Are We Getting Close To Hive FOMO?
Cryptocurrency is a wild world. It is still based upon massive speculation. Most are looking for the latest "moonshot". For those who catch the right wave, it is a very powerful money maker.
However, this is not what the industry is based upon. Instead, it is all the people who are working each day at building something. This is a combination of developers, entrepreneurs, and community members. All have a role to play in the expansion of this new frontier.
And that is exactly what it is: a new frontier.
We are embarking upon virgin ground. Web 3.0 is being constructed before our eyes. For those who spent time on Hive, we can see how things are really starting to unfold. This is not a process that focuses upon hype. Rather, we see the consistent grind that is required to keep moving ahead. As they say, Rome was not built in a day.
What is in question is when the FOMO (Fear Of Missing Out) will hit with those outside of Hive? Is this a destination for millions of people as so many of us believe?
Wealth Building
Hive is a compounding machine. This means the wealth that is associated with this ecosystem grows as time passes. While most chains could make that claim, the difference is that we have a great deal of development assisting in that effort. At every layer we see progress that simply puts more money in the hands of people on Hive.
This is not an overnight process. At the same time, we are nowhere near the level of Ethereum. However, sometimes the slow and steady does net results.
Why is wealth so important? Simply because that is what is likely to attract others. As Web 3.0 evolves, the tokenization aspect is vital. Hive has some unique characteristics which makes it ideal to excel in this environment. For that reason, when the "Web 3.0 Summer" hits, Hive can be in prime position.
We see a lot that is filling the pockets of those on Hive. We have Splinterlands, PsyberX, and Leofinance, three projects that has major releases in terms of financial opportunities in the last couple weeks. While some of these are off-chain, the reality is that members of the Hive community are benefiting.
An important point here is that it all feeds itself. As the ecosystem has more money, it can use it for other productive purposes. For example, those who earned rewards are then able to use those, if desired, for plots of land in PsyberX or Splinterlands. Those could have enormous value down the road, if they take off. Of course, the money used to purchase them could help the development teams (if going directly to them). This would likely result in more development.
Then we have the HBD Savings.
Here is what @dalz had to say about it:
Prior to July there was somewhere around 150k in the savings. Then it started to grow and at the moment there is 2.9M HBD in the savings.
This is a low-risk, base layer investment that pays 12%. At the current level, it means that it is paying out 290K HBD per month, almost double the total amount deposited in July.
Many of us witnessed what happened last Summer when Splinterlands took off and suddenly many on Hive had decks there were worth hundreds of thousands (if not millions) of dollars. When an ecosystem sees it resources grow, more can be accomplished. This will ultimately keep feeding into the long-term growth.
Stable, Not Sexy
Consistency is not sexy nor is it glamorous. Here is where the hype cycle can go wrong. When things get promoted to the moon, there is usually a crash afterwards. This is very common in technology. We can look back at a number of technologies that were going to be the "next great thing" yet failed to deliver. Large sums of money flowed in with everyone gearing up for the future (Metaverse?). Sadly, things got ahead of themselves and much associated with those particular cycles ending up being wiped out.
Hive certainly is not sexy. What it is, though, is stable. The consistency of those involved with this community serves as a powerful foundation for what will unfold over the next couple years. Dedication will ultimately have its rewards.
This means that we can classify Hive as an undiscovered gem. Simply put, Hive is very good at what it does. There are limitations since it is not designed to mirror Ethereum or the other EVM blockchains. That said, when it comes to Web 3.0, Hive serves as a powerful back end. This is something that we can expect certain applications to utilize in the future.
As we can guess, this is not attractive to much of the crypto world. This is a realm filled with the high flying, hair on fire types who want to go a million miles a minute while living on the edge. Stability and consistency are not primary factors. Of course, we see the results each time the market turns bearish. Those people get flushed out as their accounts take a bath.
The investment world is filled with hidden gems that made it huge. One company, Apple, epitomizes that. The IPhone™ made it a global sensation yet the company was 30 years old by that time. Few recall that it was a niche computer company for decades.
With Apple, FOMO did kick in at some point. The growth of the company even pulled in Warren Buffett and his money. This was a huge move because he is the epitome of anti-tech. Nevertheless, he does come wielding billions so getting on his radar is of great benefit.
Hive is attracting a different breed. We always have. This is not a quick hit ecosystem. Instead, we discuss things like building and expanding. Few are really interested in the "new shiny toy". The speculators are bored here.
Nevertheless, history shows that development, when consistent and expanding, does pay off. Hive certainly has that.
Which brings us to the main question: are we getting close to Hive FOMO?
With all the development that is taking place, along with some of the new additions we are seeing, a case could be made that, by mid-year, we will see things really starting to take off. A lot went into getting us to this point and the progress is only accelerating.
So what are your thoughts? Do you think we are nearing the time when Hive gets on the radar of many in cryptocurrency? Would this set off FOMO?
Let us know in the comment section.
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