Losing confidence and everyday PHUD

in LeoFinance4 months ago

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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.

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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:

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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.

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WTF.

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.

In this regard, I am going to steal something from a post by @khaleelkazi in response to the question, How Much Bitcoin Should I Own?, a quote of a quote - a meta quote.

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.

Taraz
[ Gen1: Hive ]

Posted Using LeoFinance

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On the possibility that Steem is completely fubar I offer this:
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I actually have 191.6 Steem which might put me in the top 1000 by your scale :) I guess they just don't like me which is a good thing.

I've been keeping my Hive pretty well powered up, because I am committed to the idea and the project.

I've returned though I am mostly taking a day of to unpack and unpack. Literally and figuratively.

It is weird, I am guessing it is broken or that the staking is so centralized the system can't do the calculations without Justin Sun's approval ;D

Hope you had a great trip mate and look forward to hearing some stories.

!ENGAGE 25

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What I like on wallets, it's transparency, no way to hide...
No running away from taxes and such.
Also the automation and crytpo system might make Universal Income, based on transactions tax, a reality, and thus help in reducing poverty.

Two reasons I love blockchains and wish to replace fiat by them.


≋𝕴𝖙𝖍𝖆𝖗𝖆 𝕲𝖆ï𝖆𝖓≋
Moderator of Entr'Aide Charity

It is going to be an interesting future in this regard, especially if we demand that our governments and the businesses we support become transparent and accountable.

!ENGAGE 20

Indeed. But we will face many ennemies, those who cheat the existing system.

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I was reading that article yesterday and thought the same lol. It is indeed a difficult challenge to shift and focus towards alternatives. But maybe in 30 years from now, the future you will thank you.

I have a feeling that old dirty paper money will no longer be the currency of the future generation. I can imagine how awesome it would be for all of us to have wallets, bitcoins, crypto knowledge and to live at our best. A future which might not be so far away.
I think it is every person's dilemma: with what do I start? Where to put this dirty fiat to get me out of the fiat bubble.

The challenge with this ‘old dirty fiat money’ is this often times helps small businesses the most. Giving someone cash, right there in hand, eliminates 99% of fees for them besides having to drive to the bank. The worst part about the digital money is this will never happen, and putting more pressure on squeezing out the little guy. I enjoy crypto very much but there’s a lot of small businesses throughout the world that benefit greatly for cash. The unfortunate asshole big companies destroy their abilities to be successful at so many points, I love to help them in any way possible.

I agree with what you say about small businesses. The need for cash when you start is huge, but that only because the whole system is based on cash. You pay bills with cash, send your kids to school with cash, pay a rent with cash. If crypto would become a worldwide accepted system, then I think the possibilities would expand. No more converting one currency into another, paying fees and numerous comissions. There are definetely some advantages to cash, but maybe some of them exist because fiat is the only system humanity has been functioning with for so many years.

with what do I start? Where to put this dirty fiat to get me out of the fiat bubble.

As far as I know, thre is no better place than to start where we are right now :) Getting out of that bubble is difficult as it is like in the Godfather - *Just when I thought I was out, they pull me back in". The gateways out are few and narrow, the hooks to stay in plentiful and compelling. Most people go with the better the devil you know approach, rather than take the risk.

There is something about the comfort which is almost devilish. It does lure you in because it seems safe. But as we know, not everything which seems also is.

It is tough to get out of the old mentality rut, but for true progress and freedom to happen, it is necessary to leave from the arms of fiat thorns which made us believe that tough love is the only way to go. It is not. The wounds are invisible and they don't hurt right away, but those thorns get so much into our skin that it is harder to let go after long time embracing

I think it might be the same with pretty much anything where we can get comfortable for a little and then, rest on our laurels, so to speak. I think that over time, that comfortable walk becomes a terrible journey of self-imposed oppression.

I learned it is never good to be too comfortable with anything. It pays off to always think a little bit ahead

I am also baffled with the price of STEEM, Justin must be holding all the bags.

