The Explosiveness On Hive: Needing The "Lottery Ticket" Approach
Things are really starting to get lively around here. For those who are new, we are in the midst of huge developments. I mean that literally. The developers who are working on different projects tied to Hive are really putting out some wonderful things.
A few of us were talking last week about how it is getting hard to keep up with things. There is so much going on, new things being introduced, that it will make one's head spin. For the longest time, one could follow different projects and have a decent grasp as to what is taking place.
Not anymore. It seems like many things are being announced, some of them out of the proverbial left field.
For example, @leofinance is one of the more active projects in terms of the development. One of the long awaited applications is "twitter on the blockchain". This is going to introduce microblogging, or short-form content, to the Leo ecosystem. Since that project use Hive as the back end, all activity (posting) will be done on Hive.
Last week, much to everyone's surprise, we did not get an announcement about the new application; not that one at least. Instead, we were introduced to a project called CubFinance which is being set up on the Binance Side Chain. This is bringing DeFi to the Leo platform, and from how it sounds, in a big way.
Earlier, we got another announcement that it went live and the airdrop is in process.
This is just one project that is on Hive. There are dozens of others, all bringing out different updates and helping to expand the offerings.
Another example if Hive-Engine. Since January, they have been bringing out regular announcements, updating what is taking place. That exchange decentralized by allowing others to run nodes. Then they started to add to their DeFi offerings by establishing diesel pools.
Of course, this is in addition to more tribes/communities being added to the ecosystem. Each week, we see more options for people, many of which have tokens associated with them.
If one is not careful, all of this can get overwhelming. Heck, it is hard for those of us who are around a while to keep up, imagine what it means for newer people.
Questions such as what do I do, where do I go, what do I invest in, which tokens are worth holding are bound to come up. Again, the Hive veterans have many of the same inquiries.
All of this reminds me of an approach I was told years ago. It supposedly came from Warren Buffett but who knows (it might have been Yogi Berra).
It uses a lottery ticket as a metaphor.
Picture a ticket with 20 boxes. Each box represents a stock. When a stock is purchased, one box is punched (shows how old this idea is). This continues until all 20 boxes are used.
The key to all of this is we each get only one card. Thus, our lifetime purchases are limited to 20 stocks. Ergo, it is up to us to ensure what we are investing in has extreme value and is able to generate outstanding returns long-term.
Obviously, this is from the mindset of an investor, not a trader. The point is to look at things very closely while not jumping on the "latest shiny new thing".
We can see how this applies to the crypto world. Expanding our view beyond Hive, we can see hundreds of options, tied to many different chains. Again, if we are getting overwhelmed on Hive, what happens if we try to understand what is taking place elsewhere? After all, we have Uniswap v.3 on tap as well as Ethereum 2.0. Cardano just released a major update. And Justin Sun is trying to buy Jack Dorsey's first tweet.
Simply put, it is impossible to be everywhere, in every project, and benefiting from all that is taking place. We simply do not have the time nor, likely, the financial resources.
For this reason, we have to kill the idea of FOMO and anything else that has us looking outside our "lottery ticket". Naturally, we want to be aware of what is going on around us since we will have spots still available, and the next venture might be a fabulous one. However, if it is not, we should not be tempted to jump onto it simply because it appears to be good.
It is easy to be like a kid in a candy store. On Hive, there is so much interesting that we want everything. This is a bad approach.
The explosiveness on Hive should be used to our advantage. We should look at the interconnectedness of different things and how they impact other projects. That will help to simplify what is taking place. Understanding there are going to be many 10x and 50x on Hive that we miss is the start of getting ourselves under control.
At the same time, we need to decide where our primary focus is. With so much happening, it is a lot easier to be dedicated to on-chain projects. Does that mean one should not look elsewhere at other tokens? Of course not. We have some room on our lottery ticket and if there are things that are outstanding, we want part of them. However, embracing limitation is vital.
If we choose to make what is happening on Hive a central part of our lottery ticket, then we can judiciously go about filling it. We need to keep in mind that if something does not "check all the boxes" for what we deem outstanding, perhaps it is best to pass on it.
It is easy to spread ourselves too thin. This can be fatal when trying to build and develop from a business and financial base. It can also cause us to miss those outstanding opportunities when they come along because we were trying to keep up with our so-so projects that really do not have a great deal of hope.
For me, I chose to make Hive central to the construction of what I am trying to create. There is enough being developed here that will allow me to benefit greatly as some of the projects start to shift things from Web 2.0 to Web 3.0. Certainly, I have some Bitcoin, one of the boxes on my lottery ticket, but I am now being careful about having too much stuff spread all over the place.
The explosiveness of Hive is presently many opportunities. Some of those are starting to branch out further in an effort to grow their value. This is providing an added benefit of being exposed to other opportunities while keeping my focus close to center, i.e. Hive.
It is easy to see the upside after things are revealed. The key is to try to have some insight and projection so as to see them before they become obvious. Bitcoin, after it reaches $500K, might still be a good buy but, by that time, the cat will already be out. Everyone will know about it.
Hive is still pretty much an undiscovered gem. There are a lot of projects that are going to draw in users, kicking off the Network Effect. It is up to us to be on the ready for this, always looking for ways to promote and spread the word about what is happening.
This is an exciting year already, with so much happening in only 2 months. We still have another 10 months before we close out the year. Just imagine where things will be by then.
And lest we forget, Hive is still 11 days away from being a year old.
What a first year it was.
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