Change is coming to Hivebits (HBIT)

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A couple of changes are coming to @Hivebits (HBIT).

1. Reply to yourself

To earn HBIT in the near future, you will need to reply to one of your own posts or comments with a Hivebits command like !HBIT.



Replying to someone else's post or comment will be ignored. There are a few reasons for this change.

First, Hive tip or engagement tokens can sometimes be viewed as spam. This view exists because the unsolicited bot commands and replies can overtake a user's post or become unsightly to readers. Replying to your own post or comment should help cut this down.

Secondly, we already have great tip or engagement tokens on Hive! These are where you give to others as a free gift. Got LUV?

Third, Hivebits (HBIT) was never intended to be a "tip token." At first, it was not one at all...100% of the HBIT went to the person mining, not the person being replied to. But, since the HBIT command was in reply to someone, who then got nothing despite their post being used, a 10% tip to that poster was then built into @Hivebits. Like Bitcoin's your work = your reward Proof-of-Work, the idea behind HBIT has always been that if you put in some effort, then you should get the reward. This change is a full return to that ethos.

Unchanged...using a Hivebits command like !HBIT will earn you 1.0 HBIT. This is how Hivebits has always been...every HBIT is backed by someone's conscious effort on the Hive blockchain. The new rule will simply say that your !HBIT command must be in reply to your own post or comment, else it's ignored.

Also unchanged, HBIT can be mined once per day, the same as always.

2. A chance at bonus tokens

From the start of Hivebits, I (@crrdlx) wanted some sort of simple randomization involved to add a layer of fun. So, there will soon be a random chance to earn extra tokens.

This will happen automatically when you "mine" for HBIT with a Hivebits command. So, by mining HBIT, you just might, by luck-of-the-draw, find something new!

Stay tuned on this. More details will follow.

You might want to...

You might want to make your own "HBIT mine" post, if you haven't already. Then, since HBIT can be mined only once per day, you could simply reply to that post. This is what I've done (crrdlx) many times. Just note that when the switchover takes place, you will need to have your own such mine (or simply reply to one of your own posts/comments, either should work).

When will this go live?

The target date for this change is Saturday, September 10, 2022. Things will look like this:




Not on Hive? The top benefits of the Hive blockchain: (1) no ONE person/group runs it, (2) YOU own and control your content, and (3) YOU earn the rewards that your content generates. Learn more or consider using my referral link to get your free account here and I'll support you as you begin. Alternately, you can see other options here.

hive hive-engine tokens hbit bitcoin luv
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90 comments
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Good to know a change is coming - thanks for the update !

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Interesting. I didn't know about your project. Now I do and I'll try it out immediately:)

@tipu curate

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Anyways, I was never shy to self voting. If you don't like your own post then why do you post them?

!HBIT

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Thanks for the heads-up about the change. I wouldn't have liked it without explaining the reasons, but with them, I think it makes total sense.

!PIZZA !LUV

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I just learned of this

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I'm glad you saw it. Got another week before the change. !LUV

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Yeah I think I understand I use it in a comment to my post from somebody else or just anything that I might post or comment on?

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Brings this token one step closer to its inspiration bitcoin. I like that. Let's see how things will develop in the future :-)

I have a question though:

HBIT can be mined once per day

Is that once every 24 hours from the last time mined or once per day with a reset at a certain time (e.g. midnight UTC)?

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I hate that I don't have an exact answer to this question. Pretty sure it goes by the UTC midnight time, essentially the date.
!HBIT

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!LOL
At least it was an honest answer, I like that 😉

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(Edited)

Pregunta: ¿Solo tengo que colocar !HBIT en una publicación y en consecuencias debo de recibir un comentario en una de mis publicaciones por parte de dicho autor? O estoy entendiendo mal su funcionamiento

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Debe responder a una de SUS PROPIAS publicaciones (o comentarios). Y, en esa respuesta, incluya !HBIT. Solo respóndete a ti mismo con !HBIT, no con otra persona.
Translated by Google.
!LUV

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En pocas palabras responder los comentarios que me dejen en mis publicaciones y las respuestas que me den y colocar !HBIT al final correcto? asi como termino de hacer

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Responda a su propio comentario o publicación con !HBIT. No responda al comentario o publicación de otra persona. Esta nueva política comienza el sábado 10 de septiembre.

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Okay, nice changes... Let's see how many people have not read this and will still use it as before. I just became aware today. 😅

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My guess is that there will be a lot of people doing it the old way. There will be a period of education involved, which is okay.
!LUV

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True, I remember how people handled the POSH changes. Most people including me were confused in the beginning.
!MEME !LOL

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Hi @crrdlx, I'm mining Hivebits for a while now. Is there actually a use for this token? Or we can only continue to mine and at a certain time start swapping them for other tokens if we want too? !CTP

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The use is what is made of it. Do whatever you like with the token. I see the use case currently as fun, and learning. I think both are valid uses. What grows beyond that, who knows?
!LUV

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That's clear, thank you for the explanation. Is there a maximum of Hbits to be mined? At how many we're at the moment? And what are you going to do when that maximum has been reached? Have you got any plans for that? !CTP

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Is there a maximum of Hbits to be mined?

