Hive, The Taste of Resilience
FTX is down, FTX is bankrupt, but FTX got hacked... How much luck can SBF have cumulated in less than one week? How unfortunate were the ones dealing with FTX lately? Well, this one goes out as probably the shittiest event in the history of crypto.
And yes, FTX has been indeed hacked. It happened just a few hours ago when ...
Hundreds of millions of dollars are now flowing out of FTX wallets, some speculate liquidators but it's late on a Friday night, not typical times for such rapid heavy movements. Some withdrawals are being swapped from Tether to DAI. Hack or insider actions? $26 million here...
The market hasn't reacted at all to this news. Why even dump now, right... If you haven't done that at $20k so you can scoop up more when we hit $16k and below, doing it now just in case we get $10k is kind of risky. 19.6% ($556M) of Crypto․com's asset reserves are in Shiba Inu. Wanna know why? Cuz that's what 19.6% of the crypto.com users are holding.
That's crypto, people...
Holding your precious coins on an exchange is probably some of the worst things you should do with your crypto, that's a no-brainer, but what about making your own bank(blockchain)? We should all do that... Or we can have a community building such thing so we don't get rug pulled or dragged in a FTX similar story.
Oh, wait... Hive does that. It's been doing it for over two years. We're close to becoming a three years old decentralized blockchain-based social media community. How nice. We're also "the product" of a failed takeover combined with a rugged pull, cuz Sun tried to take us over and he ended up buying crap worth millions and Ned did rugg pulled us.
Who would have thought of that?
Let me tell you a short story... A couple of weeks ago I got an e-mail from Binance that I need to "once again verify my profile". I was already a verified user, but they wanted me to provide more personal details. My answer was simple: fuck off...
I live off crypto, some of you know that already, thus I have to somehow have a bridge between crypto and fiat, but I need one that's not too intrusive. I have a crypto.com account and a VISA card from them, thus I switched to that. These guys have my credentials already and so far haven't asked for anything extra.
Hence, I'm sticking for now with it. It's a bit over the hand to use it when in comparison with Binance, but I have no better option for now.
FTX made things worse for us lately. Not only that it fucked up people's funds, but it also got us even more on the radar of regulators. We're once again in the "Bitcoin is dead" stage and that's a good thing, cuz usually what comes after that is pure upside madness. Well, not actually madness, but Bitcoin usually starts to appreciate once it overcomes this stage.
What are the crystals saying @edicted? Have we bottomed yet?
Hmmm, stablecoins. I should have had some at hand lately, but I'm not a fan of holding to stables. I should learn that, though, cuz stables are important. But which one should I trust? USDC, USDT, DAI...? USDT and USDC claim they can't get in the shit FTX has gone through, thus they could be called trustful. @edicted has already made the case of why USDT can't fail.
The market shall reverse and as much as depressed I currently am right now, cuz my revenues have literally tanked, I sure know things will change for the better. If not, then probably Providence wants me better in the legacy system than in the crypto world. You gotta have a plan, though... In case fortune favors crypto.
HBD is part of that plan.
So, am I thinking of dumping all my coins into HBD and putting that into savings right now No, not at the moment... Am I dumping all my cash reserves for HBD? Neither that one, it's not because I don't trust Hive(HBD), but because I don't want to stay "financially naked" in a world where we still need fiat.
So, what's with HBD? Simple... HBD will be my stablecoin of choice for when I will start dumping on my coins. Some portion of that HBD will be converted to fiat and a large part of it will be put into savings. Having HBD in savings during a bear market is mandatory for me. This way I won't rely that much on posting revenues and price fluctuations won't affect me anymore.
Passive income is a must, I know that for sure right now.
Yes, HBD is not the perfect stablecoin when it comes to holding peg, but it's *our coin. It's the stablecoin of a community that's a pure example of resilience. It's "part of decentralization", if I can put it this way, and it is also our bank. You can look at it from this perspective as well. Time to go eat my breakfast now. I wish you all a great Saturday and see you next time.
Thanks for your attention, Adrian*
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