A Grandmothers Vision For HBD
Over the past few years I've been telling everyone I can about this blockchain...
And one of the people I've been 'explaining' things to has been my mother.
A quick story about my Mom. She's not what you would call the most tech savvy person you will meet. Sure, she's from the baby boomer generation but even as some have embraced new tech, she's always watched it with a skeptics eye.
So when I start raving about Bitcoin and this crazy thing called Hive, she always appreciated my enthusiasm but rarely inquired about how she could get involved. And I get it...She's retiring, she's got her pension, and all she wants to do now is spend as much time with her grand kids as possible!
But I kept explaining how cool Hive was...
I'm not sure what triggered the following events but it went something like this:
"You are into the crypto stuff, and I've been hearing about how people are putting their retirement funds into some of these things and making a lot...Is this true?" - Mom
"I mean, it's not something I would recommend to people. Dollar cost averaging has always been my approach and the crypto I'm involved in has this amazing stablecoin that is closely pegged to $1 worth of Hive. So to me, its like 2 savings accounts in one account..." - Jongo
"A stablecoin?" - Mom
"Yeah so while a lot of these coins try to stick around 1 dollar US, it's all promises and people's word. With the crypto I'm into, it's all backed by the blockchain. It's backed by code! Not by some made up numbers some company promises is there." - Jongo
"Is this that Bee Hive thing you always talk about?" - Mom
"Hive, but yes. It's actually called HBD or Hive Backed (Blockchain) Dollar. And here's the craziest thing about this token right now...You can put it into a savings account and it generates 10% a year." - Jongo
"Wait, so the coin is pegged to $1 and it returns 10% a year?" - Mom
"Kind of, it's pegged or it tried to be pegged to $1 worth of Hive. So generally, it's very close. But yes, it return 10% a year right now." - Jongo
The conversation kept going...
As I tried my best to keep things simple and when she started asking me how it all works, that's when I told her to go read the detailed white paper about how HBD works.....lol
Yeah, no. I just tried to keep it as simple as possible but she ended up understanding how important this was because it wasn't backed by some corporation. It was decentralized and backed by...Code!
And then she hit me with it...
"So someone like me, I could take a small amount let's say every month. And put it into a savings account and it would grow by 10% a year. Meanwhile, it would be closely tied to around $1 US...." - Mom
"$1 worth of Hive!" - Jongo
"Right right...But let's say I would contribute the same amount for the rest of my life, for as long as God grants me on this earth, to a couple of accounts that my grandsons could access when they reach college! They would understand all this stuff by then and it might be a nice little chunk of change for them when it's all said and done!" - Mom
"Think of the billions that the mutual fund and big banks make off of this with fees and minimal returns. And sure there is always risk in crypto...But code is law here. I think it's a fantastic idea Mom!" - Jongo
"Perfect. So would you set up two different savings accounts for Zay Zay and Jo Jo (my sons nicknames) and let's get started!" - Mom
Will My Kids College Funds Be Paid By HBD?
That's a crazy thought huh?
Now let me be clear, my mom is still of the generation that looks at crypto with a sideways glance. And right now, she's not spending hundreds a month into her little project.
But she gets it.
She understands how powerful HBD is and has now begun to contribute fiat that I flip for her and put it into my kids two accounts here on Hive. I gave my mom the account keys and she will leave them for her grandkids as her gift to them.
Crazy isn't it?
I think it can show a lot of people....If a 74 year old grandmother can see the massive potential of what we have right here on Hive...The rest of the world will soon see it's true greatness!
Thanks Mom, for cementing my belief even more that Hive truly is...The gift that keeps on giving!
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What an interesting story. I really find this hive platform a good place to be and another home entirely with the blockchain improving daily.
Agreed. It gets better everyday!
I loved this! Great story and I hope it does more than send the boys to school! Awesome post.
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Thanks!!