Max is 21 million, just like Bitcoin. The max, by the way, for the other tokens in Wusang can be seen at https://wusangisleofblaq.netlify.app/pages/play.html - they're even more rare.

At how many we're at the moment?

For HBIT, 40,000. See https://tribaldex.com/trade/HBIT and click the "i". For the other BLAQ tokens, I went ahead this morning and issued the max amount to the @hivebits account. I debated whether to release them all or not, but I didn't want one of them to run out and the "well to go dry." Those tokens will sit there and only be released by the wusang bot as they are found. Since we are only one day into Wusang, the following have been found:
BLAQ: 26
BLAQGOLD: 10
BLAQEMRDLD: 1

And what are you going to do when that maximum has been reached?

When they're all mined, they're all mined. There are no more...finite scarcity at its best!

Have you got any plans for that?

I can't do anything then. The only way to get those tokens then will be on the open market.

!LUV

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Thank you for your kind answers! !CTP

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I see a lot of people mining HBIT selling them on the Hive Engine market. 🤔 However, due to the high supply and low demand of that token, the asking price of HBIT is a whopping 25 times its bid price. 😅 !PIZZA !CTP

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Meaning, nobody is going to buy it? Still have to start to look into this Hive Engine Market. I thought we could just swap the tokens at the daily rate? !LUV !CTP

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People are still going to buy HBIT, either as support for its creator @crrdlx, or to get the HBIT whale badge by being on the Top 25 of the HBIT richlist. 😏 Otherwise, the HBIT token has relatively very little value when you want it sold quickly if you try to sell it at the best buy offer price. 🤓 #NotFinancialAdvice 😅 !LUV !CTP

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Thank you for your update. Now I completely understand how the command works....maybe?

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!HBIT

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Dear @crrdlx

is this rule still valid?

image.png

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Yes, it's still valid. The intent was to cut down on people using others' posts and essentially spamming those posts with something that has nothing to do with the topic at hand. Sometimes, though, I've noticed people will comment on another's post and then reply to their own post so that they then double-spam the original post! Argh! What's it called? The "law of unintended consequences" I believe. I've considered switching back, but have held off and haven't had time anyway.

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Thank you very much for the information.

Things change quickly and frequently with these "tokens" and the information about the change doesn't reach everyone and is also often not easy to find - so I asked you directly and I am glad about your quick answer.

I have now stopped using hivebits because I think it creates the flavour of a self vote. I didn't feel good about responding to myself. I initially took comfort in the fact that you, as the token creator, set it that way and I understand your motives.

Even though this is a kind of mining it doesn't feel right to me.

Thank you very much and have a good time.

!LUV and !invest_vote

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(Edited)

Okay, I can respect your opinion. However, heeesny thoughts: I view mining HBIT as being rewarded for my own effort. That's okay, isn't it? No one works all the time so that his or her efforts yield rewards to others all the time. That's called volunteering, and that's wonderful when voluntarily chosen to do that! It's also okay to work and receive something for your work.
!LUV

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I can respect your opinion, too. I was just sharing my thoughts with you and I am sure its good to do so. I appreciate your ideas very much. I guess there is nothing wrong to get something for your work.

I didn't mean to offend you, the idea of mining is fascinating but I'm afraid that not all people know about it and then many may think I'm sending tokens to myself. For those who don't know the idea behind hivebits, all they see is me giving a bot command on my own answer. It's more about the external effect that I create and that's what I'm worried about.

!LUV

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No offense here at all. I see your point about how others might see it as self giving.

.y recommendation has been to make a specific "this my HBIT mine post" then reply to that each day. This is I do. That way it doesn't interfere with anyone else's posts a d no one even sees it.

I should try to get that word put better.

!LUV

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a d no one even sees it

You can see everything on the blockchain and if you edit it out and the frontend doesn't show it anymore you can still make it visible again. 😉

As you say, there are ways that it doesn't bother anyone, but I think if something is ok, you don't have to hide it.😉


I should try to get that word put better.

I can't understand this sentence, I am sorry.

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Hi, a few things:

  1. I'm not trying to hide anything by creating a "this is my HBIT mine post." I'm trying to not intrude on others' posts. The fact that others can see anything on the chain is indeed a good thing. Transparency is great and a top benefit of blockchain. By making my own HBIT mine post, I'm saying, "This is my Hivebits mine. I put in some effort each day. I get something in return each day. It intrudes on no one user. And im hiding nothing because its here for all to see."
  2. The purpose of Hivebits from the start has been "your effort, your reward." I think that's verbatim from early posts. The idea was to mimic Bitcoin's ethos of proof of work yields earnings.
  3. That sentence you was mistyped by me. It should have said, "I should try to get that word out better." In other words, I need to do a better job of communicating HBIT and how it works.
  4. It's admirable that you take such a hard line on these things. That's uncommon and I respect that.
    😀
    !LUV
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The post thing is a nice idea - have your own mine. 😄

I wouldn't say I take a hard line, you never stop learning on Hive and I'm seeking my way through the blockchain in my development here. I just try not to hurt anyone and give people some encouragement. the best way I guess I can do that is by trying to follow rules to the best of my conscience and knowledge and behave the way I want others to behave. 😉

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