HODLing POB Won't be a Mistake

holovision in #hive-167922 • 2 years ago

Right now there is an exchange offer for POB to get VYB. One of the main reasons I am not unstaking and taking advantage of the offer is that I have a goal: 50,000 staked POB by 2025 when Proof of Brain token halves its block rewards.

For a brief time a few months ago I was unstaking and selling off POB to fund @memehive. I bought those tokens back and then some more. Right now I am on track to staking 15,000 POB by the end of this year.

Can you guess what happens when I don't HODL a token?

I was on "the other blockchain" and when it hard forked I moved to Hive. Back on "the other blockchain" was this thing called "Steemhunt" and it had HUNT tokens. After Hive and that other blockchain split Steemhunt stayed on "the other blockchain" and is still on that other platform today. HUNT token moved to the Ethereum blockchain though.

I remember when HUNT was worth a fraction of a cent USD. Even when the blockchains split in spring 2020 a single HUNT token was worth virtually nothing. A few hundred or a thousand HUNT would get you $1 USD. Don't just take my word for it. I traded @transcript-junky a few dollars worth of ETH at the time for thousands of HUNT.

After leaving that other blockchain I sold off tens of thousands of HUNT when each HUNT was less than a cent to get some HIVE.

A single HUNT token today is worth over $1 USD.

Meme Source: South Park

#proofofbrain #leofinance #hustler #meme #sportstalk #hive #cent #palnet #neoxian #broadhive

2 years ago in #hive-167922 by holovision

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pizzabot 2 years ago

PIZZA! PIZZA! PIZZA!

PIZZA Holders sent $PIZZA tips in this post's comments:
@infinitytcg_(7/18) tipped @holovision (x2)
infinitytcg tipped hivecoffee (x1)

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rentmoney 2 years ago

I remember the HUNT token.

I paid no attention to it, ooops.

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infinitytcg 2 years ago

Interesting as I am still rather new to this whole ecosystem is there a particular post you'd recommend me to in terms of "the other blockchain" vs this one and what caused all of it? Would be even better if there was video form. I'm assuming most picked one or the other, but quite curious as content creators can just write on both platforms in an AND scenario vs OR, but I'm guessing there is more to story then I know.

Thanks I am still not sure which communities I want to be actively involved in just yet, but I've noticed a lot of posts on the pob frontend to be a lot more interesting to me in nature.

!PIZZA

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hivecoffee 2 years ago

The former chain had been compromised in a hostile takeover, but all the data is included in Hive since the fork so there's no need to go backwards. The old posts are here..

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infinitytcg 2 years ago

Thanks for the response !PIZZA and comment although this sort of peaks my curiosity as to briefly research the ecosystem and how things transpired. I believe history is a great way to understand growth and future directions of platforms and to see if one retains or evolves the problems of past ones. I'm a rather newbie to hive still under 2 months, but all of this has been quite an interesting discovery.

I would have normally scaled in my investments, but a recent encounter alerted me of a rather big fundamental flaw in current system I am not so sure I support so I'm looking for alt coins within this space and individual projects I support more

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holovision 2 years ago

You missed quite a lot of drama in early 202o. Wow. O.K. basically "the other blockchain" is steemit.com. To some of us who migrated to Hive from Steemit it's like "the crazy ex" from a former relationship.

The co-founder of steemit.com Ned Scott sold the platform to a very rich businessman named Justin Sun who already owned another cryptocurrency platform (TRON). After having already laid off a huge amount of steemit's staff a few months earlier some saw that as Ned Scott "selling out". What made it look worse was a bunch of STEEM tokens mined in the beginning of steemit's creation (which was supposed to be custodial for the community's benefit) was also given to Justin Sun as part of the sale. The value of all that STEEM was worth far more than what Ned Scott got for the sale of steemit.com. Arguably Justin Sun got the platform for free and made an instant profit.

It seemed like some of that STEEM went to sock puppet accounts that were made witnesses to vote for code changes to the blockchain Justin Sun wanted done. Users who were openly opposed to what was happening had their accounts and wallets frozen.

This is a condensed explanation. A lot of drama happened and it drove a lot of users away who had been building value into the steemit platform.

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5 votes

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infinitytcg 2 years ago

Thanks for taking the time to inform me about the history. Yeah I can see it as a big issue when so many people were vested on the platform for someone to just make such a selfish move. I'm sure few had the liquidity to make that size of a purchase, but he could have at least given the community a chance to form a dao to acquire the assets vs selling it out like that...

