It has been a very rough day for Hive. We are seeing a ten percent drop on the day so far, which is very significant considering we were already at around twelve to thirteen cents. What has prompted the sell off, a drop in the price of BTC of course. First off lets have a look at the last 24 hours for HIve:
Hive price for coingecko.com
And the last 24 hours for BTC, only down 3.6% on the day. The good news is that it's holding above that all important psychological wall of $100K. If that gets pierced then all bet are off... But I think it will hold to be honest.
BTC price from coingecko.com
What concerns me is that recently every time we see the price of Hive drop along with BTC, BTC bounces back. Hive doesn't. Less than a month ago we were over eighteen cents on Hive. Then we saw the precipitous drop to fourteen, then to twelve, and now eleven. Is this a healthy trend? Absolutely not, unless you are popping shrooms all day, then you might not care.
As much as I love Hive, I'm beginning to worry about it's very survival. We need to use the DHF funds much more responsibly on activities that truly show a return on investment, i.e. new members joining and staying with our ecosystem. For every dollar given out we should insist on receipts to verify how it is used.
Most of my life I have run my own businesses. There were times that money was flush and others that it was tight. But through it all I had an accountant who would insist on getting a receipt on every dime spent out of the corporate accounts. In retrospect he was a serious pain in the ass at times, but he kept the business free of tax problems through his overly thorough accounting methods. The man is a saint in my eyes now, sadly he has since passed away some time back, but he was a very good man!
My point being we need the same accountability here on Hive. We can't just hand out funds without verification that they are being used properly. If receipts can't be provided then all future funding should be cut off until such time they can verify responsible usage of funds. I want to see Hive survive and I think this may be at least a step in the right direction.
Also, please make sure you are supporting the Return Proposal, as it sets the limit for any project to get funding. Any project with less votes that the Return Proposal is not funded. It's a way we can have say over how the DHF funds are used. So your support is very important on the proposal!
That will do it for my rant of the day. I do hope to see brighter days ahead for Hive, it's such a great chain that is being underutilized. Please feel free to leave any comments or questions below, and as always thank you for all of your support. It's greatly appreciated. Have a great day everyone, tomorrow is Halloween so make sure to get ready!
References:
https://www.coingecko.com/en/coins/hive
https://www.coingecko.com/en/coins/bitcoin
Disclaimer
I am not a financial planner and this isn't financial advice. Please always do your own research before investing your money. You worked hard enough to earn it!
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