A Bit of A Purist: Why Discipline Matters In Crypto Investing
Hive is a blockchain-based social media platform and, as such, falls under the social finance (SoFi) banner. It is primarily utilized as a platform for bloggers and content creation. The investment aspect comes into the picture via a mechanism known as powering up, which is a form of staking that enables users to increase their vote weight and ultimately their curation rewards. As a result, an initial investment can shorten the process that would otherwise unfold organically.
Perhaps it is because of my life experience, especially in the “working world”, that I have developed a view I consider quite sacred. A view that the path you forge for yourself is the path that leads to further reward and accomplishment. I have witnessed many receive a “position” in life that they never earned or worked their way towards. I am strongly opposed to the idea of “wealth transfer” without qualification, and by that, I am not speaking of a degree.
I am speaking of being found to be faithful and efficient enough that promotion is the only logical move. This has, however, led me to consider Hive and INLEO and whether I should simply invest to increase my voting power and ultimately give myself a boost. Both avenues have unique benefits, and community members must choose the path best suited to their objectives.
Why Not All Victories Are Equal In Crypto Investing
For the majority, I suppose it doesn’t matter how you get there, as long as you do. As long as you have that muscle within the platform, it’s all that matters. For me, it’s not that simple. For me, a victory would be growing an account from zero with zero capital allocation. It would be something I could look back on, especially as an encouragement for future challenges.
Why This Approach Matters for Long-Term Hive Success
Why would this be so important, apart from the fact that it is the only way to grow your reputation? You can, in essence, purchase your HP and subsequently, your voting weight. However, you cannot purchase your reputation. Ranking, in terms of reputation scoring, can only be achieved by putting in the hours on-chain. There are no shortcuts regarding increasing your reputation.
What this would imply is that the value of your account is solely measured by your contribution. It’s kind of like being born a citizen with full rights, compared to someone purchasing citizenship through property investment. The value of a Hive or INLEO account built this way is evidence of a history of contribution and providing value to the community.
The Direct Link In Hive Mechanics: How The Hive Blockchain Actually Works
There is a direct link between the monetary/voting weight and the contribution of such an account. This is worlds apart from simply purchasing a truckload of HP. From my experience back in 2017, Steemit was very much like that. Guys triggered their traction by an initial investment. They then went on to build a reputation by using a stage they purchased rather than built. Many new accounts skyrocketed overnight.
A Valid Argument For Investing In Hive
It can be argued that there is nothing wrong with this approach, as the platform enables it. Sure, if that is how you wish to do it, you can, but you will still need to build a reputation. I don’t have too much of a problem with this approach, provided it is within certain parameters. However, I view the alternative as a much superior way. It may take much longer and require a lot of work, but it is more sound.
Enhancing Organic Growth In Crypto Ecosystems Like Hive
I suppose a better approach would be to supplement growth over time. Building your account is definitely a better idea than “buying” it. However, rewarding your efforts is also a good approach. You could always decide to meet your own efforts with a further 10% or 20% allocation.
For example, if you earned 1000 LEO for the month, invest a complimentary 100 or 200 LEO. This would also encourage you to excel and grow your account faster. This helps you build a foundation and be grounded within the community. Furthermore, risk is reduced because it is merely a percentage of the capital deployed.
Connections And Relationships On Hive: How The Social Blockchain Works
This is also the way to build true connections in the ecosystem. You subscribe to certain users because they speak your language. You get to share ideas, projections, and strategies with one another. This takes place at a point of engagement, an action that reaches beyond an upvote. This is something that the community as a whole appreciates and rewards.
Can Users Rely On Hive As A Long-Term Income Source?
During 2021, when HIVE was trading above $3, I am sure many were considering shifting their attention from Hive as a blogging platform to a full-time income source. However, HIVE’s ascent was short-lived, as crypto prices in general crashed in 2022, marking a very eventful bear market. This is, unfortunately, the main issue regarding stable income within the crypto space: market volatility.
If HIVE consistently trades above $3, you can attempt to secure meaningful income from the platform. However, this is not the case. At best, Hive is a supplementary source of income that, together with several other opportunities, could provide a stable income. Until HIVE trades predominantly between $2 and $10, I would consider this to be the case.
Final Thoughts
For me, the true value lies in the person’s contribution. The knowledge, insight, and wealth they bring to the platform each day. The value comes from within the network, not from external investment. The contribution “makes a demand” on the network’s existing value. That is where I would like to leave it. How much of a demand is your contribution making on the existing value within Hive and INLEO?