Thoughts From A Boring Crypto Dude

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Welp....

2022 has sure seen it's epic collapses in the crypto space.

Earlier this year, we had to deal with Terra Luna and the Do Kwon meltdown.

This week is the implosion of FTX, one of the most used trading platforms in the industry.

I thought I would add my 2 cents to this entire debacle, but from the point of view that you may not have heard before.

Here's the thing....

I'm not what you would call a crypto 'investor'. At least not in the sense mot view crypto investing. I don't trade. I hate Ethereum and everything that requires MetaMask so I tend to stay clear of BSC too. In fact, I don't even know what Terra Luna is, who Do Kwon was...

And all I knew about FTX was that it was run by some dude with crazy hair and goes by SBF.

So when I tell you I have no exposure to this madness, it's not only from an experience level...It's pure ignorance on my part lol

But here's what really sucks...

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@edicted Tweeted this earlier today and I think it sums up the situation for so many of us that have...No exposure, or working knowledge of these platforms or tokens.

Because of the greed of this industry, a platform that didn't even include Hive with trading pairs, self destructed and brought us down (in price).

I laughed today at first because on one side of the coin...Hive is literally, untouchable to this kind of self-destruction. We are decentralized in every sense of the word and represent what is truly great about crypto as a whole.

My 3 golden check marks are prominent on Hive...

Use Case

Development

Community

We have it all!

But then...As the day went on and that Tweet from @edicted really hit me...I kinda got angry.

The whole reason a lot of us got into this crypto stuff was because we felt betrayed by the current system. For me personally, I really went all in after I realized PayPal was never going to be in the corner of the entrepreneur.

But that dream seems to have died, every time one of these billion dollar crypto projects....Crumble!

I am reminded today that this industry doesn't care about....Use case, development or community. What it cares about are these bloody green candles!

And this is what happens when you build projects in the crypto space that ignores what crypto should truly represent...And only go after the profits.

I think it's going to be a long road back....

I'm not sure how a lot of this stuff will recover and I am angry that we continue to self-destruct. However my solace is this....

Hive.

This blockchain once again, has shown me that I'm in the right place. We might not be on the top of the minds of the others in the crypto space. But do we really even want to be? Do you see what the 'crypto industry' has become and what it represents now?

Personally, I'll take my Hive and it's eco-system....10 times out of 10 going forward!


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To say the guy is a childish billionaire is the right assessment. I mean that's what we get for having the whole Cryptosphere entwined. We're paying for the oversight of an exchange that didn't even list hive before all this. I mean, whose else's mistake are we going to pay for going forward?

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That's the funny but sad part of it all...FTX had nothing to do with Hive. And here we are lol

!CTP

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I think Hive will also do well. The entire FTX business just seems sketchy to me. We are in a recession and a bear market. So companies and projects will be failing. FTX was just a big one to just go bust. Nothing has really changed so I still believe in Hive.

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Absolutely!

Nothing better out there and it's obvious from all the drama these things cause lol

!CTP

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I do not think that this current downward trend will take Hive down. We have been in the bear before and every winter must end, and there will be a summer and another winter after that.

I believe that flying under the radar is good. Hive, use-case and community is supported by decentralization.

By being too prominent, there will be resistance from all major powers to snuff it out soon.

Instead, growing steadily is better.

We can be really proud of some of the big success stories on Hive, I aimed at 1000HP by the end of the year, I am over 1500HP now and will likely end the year on 1700HP+ for someone with a lowly 313HP, this is massive. I did that, following in your footsteps where I see someone active every day on his way to 150,000HP.

And though these kinds of instances are great, what we need just as much is larger quantities of developed accounts!

When One person/agency owns all the shares and they fold, we know what happens, we all fall down.

If the top shares of Hive was owned by 10 close friends, then when they told, they will do so in unison.

But if there were thousands or tens of thousands of Orcas and Whales, then the economy of Hive shall never die.

This year I became a Minnow, but also 2 of my students became Minnows! This was exciting as I started tracking not just personal growth, but group growth and group averages.

If we want security, we need to increase the group average stake of active users. 😁

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Great points, yeah man I think it all comes down to that last point you made...

Users.

Users and activity will help us in more ways then we could imagine.