Unless HIVE dips to a new low, I think I'm about done buying for now. Roll on RC delegations and further adoption.

Yep, I can't keep buying up, but it is interesting to see a lot powering down - it has happened before, it will happen again.

While big account holders of Hive are selling for some reason, I think on the other it is an advantage for smaller account to buy Hive.

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it Definitely is an opportunity and I hope more people are taking it. In time, it might cost them a small loss or, it might make them a massive gain - there is no middle ground in this move.

My account is #1,758 on Hive. When I first checked I was around the top 800 but had 3X as much HP. It seems Hive has edged down the requirements a little too, but compared to Steem, wow!

But, I do not want to use crypto to strengthen a position in the old economy when I am moving toward its replacement.

I see where you are going, I want to both better secure my position in the old economy and be well suited for the new economy.

Without getting into a huge debate, I think we are going to see hybrid systems like centralized blockchains existing for a long time. Even though the centralized authority can change it (so it won't be immutable), they cannot keep those changes secret which is a huge advantage of a distributed ledger and a massive step forward, not to mention how efficient the government databases will be.

Korea is investing a lot into crypto and crypto startups and even getting the central bank involved, it will be a fascinating ride.

I want to both better secure my position in the old economy and be well suited for the new economy.

Yes, but I think a lot are strengthening their position in the old, by weakening their position in the new - at least, we have to start converting over somewhere.

I agree on the hybrid systems, this isn't going to be an overnight fix by any measure - nor a clear path to change.

Korea is investing a lot into crypto and crypto startups and even getting the central bank involved, it will be a fascinating ride.

Gotta go where the money will be. :)

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I also felt the same way about STEEM and how quickly things turned. It was strange to be so gung ho about the platform until JS came along and ruined the party.

Maybe a change was for the best because Steem really needed a catalyst in some way.

I would love to have you join my new discord server if you wanted to delve into more investing. I focus on crypto, stocks and options as well as exploring various investing ideas.

Yep, it is a bit weird to be turned off so fast from it - but I guess, that is the thing with having some values :)

I am not a huge discord user for groups, I try to keep pretty much everything on chain - silly I know :)

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.

I agree with you on that. It's great to have a lot of Hive staked but not if too much ends up in the hands of just a few people.

It is imperative that the middle class expands and that the peak to the tops aren't as pronounced.

I don't have any data regarding the classes, don't know how Hive is distributed now but it's better to be more evenly distributed. Obviously, that depends on each of us. I don't like these power up days as some may hold their liquids till the first day of the month just to be able to do a post and that's not exactly healthy. I power up everything I get right away and use it to curate.

However, congrats on the power up!

I think the powerup days for most are something symbolic, but I don't save, I just powerup when I feel like it :)

Better distribution requires better participation in multiple ways - there is nothing for free.

!ENGAGE 20

Better distribution requires better participation in multiple ways - there is nothing for free.

Indeed and I wish people could see that.

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Them new fangled buggies are just gonna fade away son, stick with the tried and true, you can not go wrong with a traditional solid horse and buggy for getting around.

Iron rails ma-boy that's the future, forget them new fangled buggies, they are just to slow, now the Iron rail now that can get you there day not in weeks.

Things do change, attitudes do change, will bitcoin go the way of the tulip trade mania? I think not. For better or worse I think crypto will be around for awhile.

And it will evolve and segment, because it can't satisfy all needs, in the same way a horse, train, car, or plane is applied for different purposes.

!ENGAGE 20

And that versatility is something that is often overlooked when it comes to crypto coinage.

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Like you said, I believe it's imperative that the middle class expand, it will create a sort of balance and whale dependency might just about decrease. I believe even newbies should have the mentality of powering up this can give hive a sort of stability and healthy Movement upwards. Cheers Taraz.

if the smaller accounts power up (especially if buying a little) and the larger powerdown, eventually they will meet. -or at least the gap will close. Once there are more accounts with stake, more diversity of distribution will happen.

