Concerns about HIVE pump without sounding like a party pooper

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(Edited)

I think the increase in price of HIVE has been phenomenal. Have see many tweets so far about how people had forgotten what a pump looks like and I agree, even I had forgotten crypto can pump and moon. Fortunes can be made in days, if not hours. Now I have not made anything I would call a fortune but the higher account value feels goods. I know it is temporary so I hope Hive succeeds beyond $1 for fundamental reasons.

Here is the HIVE price chart (redundant I think as many people's eyes are glued to this chart already)

hive.JPG

Here is what the price looks like compared to other cryptocurrencies -

crypto.JPG

There is also Steem in the chart in which HIVE price action is compared to other cryptocurrencies. Now while I am enjoying the feel of higher HIVE price, I can't help but feel a little concerned.

I think it is safe to say that this price action in HIVE is driven by HUOBI listing and the 100k HIVE airdrop, which ends on Apr 28 (Link)

I feel sad that even today, people are excited about what is obviously going to be a Pump and Dump. I wish by now the industry had matured enough to not be excited about this. I hope I do not receive a lot of flak and downvotes for this but I wish large holders were not promoting this as a win for decentralized governance, because a Pump and Dump should not be a demonstration of anything. It only shows how nascent this industry is, so much so that listing of token on an exchange can bring this kind of price action. We should hope to attract users for what they can achieve on HIVE and how they have a chance of being a blogger/influencer on a newly formed social media project. Users should be attracted to how this is a community driven project and not be buying tokens because they can win some free stuff.

I know everyone here hates Steem but Steem price is going up as well and looks quite organic and in-line with what other cryptocurrencies are doing. That is healthier.

A win for HIVE will be when user base grows and they pump the price of HIVE for its utility. People build communities and engineer strategies for communities to survive, kind of what project hope is doing. We have a long way to go to achieve what I can remotely call a win in any form.

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15 comments
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At least the pump is bringing some attention to hive, lets hope it brings some users in who will stay for the community and not just hollow it out for the pump and dump...

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I agree it will bring attention to hive. I also hope people stick to the platform and power up, explore hive and like what they see

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Wow! Thanks for the reminder, I've seen many pumps and dumps in the previous years but my perspective really changes when I'm involved!

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I am also experiencing pump of this magnitude for the first time I guess. May be hive airdrop was another one in recent times but nothing like this 🤷‍♂️

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@karamyog,

Excellent points.

Absent improvements in the fundamentals of the blockchain, the pump, and the euphoria people are currently experiencing, will be short-lived. HIE (Hive Induced Euphoria) will soon be replaced by HID (Hive Induced Depression).

People never learn (I managed hedge funds for 20 years). For price appreciation to be permanent, we don't just have to "get some exposure" (marketing initiatives), we have to improve what people experience once they're exposed. Unless and until compensation becomes highly correlated with quality of content, Hive will continue to spin its wheels ... making a lot of noise but going nowhere.

Human beings NEVER willingly tolerate being cheated and even a quick glance at the compensation-to-quality dynamics on Hive demonstrates that they are. In the absence of an ability to do anything about it (effect change), they simply leave. Whales, Witnesses & Dev's ... you CANNOT override this phenomenon. It's built into our DNA.

It's not about computer code, it's about genetic code.
.


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Quill

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I agree, the product has to be something that can make a dent in the market before marketing can boost sales. I don't say hive is a bad product but it has been around long enough as steemit, to identify ways to attract and retain users. Marketing without a good product is the worst thing because it is sounding of the product's death knell.

I hadn't been following you but would be interested in knowing about your market views given your background. Thanks for commenting.

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Those are some valid points @karamyog

Pumps and dumps = one of the worst PR for any token. It does make many people lose their resources and many more will start consider such a token as a shitcoin.

Solid read, upvoted already
Yours, Piotr

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Yeah, I'm more worried about the long term consequences of pump and dump. Hopefully, the hive team will develop this into a solid product.

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