Demystifying HIVE: It's all about the Money, the Money...

in LeoFinance5 months ago (edited)

Demystifying HIVE is a series of bite-sized posts targeted to new Hivians and for people outside of the HIVE blockchain.

The purpose is to try and break down the many complexities of the HIVE blockchain, its acronyms, and the current facts and falsehoods associated with it.


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I say ‘current’ because within 6 months some of the things I say may well no longer be relevant. It is an evolving experiment, and little remains static.

It's little wonder that the retention rate is abysmal given the huge learning curve a new person needs to endure. Without some guidance, most give up quite soon deeming it bewildering and over-complicated.

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Other article's in this series:
Demystifying HIVE: Expectations
Demystifying HIVE: The Police Force
Demystifying HIVE: What are Witnesses?
Demystifying HIVE: Utilise your Voting Power
Demystifying HIVE: The Fear of Writing on HIVE

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If you are looking to get rich quick, then leave, just leave.., the door is over there. Most of us joined for the money. It’s always about money.

Whenever I try and on-board someone the focus is always on the money. It was with me, 3 years ago and if you are new and reading this then I forgive you. I can write some shit, and earn some shit? Count me in!


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...'give us your money, give us your fucking money - Bob Geldolf (in denial)'...

HIVE is an Investment Platform. It’s not a cash generator. We all want to be rich.., well nearly all.

Who owns HIVE.., nobody, everybody? It's a stake-based platform, you buy shares in a company and it pays you dividends.

You buy HIVE and power it up, it pays you dividends; same thing, just in a different way.

If you don't want to invest, that's fine, it's not mandatory and nobody will try and con you into anything. Yes, you can earn here and spend zilch.

There is no one owner. We are all the owners of HIVE. There is no central CEO who smokes a fat cigar and tells all his grunts to work harder.


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...'forget this image, there is no central authority figure or owner. We ALL own the platform'...

On HIVE everything is transparent. I can look and see what you are doing. If you are posting, on a constant power-down, and shipping out all the HIVE, and HBD out then that’s perfectly fine.

You can do that, it’s your HIVE after all but…

As I mentioned, anyone can see anyone else’s activities. Go on..., have a spy and check on what I have been up to:

https://hivetasks.com/@slobberchops

It’s all there, and if you want to snoop on your own affairs then take away my name and add yours.

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So what are you getting at then @slobberchops?

It's quite simple really. I am a large stakeholder on HIVE and I have a certain interest in its well-being. If you are new and taking ALL of it out as soon as you get it then don't expect any votes from me.

I won’t down-vote you for this behaviour; I will simply not give you any further support. That's just me, and my moralistic outlook on HIVE.


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...'this large account is powering down and will likely sell all the HIVE. Why the fuck should I give this stakeholder my vote?'...

It's all about compromise. If you post something and get a reward of $10, then to put things simply, half of that ($5) will go to your wallet in 7 days. The other half will be split amongst all those nice kind people who voted for you.

…’and I thought they voted for me cuz my post was world-class and they were having orgasms while reading it’…

OK... so some of them might, but there are other motivations for voting.

So now you have $5 in your wallet. Yes, you do, but it's then divided again. Half of it will end up as HP (HIVE Power) and the other half as HBD (Hive-Backed Dollars).


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...'this wallet has contains some liquid (sellable) currency. Both HIVE tokens and Hive Backed Dollars (HBD) can be sold'...

The latter currency is liquid and can be sold, whereas HP needs to be powered down which takes 13 weeks. The wallet and it's different coins will likely need yet another post to explain. Nothing is easy around here but all of us have an IQ of greater than 120 right?

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My Recommendation

Leave the HP to accumulate. If you want to see the cash in your bank account, then either sell the HBD or convert it to HIVE and then sell it. If you want to grow your investment then power it all up.

Confused? You should be but this article is not about how to sell any of them. That will need another 1000+ words, apologies for that. I never said this will be easy.

…’HIVE is not a quick cash cow or income-generating platform'…

If you can get this into your head then we are making some progress.

Can you imagine if everyone powered down and took everything out what would happen? HIVE would be worth 1c per token or less in a very short period.

Once you have some HP then congratulations as you are now a stakeholder of HIVE. If you vote for another post, you will also gain a part of those 'other' 50% rewards.

Your slice will start as extremely low or maybe zero, but doing this will allow you to earn while you sleep. Does anyone NOT want to make money at 3.45 am in the morning while you are having a wet dream?


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...'people 'may' notice if you are showing some loyalty, and they will also 'may' notice if you are taking the money and doing a runner. We all make our choices in life'...