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I have a feeling that old dirty paper money will no longer be the currency of the future generation. I can imagine how awesome it would be for all of us to have wallets... go hive

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I am looking forward to a lot more transparency in what is currently very opaque. I find it incredible the government has to know everything about my personal finances, but there is no visibility on theirs. My accounts have to balance - theirs don't. Screw that.

if the government show what there doing then won't they be secrowd
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It's slowly gone. Even banks in Indonesia, at least are encouraging e-money instead paper cash. Cashless society is the future but of course security side, it has to be improved. This is where blockchain helps ensuring security flaws in the record keeping.

Interesting times (<= "Understatement of the year?") we live in @tarazkp. Would you mind sharing the source of the image showing you in the #1,159th position on the Steem blockchain?

"... crypto is a tiny speck in relation to the traditional economies and economic tools, which gives me confidence in it."

No question. I hope to live long enough to see it become more than that. Specifically, that I experience this asset class moving beyond being a "rich environment" for what appears to me to be pure speculation for the most part.

"Til then, I will have to convert."

Yep, as do we will all. The "gap" between the "virtual" promise of the future and the reality of what is going on in the "real world" ...

Thanks for writing another thought-provoking post!

I am just running home, so will just post the image - taken from my work desktop - it is the same on my phone, which is on a different network completely.

Will get back to this later.

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No worries @tarazkp, this is perfect, as I found out where you are getting this info from - the "official" blog UIs for each blockchain ... Long a fan of SteemPeak and PeakD, I never have any reason to use those other ones ...

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Hmmm. Looks like a big drop from 187 SP to 51 SP. Hahaha ... 😉

On a more serious note, not sure how impressed I should be with being #757 on Hive. I guess I can try for some "positivity" and state the obvious - lots of room for growth!

Meaning I'd like to see some zeroes behind the 757. At least two ... With three zeroes? Now we're getting somewhere!

The metric could be broken, but, that tells something too :)

#575 is pretty high imo, considering how many people are here and converted to Hive.

!ENGAGE 20

You may want to read my "fine print" ... 😉

Ah - I get it :D

I am a tard ;)

"I am a tard ;)"

Most certainly not.

Seriously sleep deprived? Well ... Maybe just a little bit ... 😉

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for what appears to me to be pure speculation for the most part.

it is definitely speculation, as it was in the dot.com boom also - but from there was born an entire industry that has changed thew world - for better and worse. :)

Yes, understood. The best analogy I ever read was comparing the "cryptoverse" and its future prospects to the auto industry in its early days in America. I forget the number, but there were dozens of auto manufacturers at first.

This dwindled down to 3 or 4. But ... As you say, they went on to change the world!

From what I remember, Tesla is the first successful automobile startup in the US for something like 80 years - don't quote me on that though :)

"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."

time for @hiverr to pop!

:) would be pretty interesting to see businesses buy HIVE to pay their employees :)

Sorry I did understand the title by reading post.
Where you are "losing confidence" ?

I have pretty much lost the confidence in the traditional system, it is unsalvageable. Aren't you losing confidence in it?

Got it now. I concentrated myself in steem part and thought that why someone will lose confidence in steem today as confidence in steem is lost long back.

February 14th :)

I wouldn't blame those that didn't power up now, I am sure they would power up later cos at things seems these days, some people like me survive with the little they earn online. No work but when things get back to better I would power up

I don't put any faith in people powering up later. I don't blame them, their life is their own - but eventually if things go well for the platform, they will not have stake at all to benefit from it.

I am #8,771 with 446 SP on Steem. I think it's not jut the SP that determines your rank

That number should count active stake on the platform - it might be broken, but I have no idea since all of the tools I know and have used, are now shutdown.

i am still mew here. dont know everything. actually sometimes i am confused about hive.

read all you can, participate in conversations, ask questions.

Never believed in power up days as one should be powering up anyway. I have never understood people selling something below what I perceive as market value for something. This tells me that it was too easy to come by and not really appreciated. I look forward to the day Hive is more difficult to accumulate as only then people may see what others see.