Is HF24 the reason for the downtrend of Hive?
For the past few weeks, I have been observing the price of Hive. All I see is a downtrend and my huge investment in Hive is going in vain. I'm not trying to be pessimistic here but it is very sad to see the price of Hive going down. I was wondering if HF24 would be one of the reasons for it. I have to be very honest as a developer on this platform, HF24 is still giving headaches to some of the developers. Some of the applications need regular monitoring and frequent changes to the code to adapt to the issues post HF24.
We have been trying really hard to do work around while using the public nodes. I'm not sure if things are stable for people who have their own nodes and their own Hivemind instance. Though it has been several days since the HF went live, there have been so many issues so far. There are still applications that are broken and yet to get a fix. Gina and Hivestats.io are the two things that I'm really concerned about. Apart from that some of the applications that I wrote and maintain are also giving me headaches with so many errors in the log. It is still keeping me busy every day.
I wouldn't blame anyone who worked on getting the HF24 implemented because it is an open-source project and a decentralized project. So managing something like this on a large scale is supposed to work like that anyway. But some of the things that are centralized on this decentralized network is what concerns the general users. When non-technical people come to me reporting issues post HF24, I find it really embarrassing to ask them to keep changing the nodes until they see something is working.
Do you think HF24 caused the downtrend for Hive?
Like I said earlier I don't want to think in this direction and be pessimistic about the new feature updates we get for the chain. I really appreciate the fact that we are getting new features and Hard Forks. But the way it is getting executed and the post HF issues that we are having should be mitigated somehow in the future. In some of the discord channels (especially where there are more Steem supporters), I see some discussions happening where people share the thought that HF24 issues drag the price of Hive.
Some even compared this downtrend with other blockchains that had a clone. They did mention that in most of the cases when a blockchain is cloned from another existing blockchain, the price of the new blockchain is always lower than the parent chain. I have also seen a few and the fact is pretty much true. But should we see this as a temporary downtrend and continue to have hopes on the price after a few weeks? This is a question that's been there in my mind for a long time and I would like to hear from others as well.
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Whether this is temporary it depends a lot on us... and the marketing of HIVE. Without marketing we're almost invisible, and no matter how good the blockchain is and great the apps are, there's no one around to buy it, I mean the token. We're somehow a closed community and not too many new investors turn their heads towards us. We don't want adds, we don't pay for advertising, we don't make things simpler etc etc It's simple math, when the selling pressure is higher than the buying one price is going to fall. Attracting new investors means we have to fundamentally change something. LEO seems promising though and the team seems to be knowing what its doing. They've made things simple, connected the wallets with metamask, exchanging assets is also at hand and so on. With some more marketing LEO will get tp $1 in no time.
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LEO has the advantage of 5 million tokens as opposed to near 400 million, so the price is easier to move.
The disadvantage LEO has is that it is dependent upon the activities of the Leo team and all who are on the platform. Hive has the advantage of more people and many more applications. What is done on 3Speak, Splinterlands, and Sportalk impacts Hive but not necessarily LEO.
It is time for other DApps to follow the lead of Leofinance and kick their activities into high gear.
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Yes, doing so, the blockchain will attrcat more users and hopefully more investors and the price might appreciate to decent levels.
Regarding LEO, thumbs up for the team, so far a good job.
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It all funnels into the same pool. It is why I do not understand people trying to separate out Leo from Hive and how it is better. Anything that is done on Leofinance ends up on Hive.
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The success of Leo will only pave way for copy cat attempts at achieving similar success. Then the penny will drop and everyone will understand Hive is the core Layer of a multi layer multi faceted ecosystem to be built upon. The more that comes down the pike the more this place thrives.
The dependency on Leo team is both advantage as well as disadvantage. That is one of the big reasons for the success of LEO. Unlike Hive, they are able to make bold decisions to come up with some good concepts that would make LEO more interesting. For example, burning LEO tokens from the ads revenue is something that can be implemented only by the Leo team and cannot be adopted by Hive. As it is more likely a centralized concept. Another example would be to adopt a linear reward distribution model. I see these two as an advantage of some centralization LEO has.
I agree with you 100% on the fact that we need marketing. Not just a normal one but a drastic one to showcase the capabilities of the platform to other blockchain users. Hive has lots of capabilites and good features compared to that of other blockchains available out there. With proper marketing we would be able to grab the attention of some big whales.
Yeah adopting some of the concepts from LEO may not be possible for Hive. For example, it is challenging to pool income to hive through advertisements and use those advertisement funds to burn some Hive. This pumping of price mechanism can be seen only as a decentralized solution. For Hive, we have to be focusing on mass adoption.
And yeah we have to somehow increase the buying pressure. Currently the selling pressure is high.
I think some users sell hive for hive sidechain token.
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Yes that could be one of the reasons for the downfall. It also depends on how cheap they sell for the sidechain tokens.
For non tech people that are here to create content it matters quite a bit if things work easily or not, for semi technical people, and I would count myself as such, we know how to work around most of these issues, but we are also here to create content for the most part, so that means the content on the blockchain until these issues are fixed will consist of mainly developer updates and content posted by semi technical people, while the non technical people whose skill stop at installing keychain and import their keys to it, in may cases with hand holding, they just give up and wait for the issues to go away, so the critical point is that the issues are not ongoing for too long, otherwise the price will take even greater hits before recovering, and knowing what I do about LEO, CTPtalk and a few other communities and tribes, or even dapps, the price will recover and the userbase will grow, but it will be more specific areas that grow rather than onboarding to Hive it will be more onboarding to thriving tribes and communities, but that is just my thoughts.