Don’t forget to vote for others. If you have squat all HP it doesn’t matter. Vote posts, don’t vote comments as you will not be able to make a difference (yet).

Next, I will explain how to turn that HBD or HIVE into 'real money' giving you the opportunity to visit McDonald's and to buy a 'real small fries'. Now if that isn't getting you excited then you need to visit Soapland.

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If you found this article so invigorating that you are now a positively googly-eyed, drooling lunatic with dripping saliva or even if you liked it just a bit, then please upvote, comment, rehive, engage me or all of these things.

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The amount of stress leaving my body reading this post...
I'm super new to Hive, and I'm very grateful to the person who onboarded me who explained a lot- but hearing it over the phone a few times does nothing for my reading comprehension skills!
Thank you for the amount of detail you put into this- I'll be checking out your other guides for sure; I might end up needing to take notes and write some things down.
You're for sure correct on the learning curve- it's been steep so far, but this did ease a bit of my anxiety and apprehension! ~Thanks for the help!~

It's a social media platform, if it's giving you stress.. then it's probably not for you! Don't worry about things, everyone here is (mostly) super polite as being a troll can get you down-voted (and thus induce a loss of rewards).

I'm happy to see someone, genuine and new.. @steevc.., @external-panic is another possibility for @tenkminnows. Have a drink of !WINE to soothe your nerves.

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Follow some like-minded people, or you will miss what they are posting.

A good place for short stories is The Ink Well community.


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Thank you for the advice! I do have some people that I check in on- I will go ahead and follow them! As well as The Ink Well Community- I appreciate the help with that, I wouldn't have found them possibly otherwise!

Been a long time believer in this blockchain since the day I started. Always saw the potential in the limitless decentralized nature. It can be overwhelming for most people and it certainly was for me when I first began my journey. Takes time to digest and fully grasp all the concepts and maybe one day we can dumb down the UI to a point where it is accepted and understood by the masses.

and maybe one day we can dumb down the UI to a point where it is accepted and understood by the masses.

I cant see it happening, if it was too simple.. I don't know whether it would have the appeal (for me). I love the fact I had to learn all this, but then.. I'm far from normal!

HIVE!D

GREAT article! I too enjoy the fact that I had to learn the hard way and I avoid tryna get involved in onboarding... people have stoopid expectations... fuck'em!

Kind regards!

Excellent! I've noticed several producers releasing how-to Hive articles recently, it's nice. I'm putting one together myself that'll hopefully help.

I'm putting one together myself that'll hopefully help.

Excellent, the more the better.. we can never have enough of these. !WINE

Ok I give up. WTF is that cover image? Not a canal. Is it the sky's reflection on a lake? What is it!!

I'm a little peeved about that cover. It is the Leeds-Liverpool canal at dawn with a heavy filter applied. @bingbabe took it on an early morning run, but I can't find the original... so am having to use a low res copy. !WINE


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wine-greeting
Total Purchase : 24005.572 WINE & Last Price : 0.290 HIVE
HURRY UP & GET YOUR SPOT IN WINE INITIAL TOKEN OFFERING -ITO-


WINE Current Market Price : 0.271 HIVE


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WINE Current Market Price : 0.271 HIVE

Thanks for this, Got my buddy who onboarded me to explain a lot of this stuff but seeing it written down has helped.

Shit I thought this platform was a cash cow... I do have to say as a newcomer this article was helpful, and informative. Still gonna split HBD between HIVE and HP powerup cause... well Who doesn't Like to HODL?

So think I'll stick around for a while and keep learning about crypto, I also I like being a part of the community here.

Next figuring out the tokens on here...

As requested I upvoted, commented, can't do the others yet cause haven't figured those out.

Have a good one!

You look to be doing OK, there's a large barrier to break through when you start. It repels a lot and they leave. Keep going. !WINE


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Total Purchase : 24005.572 WINE & Last Price : 0.290 HIVE
HURRY UP & GET YOUR SPOT IN WINE INITIAL TOKEN OFFERING -ITO-


WINE Current Market Price : 0.271 HIVE

Thanks for that, Like I said I had a good teacher hold my hand and prevent me from making too many stupid mistakes. Otherwise aside from that, its been a learning curve but fun. Hopefully more and more people will join up and get past the initial hurdles. Its good to see so many How to posts popping up.

Thank you for the post! I've only been active on Hive for a few weeks, so found it very informative! Will definitely follow for more advice!

You're welcome, I'm glad it helped you. There appears to be in in-flux of South Africans joining recently, do you know each other?

Lol the South African are always a bit slower than finding things than other parts of the world, we're on African time lol (in-joke there).

