The collapse of UST is not good news for HBD for now
While it may seem like a good thing to some Hive fans what is happening at UST and Terra, I don't think it's good news for HBD and Hive.
UST is a project that has already received mass attention and has already shown how useful and attractive a high ROI can be while maintaining the value of the capital anchored to the dollar, but now it is showing everyone what are the intrinsic risks of this system and how scary it can be to an investor who is looking for a safe place for his reserves.
It is not acceptable for anyone, for a high return on investment, the risk that the initial capital could be zeroed and with it collapse the entire system behind it. If UST fails then Terra fails.
HBD has many similarities to UST and, as an emerging project, it has the advantage of being able to observe what is going on there to try and fix errors before they happen. This is a great opportunity for Hive because we have now seen in concrete terms both the strengths and the associated risks "in advance". If HBD fails then Hive also fails.
So is this good news for Hive? For now I would say no, the fear that this might happen again cannot be erased, and what is happening at UST is bad news for all similar projects as well, such as HBD, unless Hive can publicly demonstrate to be immune to these risks. This is bad news for Hive now but it can turn into an opportunity to be better and to avoid having to face the same issues in the near future.
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HBD and UST are completely different animals. There are a lot more precautions in place as compared to UST.
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True, I agree with you, HBD is a better product but is it enough to convince everyone that such a drop cannot happen on Hive? If you look at them from the outside UST and HBD have some common elements and it is easy to think (right now) that if this happened there then it can happen here in the same way too, despite the precautions.
However, I don't hope this will happen, rather I hope that what has happened can serve as a warning to be not only better but also a guarantee of safety.
Good post. It's good to be aware of things happening. We will get to see how HBD get effected now..
so far at least.. it looks stable
There is no need to worry about Hive and HBD currently, the exposure is minimal. The crisis that has been generated concerns the general trust in cryptocurrencies as an economic system. In addition to a cascading debt system.
yes, I'll be glad to see this blow over soon..
Is this stable, really? haha 😅
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it is truly scary to see what is happening at Luna and its UST.
I don't really understand the system on Luna's UST, but I,do hope that hive community and the dev has already have a plan when things go south or those people tried to attack hive.
But I don't think we get that too much attention as of Luna, and also we don't really rely on a single leading dev
like how Luna depends on Do Kwon.
A number of mistakes have been made in the UST that have led to this. First of all, Hive is a community, and this is a good thing because even if we don't all agree, on the other hand, the debate is continually alive. This is why in the first place Hive is better than Terra and this is why many more countermeasures have been devised. What happened, however, also says another thing that we must never forget even here on Hive: the desire to make a lot of money and go to the Moon must never overcome the fundamentals of safety, stability and durability.
I wonder if #HBD will face the same problem in the near future or not. Well, I've lost so much money already due to #LUNA ahhhh 😅😅
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I really hope not, otherwise we are in the wrong place 😃 However for sure there is no risk for now.
Unfortunately I too have lost a sum on UST. Too bad I didn't move it here in time.
I feel you. I was holding #LUNA instead of #UST and I couldn't exchange/transfer to here in time due to the lock time. Darn! I didn't expect that the price dropped in a couple of days to almost zero. Σ(ﾟдﾟlll)ｶﾞｰﾝ
Well, well, s--t happens, I guess. LOL! Thanks for sharing this article. I've got to learn more about cryptocurrencies in general.
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