How the fork to Hive made me $4000usd
Nearly 1 year ago to the day there was lots of drama going on with the Steem blockchain - a takeover from Justin Sun and his cronies and then essentially trying to steal people's money. This resulted in the hardfork and the creation of the lovely Hive blockchain. When this happened there was a 1:1 airdrop for Hive - meaning whatever Steem you have would be replicated on the Hive chain - essentially free money!
This lead to many different ideas about what to do with people's Steem. Some decided to stay on Steem. Some stayed on Steem and also came to Hive. Some powered down immediately and powered up all there Steem to Hive. I'm sure some were even some who powered down and sold for Fiat. I decided to power down and buy some Bitcoin and alts and see how they went. I decided to check in and see how my decision went (very well!).
Firstly lets look at the value of the Steem I powered down at the fork (3000) at a price of $0.18 = $540usd. Today's price of Steem is (somehow!) $0.56, meaning if I'd left my Steem it would be worth $1680 with a conservative estimate of around $1850 if I control for delegations and inflation - a profit of over $1300 - not bad!
Hive hasn't fared so well, with a current price of $0.40 meaning if I powered up to Hive then my original Steem would be worth around $1200, with a conservative estimate of around $1400 when controlling for inflation and delegations still not bad!
Now let's look at what I decided to do. I powered down all my Steem and bought some Bitcoin, Ethereum and a few alts. With a few smart trades along the way this portfolio is now worth around $4650usd!! So from my initial Steem 300 Steem worth $540 I now have over $4500 in various crytos - an over $4k profit!!
Why did I make this decision?
There were many reasons I made this decision. The most important was to diversify and not have all my eggs in one basket. Rather than power it up to Hive or Steem this option gave me more options. Steem or Hive could crash to 0.01 and then I'd be left in tears. Also I knew that the halvening was coming and having a range of assets seems like a good way to 'hedge my bets' - and it worked - some of my holdings have gone up 5x (thank you IOTA and bat tokens!).
Also my priorities have changed and I dont have the time and energy to be constantly blogging, and powering up just didnt seem that valuable to. This way I still have some Hive which I have delegated to some good causes and is slowly increasing in the background. If hive goes to 0 the I now have another portfolio completely!
Overall I am happy with the decisions I made, and also still happy with the direction of Hive (even if I dont really post anymore 😥).