I think that people are slowly waking up to how the centralised platforms are just selling our data etc., So I wouldn't be surprised if you see more and more from here in SA.

Thanks for these posts, they helped me to understand it all a bit better. For now I'm just enjoying posting and connecting with people and hopefully sharing some interesting experiences along the way.

You seem to be doing good, a lot better than I when I started here over 3 years ago! A word of advice would be consistent, cite ALL your images.. the post I just voted had some done correctly and some others that just said Pixabay.

Thanks so much SlobberChops, I appreciate the advice and will do so. I prefer to use my own images on posts, so I admit I could have put in more effort there.

Still learning and many people have been very supportive and helpful since I joined which stands out to me.

Have a lekker day (South African lingo for nice).

All fixed up now, thanks for prompting me to sort it out :)
Have a great day.

Hi Slobberchops.

I hope you are having a good weekend. I have a question that I posted as a reply to a post about using Hive, but I haven't had any replies, was wondering if perhaps you could help?

While trying to understand what all the functions in the wallet were, I transferred the Hive that I had accumulated from my posts into my savings but I actually want to use a few of them to purchase an NFT. I have an NFTShowroom account all linked up, but I am not sure if I can use the Hive from my savings or if it has to be "liquid" Hive in my wallet?

I don't want to withdraw the Hive, so if that is the only way I'll go buy some instead, was just wondering if it's possible to move the Hive again once it's in savings or if it's kinda stuck there?

Any advice would be appreciated. Thanks a stack.

Andy

I needs to be liquid HIVE, I never use savings as it ties my HIVE up. You can release it from savings, but there's a 3 days wait.

Thank you, I understand it much better now :)

Nobody else ever seems to explain this stuff...and certainly not in readable English.

I've been here since Aug 2016 and I read your posts just to make sure I think the same things...and am relieved when I do !

I wish my account would say 'Joined August 2016'. Quite jealous! !WINE


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Well this one doesn't, but my original one does - not on Peakd though, only on Hive blog front end.

I actually set up two accounts in Aug 2016 because of a podcast where James Corbett talked about Steemit. Both of them ended up blacklisted but @sift666 and @mg-nz are still here!

Recommended reading for everybody new to and/or struggling with Hive. I've never had thing sexplained to me so concisely and simply. Thank you

Happy that it's being put to good use, your welcome!

After reading this I can now understand most. So I will get my reward after seven days of posting. That's nice . Just keep the good work going

Someone else asked me why my wallet is not filling up. I had to explain the 7 days thing. There's instructions.. is there? !WINE


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wine-greeting
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WINE Current Market Price : 0.271 HIVE

Great job, @slobberchops!

It's great to see someone putting together a set of articles that can be used "for external consumption," as well, so thanks for that.

I expect more and more of the future of onboarding will lay with individual communities in the 2nd layer... it's easier to "sell" someone on the idea of joining a community centered around something they are already interested in, and the whole crypto/make money thing is secondary in the approach.

Anyway, nice to see this!

The 2nd layer.., we have been waiting for years, I do not kid you. I don't want to say anything about that!

Good point. I focus on content but if people are always cashing out I might give half the upvote, and most of the people I support regularly are powering up or just hodling HBD. Both are a factor.

Love your name.. almost as mad as mine!

All other niche markets were already oversaturated, it was the only one left 😉😆

Far easier than text messages! Excellent insights for me, cheers @slobberchops

I was hoping you would see this, I know you can benefit from this. It makes a change from breathing in those toxic fumes.

😂
Currently breathing on essence of Eve

Very nice! You have really outdone yourself with this one. @iikrypticsii, make sure you check this post out.

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So so helpful!!! I’ve never known exactly how all the income gets split up so that clarifies a couple things for me. I’m going to track down your previous posts too.

Yes! The learning curve has been steep but I feel like initially
You need to post and contribute to work for your hive honestly with good content. Now that I’ve got a little I’m the wallet I can start looking at investing. I don’t even know how to delegate, so that would be a helpful tutorial 😂(and what are the benefits of delegating?? Are there risks?? )

Hi @zo3d! I`m here to help :) If you want to delegate, please make a comment (for example replay to this one) like this:
I want to delegate X sp to @user
Where X is the amount of SP and @user is the steem user you want to delegate to. For example:
I want to delegate 100 sp to @slobberchops
@tipU will answer with a delegation link. Hope this helps!:)

Ok that is good to know! And then how would you reclaim that delegation? Is there a timeline on the delegation?

Delegations, I will bear that in mind. I do delegate and could use mine as an example. You have taken well to HIVE, I am happy that it's working for you.