I would have posted the entire conversation but trust me when I say...It was about an hour trying to explain 'where crypto comes from' LOL
Yea the yield on crypto is quite large. At least people can convert $1 worth of HBD into $1 worth of HIVE in 3.5 days without fees. Of course not everything is guaranteed but I think it's far better compared to other alternatives.
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Yeah I love it. Regardless of the markets and the madness, this stuff is backed by code.
Wait, she does have a point, regular bank savings accounts are 3-5% tops
So a 10% for her sounds like a paradise. Quite literally.
yup. exactly. she loved the idea of what the returns where.
10% sounds a lot better than 3-5% besided is hive ever reaches 40$ for example, she would have 0.04 or something like that per hive, but if hive stays at 1$ she would have one dolar. Basically no matter what she would remain stable and the pay would be sure until the end of hive if that ever comes.
This was such a fantastic read!
Thanks so much for coming by and checking it out :)
Awesome way to put it.
I am Still waiting for Grand children.
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My mom was pretty happy once she 'understood' it!
I think 10% is great for a stable coins, and i am also savings little by little to get that 10% interest.
Slowly and surely, I do think it's the best savings program on earth right now
HBD is definitely a great "entry level" way to explain cryptos and get someone to dip their toes in our ocean. Ever since the 10% interest thing became a reality, I have been a lot slower to cash out my HBD, or exchange it for Hive. My wife is even onboard with it now.
Our local bank pays 0.1% on savings...
LOL It's insane. That's why these 'centralized defi' places get so much business just offering 4% on people's bitcoin...It's huge compared to whats normal.
Damn! Here I am thinking it’ll be forever until crypto gets much more adoption, but I guess it doesn’t have to happen overnight. I’m here for the long game.
Your mom is awesome. Mine also asked me about Hive last week. "Tell me more about your Venezuelans and Nigerians! You said you met from blogging, show me their blogs!”
I hope we see more hive payments coming. I am looking for artwork for my novel and I hope to pay in hive. I’m trying to set up a company that in the future could pay hive to employees. It’s definitely 2 or 3 years before I can pull that off though.
Oh Hive truly is global for sure. And one of it's greatest strengths!
Your mom is the real MVP bro, this was so good to read. She might be looking at crypto with a side eye but in my book, she's totally one of us. I'm actually doing something similar right now on Hive.
I don't have a kid yet but I save $1HBD a day for whenever the kid comes. We're not trying to make one now, so it might take a while. When the baby comes, I'm increasing it and how awesome would it be to pay my kid's college with Hive.
LOL Thanks man, glad you enjoyed it.
Oh that's brilliant...And it'll turn into a great little fund for whenever the young one comes into your life. They will grow up right in the middle of this crypto stuff, for us, we had to learn it all lol
Your mom has defintely a very clear eye when it comes to such things. I am kind of doing the same for my kids. I started to put every hbd that I'm earning from posts in the hbd savings account. Already about 2400 $ are there now and last month I got like 18$ interests from it. Of course it still needs to grow a bit but man if I can get a couple of hundred bucks every month in interests that will probably pay for transportations and food when my kids are studying :-).
Compounding that interest!
2400 bucks will turn into 10k very soon!!
I still don't really get that. But then I don't really get where money comes from either. The big difference since getting involved in crypto is I now know I don't know! 😂
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lol same here. i think it's magical internet money and that's ok with me lol
excellent story. we should "smash" them older people with that 10-25% APR - for most it is unbelievable🙃
I would also use this formula:
(1.1^20)*20000$ = 134550$
which means putting $20000 on 10% APR (compounding yearly) for 20 years
the first thing my mom said was...this is too good to be true lol
For some people 10% per year is fine. Indeed, if the bank rates for a bank loan are less than 3% per year, it allows to generate 7% of profits by using only the money of the banks.
In other countries the bank interest is too high and people have to use their own capital to invest so for them 10% is not much.
What Hive does is serve both types of people.
If you can use banks, invest and earn interest (passively) only by investing with your bank loans.
