Would you love to see Hive skyrocketing to the Moon? Then you do something about it. The bare minimum is to stop dumping it at its current low price. True, Hive has jumped up by about 15% to around $0.36 today. But at this very moment, it’s slowly falling back to where none of us wants to see it – darn too close to Steem. How come Steem, an abandoned place that lost talented people and projects that migrated to Hive, can match with us four years later? And how can Hive's market cap be so low compared to dozens of useless coins and tokens? Well, we’re dumping it. Let’s stop! Selling out Hive for fiat under $1 makes no sense anyway.
I understand that many people need their earnings to live, as their countries experience high inflation, and securing their living standards with a few extra dollars a day makes perfect sense. However, dumping Hive (or Leo, which is basically the same, except that pushing Leo down is way easier due to low trading volume) is counterproductive in the long run. It harms more people who need an extra source of income rather than those who don’t mind waiting to cash out their profits a few months or even years later.
LeoDex
Fortunately, Hive offers several tools we all can use to generate a few extra dollars and not harm the network by simply dumping the hard-earned blogging rewards. Have you noted some of the recent threads and posts by @khaleelkazi? LeoDex, a recently launched decentralized exchange, temporarily allows highly profitable arbitrages. There are multiple advantages for everyone involved:
- By using LeoDex over any alternative exchanges and swaps, you support Leo as the fees are permanently pooled.
- Trading volumes are quite an important indicator for traders. Money attracts money, which pushes the price up.
- By seizing this opportunity, you can use your rewards to boost your account, i.e., invest rather than spend. A win-win situation.
via Leo Discord. $20 or 6% profit.
Internal Market
If you are uncomfortable with real-time arbitrages, regardless of the reasons, there is another trading option beneficial to the network. Hive has an internal market to trade Hive/HBD. It’s free of any charge and allows you to trade from 0.001 Hive/HBD. Besides, as you likely know, we fund HBD Stabilizer, which keeps HBD pegged to USD, making it effectively a technical stablecoin.
HBD oscillates around the peg but never sticks to the dollar price. And you can basically copy what the HBD stabilizer does – buy when the price is below one dollar and sell when it grows over. It is also an arbitrage, yet it may feel less risky and more reliable for people without trading experience. Yet again, adding trading volume helps more than simply selling Hive for USD or your local currency. Besides, the Hive market is an affordable playground for anybody who wants to experience trading and test whether it is their cup of tea.
Hive internal market
Either way, if you trade your Hive around before dumping it. You will help the ecosystem and yourselves. Trading Hive anywhere else, be it a CEX or swap, is cool too. Consider that next time you’re taking your profits.
This is my entry to May Inleo writing prompt for May 3.
Posted Using InLeo Alpha