My August 2024 Crypto Progress Report: SPS Recovers!

Yep, the big winner in August 2024 was SPS, which moved up from somewhere below $0.005 to a high of just over $0.0075 before dropping back to somewhere around $0.0065 in early September.

SPS Price Chart, 7th August-6th September 2024

I know SPS used to be much higher, but I only started my push for 15,000 SPS in earnest back in April this year as someone who enjoys playing Splinterlands, approves of what the team is doing with the game, and is attracted to the low price of SPS and the interest rate, which, even if it is steadily declining, is still over 11%. (Funnily enough, it was the much higher interest rate that caused me to start staking SPS inside Splinterlands, after which I gradually got drawn into the game.)

HBD Interest Rate Reduction

Last month, several witnesses with massive voting power (anything over 70 million MHP) voted in favour of dropping the annual interest rate for HBD savings from 20% to 15%. I can understand their concern, but not all top witnesses have done so. Indeed, the top witnesses remain in favour of 20%, as do three others in the top ten, but it is not enough to maintain the 20% policy.

For me, I will have to have another look at my HBD Freedom Ladder and recalculate my targets.

Slow Progress

Speaking of targets, apart from SPS and BBO, it looks as if my progress towards my 2024 crypto goals is now far too slow. Here is the latest chart of my progress so far this year:

Crypto Asset	1st January	1st April	1st July	6th August	1st September	2024 Target
HIVE Power	3,438	3,553	3,678	3,743	3,789	7,000
HBD	1,346	2,142	3,070	3,135	3,183	7,500
Staked SPS	6,449	8,669	10,357	12,451	13,419	15,000
CTPSB	252	275	276	277	277	750
LEN	1,234	1,477	965	677	684	3,500
Staked LEO	1,518	2,273	2,282	2,284	2,287	3,500
BBH	1,046	8,088	8,912	9,260	9,494	10,000

Moving Goalposts...

Back in January, when I set my Hive crypto targets for 2024, my expectation was that I would convert Bitcoin into Hive to hit my HIVE and HBD targets, and then hit my second-tier token targets.

Back in March, when Bitcoin was around its new All Time High, I did indeed convert some BTC into Hive. It was around then that I decided only to swap BTC for HIVE when BTC hit a new All Time High. However, ever since March, Bitcoin has failed to break into new territory, so I'm quite content to stack satoshis and bide my time, even if it means I miss most of my Hive token targets this year...

On the other hand, were Bitcoin to drop into the lower $40,000s or even the upper $30,000s, I begin to wonder whether I wouldn't liquidate HBD and buy into the Bitcoin dip in anticipation of new All Time Highs for Bitcoin in 2025...

That raises a question. I know what to do when it comes to buying Hive with Bitcoin, but what is the best way to buy Bitcoin with Hive? Is it possible to sell liquid HBD directly for Bitcoin of do you have to convert HBD into HIVE and then buy Bitcoin?

If you have any experience of buying BTC with HBD or HIVE, I'd appreciate your insight.

Cheers!

David Hurley
#InspiredFocus