HBIT Hivebits quarter report Q3 2023

The big picture of HBIT

Hivebits came after its big sister, LUV. The idea of Hivebits is your effort gives you a reward. Whereas LUV is about giving and expecting nothing in return, HBIT is about your effort earning you a reward. It follows the proof-of-work concept that bitcoin established...if you put in the effort, you earn something in return. So, the only way an HBIT exists is by someone's effort, somewhere at some point on the Hive blockchain. Since 9/10/2022, HBIT has been integrated into Wusang: Isle of Blaq, the World's Ultra Simple Asset Numbers Game.

Transparency has been important from day one for HBIT, hence these reports. I got very busy over the summer, dropped the ball, and there was no Q2 report. But, it's back now.

Prior reports:
Quarter 2 2023 - https://peakd.com/hive-159259/@hivebits/hbit-hivebits-quarter-report-q2-2023
Quarter 1 2023 - https://hive.blog/hbit/@hivebits/hbit-hivebits-quarter-report-q1-2023
Quarter 4 2022 - https://hive.blog/hbit/@hivebits/quarter-report
Quarter 3 2022 - https://peakd.com/hive-159259/@hivebits/quarter-3-report-2022
Quarter 2 2022 - https://peakd.com/hive-159259/@hivebits/quarter-2-report-2022

The introduction post is here and the About post is here. I try to keep the About page up-to-date.

Numbers

Graph 1 - HBIT emissions

_{Hivebits shared via the HBITbot.}

Graph 2 - circulating supply



_{The circulating supply of HBIT. This is the amount of HBIT minted, but not necessarily in circulation. Most tokens are in Hive wallets, except for those in the @Hivebits account which are on standby waiting to be released when a Hive user calls the HBITbot.}

Some quick hits:

• At a glance, Graph 1 shows decline. However, I feel HBIT is actually doing just fine. The large spike early on was due to an orchestrated farming ploy. After that was reeled in, the past year, has shown growth. I typically look at the green, 30 day average, line. It's doing fine. Also, during the past year, HBIT has actually been rather stable, represented by the colored lines sticking together and coming together.
• Graph 2 shows that emission has similarly been rather steady. After a few bumps in the early going (expected, since raw numbers were low and pilfering was high), the past year is nearly linear in emission.
• The ratio of wallets that have held HBIT and wallets that currently do hold HBIT is encouraging to me. The ratio is 3260:3991. That means that 82% of people who initially mined or received HBIT still hold it. That number is high, but even includes people who received a small bit of Hivebits during the 90%/10% mining split. (For a time, an HBIT command in reply to another Hiver would send 10% to the person being replied to. These people were likely less interested in Hivebits and merely received the 10% as a "thank you for letting me mine off your post" tip.) To me, the 82% means that people who purposely mine HBIT hold it, perhaps because they know it took some effort to actually get it. See "Different?" below.

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Looking forward

1. I've pondered the idea of getting rid of the you-must-reply-to-yourself rule. The graphic below illustrates the HBIT mining phases. To truly understand it, you should probably read the post linked.

2. Remember the best practice for mining HBIT or Wusang: set up your own "Hivebits mine" post, then reply to that each day. This will bother no one else. This is what I've done most of the time HBIT has been around.

Recently, @pepetoken has begun to post a daily "mine your HBIT here" post, similar to this one: https://peakd.com/hive-144059/@pepetoken/play-hive-bits-with-pepe-922. Since Hivers are actively encouraged to mine their HBIT/Hivebits/Wusang there (that's the point), doing so would certainly not be spam. As long as people don't use alternative accounts to farm tokens (one HBIT per person per day, not one per account), and since HBIT can only be mined once per day, I think mining there is terrific. I've done it quite often myself.

Different?

I feel Hivebits/HBIT is different from many tokens and feel this point is worth emphasizing...

Every single HBIT that in someone's wallet exists because someone actually put in conscious effort to mine that coin. Every single one. Zero were airdropped. Zero were given away. Zero were earned through rewards or staking or interest. If an HBIT is "out in the wild," it's there because someone took the purposeful effort to dig it out. Just as bitcoin is backed by the code and the work required to mine it, HBIT is backed by the effort required to earn it as well.

Wusang richlist

And for fun, let's check the Wusang tokens richlist:

• BLAQ - #1 is @fjworld and #2 is @szejq. Check your status here.
• BLAQGOLD - #1 is @fjworld and #2 is @calendars. Check your status here.
• BLAQEMRLD - #1 is @fjworld and #2 is @calendars. Check your status here.

Summary and final thoughts

HBIT is doing just fine in my view.

written by @crrdlx

_{HBIT whale badge awarded to the top 25 HBIT holders.}

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• Check your wallet or trade HBIT at: [Hive-Engine(https://hive-engine.com/trade/HBIT) or TribalDEX or LeoDEX.
• Visit the LUVstore: LUVstore
• LUVshares/HBIT Discord: https://discord.gg/K5GvNhcPqR
• HBIT creator: @crrdlx

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_{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.}