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

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(Edited)

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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.



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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.

!BEER

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