Did I make a terrible mistake by selling my BTC for Hive ?

in LeoFinance4 months ago

BTC price is very strong right now by crossing 12000 USD. We all have so much of hope for Hive and Hive based projects. Today seeing the price of BTC makes me feel bad. If I have had my holdings as just BTC, I would have been in a great profit by now, or at least my portfolio value would have looked a lot better. Nearly two months back when the price of Hive went down, I was so curious to purchase some Hive and hold it for a long time to look for an opportunity to sell when the price goes high again.

Just a trading game that I wanted to play. But unfortunately for the past two months, things are not looking good. Hive price was continuously falling down and as and when it when down, I bought some more Hive. More like catching the falling knife. Today while looking at the price being stagnant, I'm a bit skeptical about holding Hive.


When I first bought Hive about two months back, the price was 2100 Satoshi. Before that, the price was 2500 Satoshi and I thought 2100 itself was a great deal. I was observing the market and on one side the price of BTC was pumping and on the other side Hive value was reducing even further. My next round of purchases happened when the price hit 1800 Satoshi. I was under an impression that it wouldn't go further down.

I did not realize that I was catching the falling knife. My next purchase was when Hive price hit 1600 Satoshi. That is when I started realizing that I had been catching the falling knife. I stopped investing further in Hive after that. Today it is so heartbreaking to see the BTC equivalent value go below 1000 Satoshi.

Though it is a great thing that BTC is pumping, I'm unable to enjoy this moment because I have no BTC holding right now. It has already been converted to other cryptocurrencies where Hive been the top in that list.

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Sorry to hear that.

I converted about a third of my Steem from the fork in Hive, a third into BTC and a third into Hive-engine tokens.

Hive is by far the worst performing, but I still have faith in its fundamentals and long term potential!

I mean look at how shit the ETH network is - we have faster, fee-less transactions - it's just a matter of getting decent shit built on top of the chain and Hive should do well.

I'm not selling what I've got, but I'm glad I've got my BTC too!

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That's nice. Yeah we need something concrete to show in front of the world about our chain. We are far better than so many chains out there. Just that Hive more marketting. 😀

Yes.. but fear not.. the US elections will create wild distortions everywhere. There will be opportunities again.

That's nice. Hope Hive has a short bull run so that I can free up my funds at least by selling it again for the bought price.

Damn, I also sold my BTC for some other coins. 😅

We are sailing in the same boat. 😀

Everything in crypto can be a terrible decision, or an absolute stunner if you have the patience (unfortunately sometimes for years LOL).

Don't worry, there will be ups and downs. Just make sure to not act rash to cut your losses, sometimes that leads to bigger losses.

Yes true. Investing again and again is not going to help. I already have all my eggs in the same basket. Hope it pumps soon. 🙏

at the rate its going hive will be -1000 satoshis.

Yep, and unless there is some whale flooding from this last bull run at are going to keep losing places in the market cap rank, we might as well hit the top 200 soon if this trend continues.

Finding such whales is also not an easy task. But we will definitely need someone to save Hive. It is such a shame that the price of Hive is now lower than Steem. 🙂

Yeah we have to do something about it. This HF is also giving head ache for us. Things are not stable yet. That also creates despondency.

It feels terrible when things like this happens. When I cash out crypto, I see price is going up more. Then I think I waited, and I should have waited a little more. You can only predict, but you cannot say what will happen for sure.

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Yes very true. Thinks start to pump only when you sell and things start going down when you invest a huge money on something.

From the beginning tokens on Hive and Steem are not best described as ALTCOINS. They are better described as App-coins. They are ways of influencing the blockchain they are from by converting to HP. When alt-coins were new they would make a promise about issuance caps and their issuance would approach some fixed supply over time. This is the case with Litecoin, and Peercoin, as examples.

The supply for Hive has always been open-ended and the Hive-dollar near parity was only saved by the massive money printing of the U.S. federal reserve and who knows for how long?

Compare with the old style Alt-coins, which say there will never be any more than some predetermined number. Issuance rate of the currency halves at some fixed schedule, but not Steem and not Hive.

Contrast Bitcoin 21,000,0000 coins. The block producers get 50, and then 25, and now 12.5 coin per block. The miners sell it on the market and have a low margin. There isn't just a few social media sites, and a VPS host accepting Bitcoin. There are tens of thousands of merchants.

People get into crypto-currencies for :

  1. no theft from a central authority
  2. transfer over an information channel
  3. better monetary policy than what we already have
  4. privacy

The only benefit to Hive based crypto-currency is that it is transaction-free but it only does one of the four things as well as Bitcoin.

Thanks for your comment. I agree with all your points. Not all the blockchain adopted the same blockchain concept that Bitcoin had. They all came up with their own blockchain concepts and decentralization. Even though Bitcoin has so many challenges now in terms of transaction fees and things like that, it is still being used as one of the top blockchains for all the transactions and for the points that you have mentioned above.


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