Wait I thought the idea of these platforms are decentralized so I'm not really following the workers/staff part. I'm assuming it is just something witness voted into existence that a separate thing i.e. like the hive fund here would help with the advancements and development of the platform?

Wait so even on these type of platforms we can have our accounts or wallets frozen?
Truth be told I'm not so sure what are the major differences here as although I'm new I literally had one interaction where I spoke my truth that a whale didn't like silence me and neutralized dozens of hours of work...
Through it I've also made some quality interactions and have met some old friends so for that I am thankful, but being only barely a month and a half if that into it, it has been one insane deep dive after another.

Well I'm not really sure I fully understand or support this ecosystem just yet as I'm still learning but your efforts in this post and response made me feel good about adding 100 pob. I've found pretty high quality post so far on this section and so many thought provoking discussions. I'm all about challenging myself and learning to grow.

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holovision 2 years ago

Wait I thought the idea of these platforms are decentralized so I'm not really following the workers/staff part.

It's technical but basically the blockchain is decentralized. For example your last reply to my reply was transaction cc084eb307ae0cb4872cb78fe013959e43405919@59709858 which was one of several transactions on Hive block 59,709,858. That's raw data. A website like hive.blog or proofofbrain.io (or my site hiveme.me😎) takes that raw data and formats it in a more human-readable style. If I don't renew my website hiveme.me my domain expires but the Hive blockchain would still exist.

In the future sites like hive.blog, proofofbrain.io, and hiveme.me may very well be "serverless" and use decentralized cloud storage.

Wait so even on these type of platforms we can have our accounts or wallets frozen?

That gets into the witness thing. Hard forks and soft forks are fundamental changes to the blockchain code. Enough witnesses can vote to trigger a fork. An example would be the DAO hack that occurred to an ethereum smart contract back in 2016. Blockchains have a certain number of blocks that can be retroactively altered by changes in the code before the transactions are irreversible. There was a vote and the DAO hack was undone but some who believed "code is law" disagreed with that choice and hard forked to Ethereum Classic.

Oh, and let's not forget the 2010 hack of bitcoin that caused 184.467 billion BTC to exist when only 21 million bitcoins were only supposed to ever exist. A hard fork undid that.

That's why having alleged sock puppet accounts on steemit as witnesses was problematic. A fork in the blockchain is like any other tool. It can build or it can destroy.

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4 votes

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infinitytcg 2 years ago

That was quite a bit of information to absorb. To be quite honest it feels a little over my head, but I'll add your front end as a list of things I should check out. This has been an intense journey thus far...

If I were to ask you what are 3 coins you believe in post on here and why what would you say? I.e. pob, 1up, !PIZZA, or whatever

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holovision 2 years ago

We all start as beginners. When you learn a little each day you'll be surprised how it adds up.🏫

Not counting the tokens I issue (MEME and PAY).

I really like POB. It's the closest Hive analog to bitcoin. POB is set up to half its block reward every four years so there's plenty of time to accumulate before it becomes more scarce in 2025. It's a great token for playing the long game.

I like STEM. I enjoy science, engineering, and technology. It's the token that represents my main interests and hobbies. I can easily create content relevant to that community.

There are so many great third place ties to chose from. I guess out of all of them I would personally bet on LIST. There are already users becoming vendors on hivelist.store and I wouldn't be surprised if ecommerce on the Hive platform increases over the next few years.

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infinitytcg 2 years ago

Thanks for that insight you gave me more than enough to do my due diligence on. Also what is PAY wasnt able to look that up on tribal if you link to an article I can research it some more.

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holovision 2 years ago

Both MEME and PAY are tokens from steemit's platform that were moved to this blockchain when I migrated to Hive. PAY is a token for political content. The token used to be issued through the @steemianpolitics account but after moving to Hive I rebranded it as @politicalhive.

Currently PAY doesn't have a front end website and is more of a community token for https://hive.blog/created/hive-179804. The posting tags enabled for PAY token are #hive-179804, #politics, #government, #election, #anarchy, and #political. Any one of those post tags should work.

Eventually I will upgrade PAY to a tribe token but right now I don't have the funds to cover the fees to do so. The announcement post about moving to Hive and a post by @bitcoinflood that I made a few replies to through the @politicalhive account are the only useful links for PAY i know of.

If you're interested I would recommend following @politicalhive. When there are updates in the future I will post them there.

Since coming to Hive I have created one other token (PRINT). No PRINT tokens have been minted yet but I made a post about it here.

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