!CTP

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It's weird isn't it how even a decentralized platform's price can be slashed to half as we are in with all the other cryptos and the market responds across the board. I was really proud to see that the price of Hive recently was higher than XRP (I know that the SEC lawsuit has had a huge impact) but even against others that are on the top ten, we've been holding steadier than many and yet, the whole market can be sucked down by one other exchange that has nothing to do with this crypto. Hardly seems fair. We will remember the days when Hive was a dollar or more and we'll get back there...but bear markets tend to be so demoralizing and this is no exception.

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Yeah the markets dont care about use case, if they did, Hive would be a top 10 token. People just wanna get rich in 30 days or less lol

!CTP

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I couldn't agree with you more...sad but true state of affairs. Hopefully it will get rectified one day soon. Perhaps when regulation comes out a lot of the coins with no use case will simply die out. I can dream right?

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lol yeah, it's a dream for sure...lol

!CTP

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I'm not sure how a lot of this stuff will recover and I am angry that we continue to self-destruct. However my solace is this....

Hive.

The protected place. Even if prices are driven by the highest market crypto, it has no meaning for the ones that are here on the long term after what works... Bitcoin has its days counted. Not because they are not "adopted" by the market, but because they are just losing the race for innovation. And that, it's just a matter of time.

Who knows how product development works understand the true value of things and it's usually a win every time you can control your input. In this case, the bitcoin "research" input stagnated the moment it became a "currency". And that was because money dictated it on the still corrupted society of fiat.

Once the realization of corporations fails to perceive that power of code has more traction than governmental monitoring, it's going to be too late. The parallel decentralized efforts of open source (take Linux for example) are never noticeably short notice. They take time, learn, and forge very strong alliances before they emerge.

I am still very inclined to think, on HIVE, we have what I can call "it's going in that direction".

Happy to be here. 😍

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For sure.

I most definitely have my long term goals here. I dont ride the waves that's for sure. Long term, this blockchain has it all. That's what matters to me.

!CTP

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Great points Jon! We just gotta ride the wave and ignore the noise.

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Ignore the 'Noise' huh? lol

!CTP

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(Edited)

Well, im back active on Noise since they started paying again! 😅👍 !PIZZA

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actually, it's really a tough moment. Decentralization means nothing to most people in the sector, if it were, people would only buy BITCOIN and HIVE. Unfortunately, everything is driven by greed...but not just crypto.

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Yeah that's the sad fact...Greed drives this stuff, not the massive changes we all need to see in the world.

!CTP

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I think you have to focus on value rather than price. I know that it is difficult to abstract from what is happening but I think it is a mistake to focus on fluctuations and that we should focus on development. I have always said that the cryptos have to have a utility in themselves and flee from the fiat exchange because otherwise you are always exposed to the market.
If I am a graphic designer and I ask for 50 Hive for my hour of work when Hive is at $1, I cannot ask for 100 Hive when it is at $0.5 or 25 when it is at $2. If I do this Hive doesn't make sense as a currency it's just a representation of the dollar.
I know that some will answer me that "I buy food or pay taxes in dollars" and they are right, but if they do what I say, many plots can be conquered, especially digital.
Otherwise we will always be slaves of FIAT and the State.

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I think that's the other massive benefit we have here...We have a stable (ish) coin!

Which is perfect for retail and entrepreneurs. This place truly does have it all.

!CTP

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Some coins and tokens have "scam" written all over them. Luna was like that. SmartBCH is full of it. You would even find the chains like this and even exchanges with their own chains.

The thing is as long as you have use case you are genuine, the moment you are just another hype and popularity chain, you would die in recession. Next year alot of chains would die which require a lot of funding, popularity, which includes TRON, doge and it's little kids and few other chains .

I am even skeptical about the cardano, thorchain too. But for now I am just in the mood to wait for my "i told you so". lol.

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I dont know anything about them, other than Cardano has been around forever and I'm not sure exactly what I can do with it? lol

!CTP

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The evolution of the crypto space is still very unclear whether price will continue to reign or will we focus on actual use cases? The dilemma is that they’re both intertwined and one can't go without the other. Hive continues to show us the way to approach the crypto space and what 'lense' to look at it from.

