HIVE - Shorter Un-Staking Timeframe Needed?
What can be done to make the HIVE token adopted wider across the Crypto-Sphere? Here are my thoughts......
As a Proof of Brain token, HIVE has an inflationary model of token distribution. But so do other tokens so why is the price not tracking Bitcoin at the moment like many other altcoins?
My opinion is this:
To have power to vote you need to stake your coins. This unstake takes 13 weeks currently to access your HIVE to trade or use in a liquid manner. This is an issue in market terms. I have listened to @theycallmedan and word of mouth is one way to get it out there for people to use HIVE, but I often get the same question about staking. Why can't I remove my stake in a shorter time frame?
Now there is some real purpose to staking and it makes people lock up coins, but I do think that the staking period is too long. Investing in a token like HIVE, unless you are looking for a passive income, isn't on most newbie to cryptocurrencies radar. All of the new people flocking to crypto, the retail investors, are looking to hold and trade tokens, not lock them up in a platform.
I am all for the staking and believe it brings major benefits, however I do feel the length is an impediment to more adoption. If it was less, users might be more inclined to stake and try, knowing they can unstake and receive back their tokens in a shorter timeframe.
Most of the Hive-Engine tokens probably have the same concerns when it comes to staking, however, as HIVE is the blockchain token, this is where changes need to start.
It is not a simple answer and much debate has occurred on this issue over the years, but some change is needed to drive more adoption and this could be just one of those changes.
If you look at the charts of late, HIVE does not seem to be following most of the trends of other altcoins which is concerning in some aspects. I have watched the price slide up slowly as other coins skyrocket and hold it's value better than others, but as BTC slides, HIVE seems to be one of the first to follow.
I am not sure what other mechanisms could be implemented to drive adoption but I am always looking and reading all the ideas that come up!
Thanks for reading.
Posted Using LeoFinance Beta
I am against shortening the powerdown, and recommend users keep 30%-40% of their Hive liquid for trading if they are concerned about not being able to access their funds. Perhaps consider 70% liquid and only stake 30% if you are planning to check out. Why should we give users who want to power down their stake so much influence over voting on our platform? Someone could power up a ton of Hive, upvote like crazy and influence the platform, then suddenly pull their funds and rug the whole chain. No thank you; but Steem has shorter power down if you prefer.
Against shortening as a blanket rule. Scale the staking rewards based on the time period someone chooses to lock it in for, similar to how Fantom does it.
I like this idea much better. Perhaps also 50/50 of HIVE/HP from post rewards?
Posted Using LeoFinance Beta
I have read and seen both sides of this issue. I have also been on both sides of this issue at one point or the other. I am currently choosing not to participate in the voting that is going on because I just feel it is too up in the air. I actually think eventually as crypto becomes more commonplace people are going to be looking for more long term investments like Hive where they can stake their tokens and know it is going to give them a decent return. These quick flippers are too short sighted.
Posted Using LeoFinance Beta
Yes. Hive went up from spot 275 to 225 during the downturn(s). It is a little more stable and less volatil. Also to the upward side.