Thank you! I take that as a compliment. Much appreciated.

Nicely put - Hive is get rich slowly, but I'm sure you're realising the same thing as me - once you've got a certain sized stake the earnings are a pretty decent second income/ retirement fund.

Ironically I did just start a small Hive PowerDown, but only because the LEO guys are being cagey about when the next snap shots are so I'll have to do a bit of swapping about - hopefully the relative prices will change in my favour during the process.

I think Hive-to guides have to be just ongoing. Talking about those you might remember @sidwrites - I think he may have unfortunately died of Covid, at least that's what his blog trail suggests, I might be wrong, but his last post is about contracting it, and then nothing after that.

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I powered down some a couple of months ago, it's the first time I have ever done a proper one. I'm using it to swing trade!

I think Hive-to guides have to be just ongoing. Talking about those you might remember @sidwrites - I think he may have unfortunately died of Covid, at least that's what his blog trail suggests, I might be wrong, but his last post is about contracting it, and then nothing after that.

I hope not, that is truly sad as I liked Sid.. he had style.

This is an amazing post! Having just started to get a hang of the convoluted way earnings are distributed, this is by far the best explanation I've heard yet. I have a friend that will hopefully be joining this platform soon and I am going to show this to him. It's definitely not an easy task and takes a ton of time, but consistency and persistence will yield some rewards in the future. 10/10

I see @bozz has sent you a delegation, that's cool of him. I will keep an eye on your posts. Good to hear this is helpful.

HIVE is not a quick cash cow or income-generating platform

Playing the long term game

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That's how it should be perceived. !WINE


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wine-greeting
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I'm supporting those who need it and who show some dedication. That's what my @tenkminnows project is intended for. We need people to build up their stake to influence the rewards distribution as we have seen too many people powering down. I appreciate some really need the money, but they have the potential to make much more if they help Hive to prosper.

!BEER

and who show some dedication.

It's not just me then, it does irk me to see a complete bailing of the tokens.

I don't check on everyone I vote on, but those getting votes from my bot need to be building their accounts.

Some new learning - https://hivetasks.com - will come handy.

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Call it an attachment to the old steemworld. https://hivestats.io/ does the same thing, and more, but I prefer the layout of 'steemworld'. !WINE


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wine-greeting
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WINE Current Market Price : 0.271 HIVE

Is the developer same ? I liked steemworld so much, but as far as I remember, he did not like hive ?

No, this is some clone and throws up errors sometimes. You need to be patient with it when it does. It works.. but it's quirky.

Nice post. I would like to add that with selling hive is not that simple. Some people selling now speculating to buy more later at lower price.
I sold 65k hive last year at $1 and buy back 100k at 11 cents, plus 2 btc and a couple of shitcoins on top for a good mesure.

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Nice post. I would like to add that with selling hive is not that simple.

Thanks.., and that's an understatement!. I have been putting off the 'next post' for some time and for good reason.

I sold 65k hive last year at $1 and buy back 100k at 11 cents

Did you manage to get in on that spike at 97c? If so... kudos!

@oldtimer it is good to buy at a low price and sell at a higher price,so many people might want to wait for the price to go lower before they start buying,while those that have bought it at a lower price might want to consider selling it now,it all depends on the individual traders and their own perception about the market as a whole...

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i would love to see hive price to reach $10 before end of this year so that alot of people will become wealthy via the hive blockchain....

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A very useful guide for new folks joining because there isn't a sticky that explains all this stuff. Hopefully there'll be lots more of em to read it.

There are a lot more of these I want to write. The amount of knowledge you need to know what to do here is staggering. It's no wonder most don't stick around. I don't think it will ever attract the masses in it's current state.

One day there will be hordes of people to read the guides!!. Hopefully... :0D

If HIVE ever goes up (and new blood arrives), then maybe they will be useful to someone. We all know this stuff already. !WINE

It keeps spiking up slightly before falling down. Shouldn't be long now and boom, it will stay up!


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wine-greeting
Total Purchase : 23932.000 WINE & Last Price : 0.290 HIVE
HURRY UP & GET YOUR SPOT IN WINE INITIAL TOKEN OFFERING -ITO-


WINE Current Market Price : 0.271 HIVE


Hey @slobberchops, here is a little bit of BEER from @steevc for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.

Congratulations @slobberchops! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

You received more than 56000 HP as payout for your posts and comments.
Your next payout target is 58000 HP.
The unit is Hive Power equivalent because your rewards can be split into HP and HBD

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

!BEER
for you


Hey @slobberchops, here is a little bit of BEER from @eii for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.

Thanks for continuing to make Hive awesome.