Though an interesting question you ask: Is HF24 the reason for the downtrend... I'm inclined to say No to that one. One reason is that Steem is in kinda the same downtrend, though they didnt had a HF24. I think social networks in itself have a hard time to get their tokens going. Plus, so many more social network with crypto tokens around these days. Back in 2017 before in the bull run of BTC and later on also in Alts, Steem was lagging a lot, and then suddenly it was picked up and we saw ALH's left and right. Maybe this gonna happen soon again?
LeoFinance (LEO) is doing better though, check their uplift of recent week(s). Maybe LEO can do better than HIVE and Steem and all the other general topic social networks. We are in crypto space, with many people very much interested in crypto's... LEO could be the first crypto social network becoming a hit! owwwww, now am a bit dreaming as well, or better said: in a dreamlike state... But who knows, maybe it'll become reality. When LEO will do better, HIVE will do as well, I think... That said, HIVE shall do marketing, shall reach out to the market and make deals with business, get HIVE integrated in existing communities. Something LEO can do also, but I think LEO needs to continue with what they are doing as we speak, ie onboarding Ethereum users. After done that, I would love to see all the crypto news sites enriched with tokenised comments, powered by LEO and LeoDEX.
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How conveniently they forgot that ETH is much valuable than ETH classic.
Price of hive is less because we are rarely developing features that attract the end users or to the developer community.
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I don't know why the blockchain isn't attracting users or developers or investors, I don't think HF 24 helped because things aren't as smooth as they were beforehand.
Maybe the blockchain space just isn't quite there yet for ordinary people, most the price increases seem to be driven by speculation and there's nothing new happening on Hive ATM - just lots of unexciting gradual improvements, if you're kind enough to see HF24 as that, rather than just a huge fuck up!
Maybe people devs and investors will never be that interested? I dunno, but i think this lack of interest and decline in price - it's more fundamental than just HF24, this has been the trend for 2 years, if we disregard the creation of Hive and all the speculative excitement that caused.
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HF24 surely didn't help (in the short term).. there answered it LOL
It surly could have put some people off but HIVE in general has a lot of net sellers steem heads and blurt heads with hive are dumping, many HIVE users see no reason to stake and sell at any price too! I don’t read much into it I just hope they fill my 750 sat buy order lol
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About the hard fork messing with Hive's price, I can't say. But in terms of what I think can be done to help hive get out there is targeted marketing.
Someone already proposed to do the marketing for Hive, in my opinion, Hive should be targeted at already existing communities with already grown or growing userbase using Leofinance as an example of what can be achieved and Supply them/anyone with the tools to get started.
If SMTs will be best at delivering communities, it is not here yet, but Hive engine is. Hive engine could be worked on to be further decentralized to suit the status quo and be marketed as the product for creating any community on Hive.
Onboard 2 or more communities with massive online presence, hook them up with an interface, token and "ads" the Leofinance way, delegate Hive power to them for a limited amount of time so that they can incentivize activities on it, which they will have to buy later, wrap their token up on ethereum and let it be used for defi.
These being done and being a success, there is literally no way other communities won't want to get in, buy Hive and get their token economy started.
Hive is the first most important thing they will have to stake to incentivize activities on their interface before their native token starts to draw value through other investors coming in or ad revenue buy backs.
The only largely "successful" community on Hive is from within Hive, other external communities need to know what is possible here.
The tools have to be readily available, from start to finish, the more decentralized the better, this will mean a lot and go a long way for hive IMO.
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Nope, it definitely isn't because of hf24. It's because Hive has less speculators. Steem though was a shitcoin still had a large website as its face. Hence, it has a good / valuable asset to back it up.
But hive related assets such as peakd.com hive.blog and leofinance.io haven't matured yet. When they get bigger, they will organically generate revenue and network activity.
When a project or token is backed by a valuable asset, it becomes a trusted asset. That of course doesn't mean hive doesn't have any value at all though. These websites are still valuable and without them, hive wouldn't be worth a cent.
Rome wasn't built in a day.
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HF24 was a very technical update and it was the first step, the foundation on which to build the future of Hive.
I hope the next step is NFTs and this would bring much more publicity to HIVE and we could certainly see more investor interest.
These days, if I'm wrong, @blocktrades will start the discussion on the HF25.
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Well, may HF24 is indirectly hurting the price... there are still lots of little problems; for example, no matter HOW many comments a post has, all posts seem to always show as having just "1" comment... which could lead some to think the post isn't worth engaging with, and so forth. This, in turn, leads to an overall lower activity level reported by the various statistical posters (@penguinopablo, et.al) as a result of which some people might be losing a little confidence when they look and think "Oh, no... activity levels keep dropping, Hive is going to tank!"
One of my thoughts about Hive is that it seems to be becoming more and more of a utility coin which is generally not seen as very "sexy" by the investing public. It's a bit like the stock market... few people invest in "old industry" stocks of companies that produce "practical things" we use every day... people want to invest in the next high-flyer that has a cure for cancer or a totally new energy source.
=^..^=
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Keep in mind the larger perspective that alt coins have been taking a beating in general. That BTC dominance is having an effect on most of coins out there. Even ETH is stalled around $410. Buy em while you can!
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No, but I'm sure it contributed, definitively scaring out those who benefitted from the split but never planned on staying on HIVE.
I think with all the different DApps, we're going further each day! Hopefully, in the right direction.
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It seems to me that the HF24 has created several problems. The price has been in free fall since April 2020. I'm not worried right now because all ALT COINs are weak right now. But I admit that I expect more than $ 0.11 from HIVE.
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Quite honestly, I haven't paid that much attention to the price of Hive. It would be nice to see the kinks worked out from the HF but I am here to create content on a platform that is not going to hide content because it might be provocative and/or disagree with other people. In other words no censorship. I like the rewards but the engagement with community is priority for me.