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Once projects stop being tied to the price of Bitcoin, we'll be dandy lol

!CTP

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if you look at these events as part of a much bigger picture consisting of bear and bull cycles, it becomes much easier to mentally manage. For example I was kind of expecting the bear to get worse, I didn't now or care what exactly would cause that and I don't care even now that it has materialized. Bear markets always have these events as do bull markets have events that spur massive pumps. The events themselves are not that relevant. For me at least, the relevant information is at what point in the bear-bull cycle are we currently. That's what guides my decisions, everything else is just background noise :)

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I'm so ignorant to how the cycles work, but I do know...It goes up and down and around and around lol

Seriously though, I'm grateful I can use this stuff every day regardless of the price.

!CTP

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This is why I started building my hbd stake, because hbd is backed by hive. And the hbd stabilizer will be busy the coming days to bring us back to the peg of one usd.

In the mean time both the hbd stabilizer and on cubdefi and polycub amazing amounts of value will be captured for the community through this arbitraging hbd back to its peg.

The value of hive going down is not fun, but it will go back up again at some point. In the meantime we got our hbd.

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Yup, it's such a powerful tool for everyone here. Lots of people have been taking advantage of it for sure!

!CTP

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Unfortunately some people have taken crypto and turned it into speculative banks that profit from inexisting regulations. It's the wild west and it kind of destroys the idea of building a different economic system far away from traditional banks. All these leveraged bets are poison for this sector and I hope that we get a good cleansing now... There was a big industry cleansing several times in the past and finally what remained where projects that really had use cases and had a demand. I'm sure that Hive will be one of the surviving projects...

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Oh I have no doubt, we have so much that people in crypto 'claim' they want!

!CTP

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Amen.

Long live Hive!

Stay strong out there :)

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The dude's name is literally Bankman... Need I say more? LOL. I will say it's good to know what is happening in other ecosystems whether you use them or not, but yeah the more of them I use, the more time I tend to spend back on Hive, lol.

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I know I miss out on a ton of opportunities because I have my little bubble wrap on. But for me, it's all about focus. I just can't keep up with everything lol

!CTP

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Hive has something special that we want to stay around and come back each day!

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That's exactly it and why I myself...Have been here for almost 5 years. Every day is awesome on Hive!

!CTP

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Well said. I didn't see that post from Edicted, but it does really hit home. I wrote a post today wondering if I should be doing more than I am. I guess at the end of the day as long as I keep showing up, I am not that bad off.

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That's the 'secret' to all this stuff. I ignore the noise, and just show up...Seems to work most times lol

!CTP

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Yeah, you are probably right. That seems to be the best path to take!

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This game for billionaires messed up my plans but in a good way. I can't stand either of them, CZ or SBF (although, like you, I barely know who SBF is), so I surely won't thank them for the opportunity to buy more at price levels I thought are out of reach this bear market for me.

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These guys have more money than most will see in 100 lifetimes....And just play with it like it's a game.

Meanwhile, everyone suffers.

!CTP

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This is life. Gradually we will purge ourselves of these childish millionaires and move on. There may be much we don't understand without it...
!PIZZA

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That's all we can do at the end of the day!

!CTP

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!PGM
!PIZZA
!CTP

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The whole reason a lot of us got into this crypto stuff was that we felt betrayed by the current system. Personally, I really went all in after I realized PayPal was never going to be in the corner of the entrepreneur.

The crypto industry is probably worst than the banks if you look at it from a particular angle. Too much competition, greed, and insane yield chasing...

I've said a thousand times on my blog and I became annoying for that, but we should focus more on developing towards "circumventing the dollar" rather than hustling for more dollars.

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I dream of that day for sure...

Where I can take my phone and pay for every day items with my Hive. And second layers...That I've earned from driving value here.

!CTP

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In fact, I don't even know what Terra Luna is, who Do Kwon was...
And all I knew about FTX was that it was run by some dude with crazy hair and goes by SBF.
So when I tell you I have no exposure to this madness, it's not only from an experience level...It's pure ignorance on my part lol

The truth from my side is that today was the day I heard about this, and got to see the price of all these dips, and as for luna, I thought it was another random token up again and fell hard. It seems that our ignorance made things just normal or like i wanted them to all crash and let hive, BTC, and some very few others show the world what blockchain really is.
And with this long bear market I think many should know that they need to do their own research

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Amen brother 🙏

Same boat. I never even heard of FTX before the mess started. Lol.

Let's keep building on Hive and keep building Hive.

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