If you can't use banks, then you can use Hive but not passively.
good point, it really does open it up for all types of investors
Great post.
I just sent it to my Mum who is of a similar age and stage.
awesome! hopefully it inspires her to take a good look here.
thanks man, glad you enjoyed it!
Thanks for this post because I keep learning more about crypto and decentralization.
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Appreciated sir, thanks for the support. Glad you enjoyed it!
Aww! What a conversation! I love it. I wish her luck in her little college funds project.
HBD is really a great way to introduce others to crypto - you know, keep your savings in stablecoins and earn 10% interest for it. Why not, right?!
thanks so much :)
yeah it's pretty crazy...but things like this make sense to people of that generation...even if they dont understand all the bells and whistles lol heck I dont for that matter.
That is just all kinds of awesome buddy. It touched my heart when You Mom wanted to have a nice hive account for your children, that is a generous spirit. I applaud her willingness to learn something very very new.
Back in the 80s my Grand Father taught me that having a portfolio with dividend paying stocks. He even opened a custodial account for me at A.G. Edwards (a brokage firm) in the 80s unless you were a broker there was no online trading but for 50 bucks a month and a modem you could subscribe to the wall street journals service, but 50 bucks in the 80s was big money. It was small portfolio, but by the time I left for the Marines it was worth around $5,000.
When Microsoft hit the seen I was on fire and told everyone in my family that it would be the company of the future. None of the adults in my family, not my parents, aunts or uncles, not even my grandparents beleived me.
They told me this..... "Computers are for big companies, and universities. They are too expensive for home use, it is a bad idea, and just a fad... Hey this is real life not Star Trek, or Star Wars. Wake up kid before someone takes your money and you never see it again."
Given my experiance I applaud you Mother Jon for being open and clear headed about the future.
that's exactly how i feel.
this is tech that is still not understood or adopted by the mainstream, but slowly...like in my moms case, they are coming around!
"Is this that Bee Hive thing you always talk about?" - Mom
So cute! LOL! And, it seems that it happens globally. I mean it happens the same to my mom. LOL!
😄 !LUV 😄
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lol all she remembered was 'bees and hive'....i think i mentioned we nickname ourselves the swarm at one point too...she stuck with that lol
HBD can do the magic - One can live with the interest itself I feel.
absolutely! i truly believe one day everyone here that is building will see that as a reality!
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Ah Ah, you are determined, i try to explain cryptocurrency to my 89 year old mother without much success, but she is curious and ask me about it every time 😃
LOL Yeah it took a few years...But she's finally catching on.
Awesome shares. Interesting to see how your mom could be that Smart with the use of HBN in the future. I've made plans to enrol my mom here too but had to first get her acquainted with a smartphone. I'll make her read this.
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LOLOL Man...That's a whole other challenge. My mom can't even hang up on video calls, I have to explain to her how to use a touch screen lol
Next topic … the speak network.
LOL Yeah I have a very hard time trying to explain to her how to use YouTube. I'm up for the challenge!!
Well, damn, if you put it like that!
It seems all that is needed right now is for the word to be effectively put out there and the value would do the rest.
A good thing a lot of marketing is already being done, these things work with compound interest and when it starts paying off it would be in truckloads 😎✌️
Wow! This is really a cool thing that @ 74 she's got it!
I got the idea and love but to understand it all is a whole other thing. I think I need to read AND understand more white papers. I've tried before but it sounds like a bunch of giberish to me and I find that kinda funny since finance was a great love of mine when I was younger.
I couldn't follow my dreams then since I choose to have a family early in life but it seems I lost some of the knack for the dream in that department. However, I now have the dreaam of being a successful online entrepreneur specailizng in crypto for retirement/savings.
Here's to MOM!!
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Awesome story @jongolson crypto is changing lives all over the world most importantly it is helping people in poverty put food on the table.
I think crypto is just essential now and i am seeing more and more stories of how more people are living their lives on crypto alone.
Simply amazing really, i just keep talking about it to my kin trying to get them onboard.