than most have so far. For most, the crypto economy is buying a better position in the traditional economy - but I don't know how long that newly bought rung on the ladder is going to carry weight.
This is all part of the marketplace though and currently, crypto is a tiny speck in relation to the traditional economies and economic tools, which gives me confidence in it. If you look at how much hype gets generated, if you notice how banks are building their gateways, when you see how much trade is happening and how exchanges are profiting, investment interest is building and at some point, increasing percentages are going to get earmarked for investment into crypto and then, projects will matter. Financial businesses don't invest unless they believe they are going to turn a profit.
Well, back to the traditional economy and a remote customer delivery to earn some euros. I am looking forward to the point when I will be able to ask for a percentage of my salary to be paid in Bitcoin or HIVE. Til then, I will have to convert.
[ Gen1: Hive ]
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