What If Hive Reaches 10 USD?

Have you ever wondered what you would do when the price of Hive reaches 10 USD?

I was reading posts from @acidyo and @tarazkp on this imaginary target and it made me think hard too. My initial thought was: Ah, that's impossible! Hive is just only around 30 cents! It would need to go up by 30x or 3000% to reach 10 USD.

But I soon realise that in the crypto space, a 30x or 3000% gain is not something that is unthinkable. We have seen many examples in the previous run that went up by such magnitudes. Even Bitcoin went from lows of around USD 3,000 all the way up to a peak of around USD 66,000 in a few years. That's 22x. And of course, you have Dogecoin which was supposedly a memecoin but skyrocketed from less than USD 0.01 to a high of USD 0.65 (at least according to CoinMarketCap). That's much more than just 30x.

Now that I have dispelled the idea that 30x is indeed not so crazy, the question is would Hive be able to do the same as well? The short answer to this is, why not? In a crypto bull run, as they say, a rising tide lifts all boats, and Hive should rise together with all other cryptos too.

Pegging To The Market

In the past year, many cryptos have gone up significantly, but Hive is an exception. The movements seem to be related to news surrounding Bitcoin, be it the listing of ETF or the upcoming halving event. I took a snapshot from my Coinbase App, in the past 1Y, Bitcoin is up 118% (no surprise if you have been following), Ethereum is up 89% (but is still starting to make bigger gains lately), but Hive is down 28%! How is this possible? If Hive had followed the likes of BTC or ETH to double in the past year, we probably would be looking at the price of close to USD 1.00.

The Value Proposition

Now that we assume the pegging of the price of Hive to the market will resolve itself over time, we are now left with a 10x path from USD 1.00 to USD 10. It's challenging for sure, but Hive as a blockchain itself is already a value proposition in itself. Take a look at the biggest cryptocurrencies (in terms of market cap) on the list, most of them are the blockchain tokens. This is because they form the foundation for all the developments and projects to exist on their network, as well as to utilise it.

If you haven't already know Hive (haha), I took this screenshot from Hive.io and you can take a look to understand more.

Summarising the strengths of Hive, which differentiate them from some of the other blockchains out there:

• Transactions are fast, and free too!
• Network is decentralised which is aligned with the spirit of cryptocurrencies
• Username is the wallet address which makes it easy to remember and transact
• And many others too!

The People

Going in a little deeper behind how Hive works, there is the concept of staking where Hive becomes Hive Power, and I thought the description on PeakD captures the information about Hive Power very well, so I have extracted it below.

The concept of vote power might seem a little new and complicated to most people, because this is not your conventional social network like Facebook or X/Twitter. All users have the power to vote one another's posts, and both writers and curators (voters) get a 50% share of the vote.

Personally, I took a long while to figure how things work within Hive and I would say it's really an enriching process for me. I was really amazed how things could run like that, and I was always learning new things within Hive, be it delegations, diesel pools, HBD, witnesses, and many more. And the magical part is that many of these things are done by the people/users themselves, from bottom up. Many of them care for the Hive network, and want the Hive network to do well, and that's the heartwarming part.

I have been around for 2.5 years now (it's not short but probably not that long), and I feel like it's a big part of my life now. To read friends' posts, to write my thoughts, and also to see what projects people are up to. I login almost everyday and I feel that it is definitely the great people and the awesome community that make me return each time. And that's what a successful social network and project is all about.

Splinterlands

You can't discuss about Hive without mentioning Splinterlands. No disrespect/offence to other communities within Hive, or to other games on the Hive blockchain, but I feel that Splinterlands provides a huge gateway to enable people to know and learn more about Hive.

Most of the people I know on Hive do play Splinterlands, be it casually or competitively. In fact, many of them, including myself, first got to know about Splinterlands before knowing Hive. It might a little ironic but that's the power of crypto gaming, which is probably worthy of another post someday.

Here's a little snapshot of my Splinterlands profile! I have been around since Sep 2021 and have clocked more than 16,000 battles (all fought by myself without any form of botting!). That's an average of around 500 battles per month over the past 2.5 years or so!

While Splinterlands provides the fun of crypto gaming, Hive complements it as the community for Splinterlands players to discuss about the game, be it to share ideas, or show off their rewards, or even have card giveaways and delegations to help newer players. No matter how awesome a game is, there is only so much fun one can derive from playing alone. Hence, having this community space, which is like a town tavern, makes it a lot more fun. If Splinterlands is able to attract more players in the near future, this will give a boost to Hive as well.

Summing Up

I think there are many more aspects and strengths of Hive and its network (and of course weaknesses as well), but these are key reasons why I think Hive can succeed and the value of Hive will eventually be reflected in its price. Whether it can reach 10 USD or not, I guess time will tell.

Thanks to @leofinance for having this giveaway/challenge and @mightpossibly for that awesome thumbnail. Thanks all for reading this long post of mine as well.

Before I end, of course, I should always reiterate that this is not financial advice. This is just my personal viewpoint and one should ALWAYS do your own due diligence for anything you want to put your money in.

Posted Using InLeo Alpha