Doing What Is Best For HIVE Has To Be The Priority
Above is an extract from @dalz's post yesterday.
Thank goodness we have users on HIVE who delve into the stats and @dalz is one of those particular people. Yesterday he posted a piece that was mind blowing and also scary all at the same time, but we all need to know these things. We care about HIVE and letting people/other users know what is happening is important. Doing what is best for HIVE and not you or someone else benefitting which may or may not have been the case, but HIVE and that must be the priority. Without accountability of where and how the HIVE marketing funds have been used via proof of spend then questions will bound to happen. There has been abuse and we all know it no matter what others are saying as we are not blind.
Here is a link to his post here and I recommend everyone digests the information as this is not a comfortable read. The inflation on HIVE is ridiculously high and the month that just finished being February was the highest month for inflation on HIVE ever.
How many months can we allow this to continue is what I am asking myself as 10 million new HIVE over the next 6 months would take the circulating supply way over 600 million which would be around 50% more HIVE than what we had in 2021 when HIVE reached the ATH of $3.41. The HBD is killing the golden egg with the 15% staking rewards and my mind is saying why have the witnesses not changed their percentage rates? From my understanding we place the trust in the witnesses to look out for the blockchain not only in the blocks being processed, but looking out in general. Surely the alarm bells are ringing as the printing of new coins needs to be rained in on all fronts besides HBD.
I am no developer and do not know what is possible when it comes to code, but is there anyway that the code can be tweaked in order to reduce the printing that is taking place. I get the idea we are decentralised and maybe this goes against the ethos of what the chain stands for but there needs to be some type of intervention sooner than later before this escalates further.
I understand having HIVE at $0.06c has only made the situation worse and escalated or should I say revealed the underlying problem that was there and this is not sustainable. When we consider the target inflation was 2.5m per month so 30 million new HIVE per year so 3 months of the current rate would surpass the yearly target. More is not better in this case and all this does is dilute the value of what we have already so it is not surprising the price will continue to decline and bouncing back will not be the bounce back we may have hoped for when it happens.
I keep mentioning in my posts things need to change and yes the DHF funding of projects is one of the big problems. Those responsible for what has taken place need to put up their hands and admit things were not perfect and that this needs to be thought out using common sense. Maybe get some fresh blood in the mix as the decisions that are made affect each and everyone of us and I know the 8 years I have spent building and accumulating my stake has so much personal meaning that HIVE is that important and needs to be the leader in it's category. We cannot screw this up and need to make sure what happens is the best for HIVE and if that is not the case then things have to be addressed and changed.
Posted Using INLEO
The top 20 witnesses are the only ones that have a say in these matters and also one of them is the most influential one: blocktrades
He can pretty much decide who are the top 20 witnesses are and what in DHF gets funded and tomorrow he will be on the Hive Thrive show on Hive Discord so you can ask him everything that concerns you: https://ecency.com/created/@buttcoins/hive-thrive-show-46-guest-blocktrades
Well I guess this is a good opportunity to do just that. Thanks for letting me know.
You are welcome, I am hoping to make that show as blocktrades is always interesting when he speaks...
The concern about supply growth is valid. If issuance materially outpaces demand, dilution pressure is inevitable.
I know many people don't like this answer or feedback what I say , but the behavior that DHF has shown of cold-bloodedly handing out coins without any return is absurd. ( like was this sport car ) It's already very suspicious that for the last 4 or even the last 5 years these people at the top haven't been able to understand what they're doing.
It already smells like scheming.... sorry to say it 💁 , when even the creators don't want to change it immediately.... it's clear that someone is peeling the skin off all of us. , But they sit and discuss some percentage that doesn't change anything. To fix this, there is a simple solution: each project finds its own money, or if they want DHF money, then a contract must be made. If the project fails, 70 or 80 percent of the coins must be returned. If there is a user who has repeatedly made projects and has only failed, then these people must be removed immediately from DHF so as not to simply throw money away.
If I had a business, that's the logical thing I would do, but here we don't have that, we have more like a massive withdrawal of money out from DHF... and play and make it clear to the people that this is development. , and then small users are blamed for selling too many coins on the market.... like what f..k 💁
Tether (usdt) destroys billions of dollars worth of its own supply to maintain its dollar peg. I wonder if HIVE whales will eventually consider a similar move. Burning a significant portion of supply could significantly add value to their holdings.