HBD savings rate drops to 19% Was Hive Hacked or did an intern jump the gun?
Hello Hello Hivians
For the observant amongst us this morning it seems that the Hive Backed Dollar (HBD) savings interest dropped from 20% to 19% ...
I do say seemed for a reason ...
Just to doublecheck I went to the Witnesses page on my PeakD account and saw that ...
... yes indeed the APR had been changed to 19%.
No real shock tho
The fact that it has dropped to 19% APR should not come as a shock to anyone after all the furore about dropping it last year. We all knew it was coming. Indeed I also half expect the reward pool to be eliminated or replaced by something...
But the shock is more a case of .. Was this intentional?
It went back to 20%
Yes you read it that right!
Not long after it was visible at 19% it then went back to 20%.
Infact, at the time of writing this post (10.45am UK time) it is back at 20%...
So what is happening? 20% or 19%?
In a scene reminiscent of the recent SEC spot Bitcoin ETF tweet fiasco, was Hive hacked or did an intern just get a bit too excited and jump the gun or in this case update pages to reflect the 19% before an official announcement?
Do rate changes get announced?
I am not an oldtimer on Hive, if I remember rightly the rate was 12% when I joined and was increased to 20% not long after, so I cannot remember if there was an official announcement.
Is that the Chief of Witness's job so to speak?
Would that fall to ...
@arcange being that he is the number 1 witness in terms of votes received...
Would you look at that, now it is 10.51am and we are back to 19% ...
What is going on Witnesses???
Is it 19 or is 20 or is going to be 12 % APR again soon?
Actually it does get confusing when you look at the witness page, click on the APR 19 (or 20) you get this mouse over message 👇
If that really is the case, how can it be 20% and I doubt very much that the median would land exactly on 19.00%
How do you get witness feedback?
I must admit I like the monthly report that @quochuy posts.
As luck would have it today was the monthly post ...
Witness Earnings Monthly Report - January 2024 he also explains what a witness does.
So, shall we see what he says about HBD ...
HBD savings interests rate. The current APR as voted by the witnesses is 20%
Confused?
Yes I am 🤣
Moral of the Story
No real moral as such, but it does go to show just how fast confusion and doubt can spread at the sight of misinformation!
Whilst we are talking about witnesses, I would urge people to make use of their vote.
You have 30 votes, do you really want to vote for witnesses advocating a 7 yes you read that right 7% APR...
That by the way is a top 20 witness! not to mention 12% and 15% that are in the top 20.
PS I meant to post this in the Hive Governance community (which I never knew existed, there is always a silver lining right...) because they list an example post type 👇
Questions about hive governance
All images are from my PeakD account and ramblings are from me, the mad Scotsman TengoLoTodo unless otherwise stated. Lead image by the author generated at breakyourownnews
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@tengolotodo February 5th 2024
GM Ed, Still at 20% at the moment, I guess there isnt quite concensus yet. LOL
It will come Steve.
There's been talk of dropping the APR for a while, many of the witnesses are looking even toward 10%. For the long term, is 20% really sustainable? Does it grab enough attention that people are joining Hive to get it?
I'm not sure what's going on with the fluctuating APR though, I guess we just need to get Slothbuzz into the top 20 witnesses so we can have a real say! Save a sloth, vote for slothbuzz as witness lol
lol no comment, but hive bigwigs took to twitter to attack someone suggesting it wasn't.
12% on a stablecoin is still great, it is just knowing what is going on that gets me tbh.
I am voting for your witness.
I remember when it was below 10%. I think it was originally 5% or something like that. It might have been even less. I honestly don't remember it was so long ago :) I'm cool with 19%. Just makes it harder to do the math in my head!
Nothing wrong with 19%, just curious to know what is really going on..
I totally understand!
Sure an announcement will be made regarding change, mine still at 20%, might be a glitch..., or not 🙃
Happy Monday, do agree with; check your 30 Witnesses, be sure to select those operating currently.
Happy Monday Joan, yeah at the very least it is a great time to review our witnesses.
Have an awesome week, little Spring cleaning your side I see 🤣
Interesting: may it be a visual only glitch? Because lowering the APR to 19% looks odd - I wouldn't see the point in doing it!
Some witness want 20% some want lower, so I think it will start to go down.
Oh right, you even said it in the post that the APR is a median value - I red it and then immediately forgot about it! 😅
So a slow decrease is possible, even if, as you wrote, the APR going up and down between 19 and 20 looks odd.
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It's not a glitch, it's by design.
The APR is based on the median of the values proposed by all the top witnesses. There are 10/20 top witnesses voting 20% and 10/20 top witnesses voting <= 19%.
Therefore, the actual APR rate depends on the value voted by the backup witness selected on each round and can be 19% or 20%.
I align with those that are of the position that APR of 20% is not sustainable in the long run. However when things like this happens, the community shouldn't be left to guessing about what is happening. Prompt information would help greatly.
#dreemerforlife
Oh trust me I was until I read till the end. Thank you so much for sharing.
I Came from Dreemport.
Well, I'm not an expert in matters such as this but I believe hive users will really appreciate an official announcement if matters such as this occurs because not many are paying attention to the fluctuating APR like you did
Pop in from #dreemport
#Dreemerforlife
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