The Little Engine That Could - Hive Power
My approach to growing on Hive has changed dramatically this year. This time last year, I had my hands in a lot of projects. And I felt like I was losing focus. So on January 1st of this year, I made the decision to gracefully back out of some projects and focus my energy on two things....
Grow my Hiver Power
Grow my HBD savings
These are like revolutionary ideas, but for me it's allowed me to have these 'ah ha' moments over the first few weeks of the year.
The biggest one, really hammering home WHAT Hive Power is, and how much it can 'feed' my journey here on chain.
Hive Power like we know, is just staked Hive. But ever since I got here, I've always thought of it as Hive, no matter what. When I'd get a post pay out....Even if it was powered up, I still considered it Hive.
But now I feel, like it's so much more.
I mentioned a few days ago, in a post I called 'The Hive Dream', that my goal is to eventually earn a living off the monthly dividends I'd get from saving HBD.
The @lazy-panda example really hit home with a lot of people because they are now getting 10k in HBD payments every month from their savings. I'm pretty sure, a lot of us can live off 10k a month comfortably lol
But the dream and goal is there....Reach a level where my HBD monthly payments, is enough to sustain my family and I.
So how do I do that?
Stack more HBD is the obvious answer but this is the amazing part of the Hive blockchain. It's what @taskmaster4450 calls the circular economy here on chain.
My approach is to generate more Hive Power which in turn...Grows my HBD.
How?
Remember what Hive Power is...It's our governance token (which helps witnesses). It's our measuring stick for how much we can give from the rewards pool every day (curation). It still grows itself at around 3% a year. I mean, the list of features that this thing has goes on and on...
What it is though to me, is the engine that will power me towards my dreams of building up my HBD.
The more Hive Power I have, the more my HBD will grow over time as I distribute the token, reward creators, vote for proposals and witnesses....
Next week, I'm going to put together an infographic of sorts that'll express this visually, because I know there will be some people that this attracts very much to Hive.
Everyone loves residual income! And here on Hive, we can build our residual income by simply using the blockchain each and every day. And then, we've got this slick little savings plan attached to it, that at 20% pays a lot better than any mutual fund could ever dream of.
So that's my plan and my approach....
Build up the Hive Power as much as possible. The side benefit is that it grows my HBD savings in the process. And hey, did you notice something about this entire post?
I didn't even mention...The layer 2 projects on Hive and what we could earn and build with those ;)
That's just another reason why...Hive i the greatest blockchain online!!
Biased. Shill. Fan boy. Yes I am, thanks for noticing lol
I'm in the same position as you. I really let my Hive account just kind of languish. I was putting all my funds into HBD and neglecting my Hive power. While that isn't a bad thing, I realize now that I need to have a more balance approach. Growing the one will benefit the other in the long run. I've now shifted to growing my Hive power more and then my HBD is secondary.
Yeah the more I think about it, the more excited I get to build them both up. I think HBD is most definitely a by-product of building up HP too!
!CTP
I’ve had a bit of both worlds, the hbd on the other hand came in handy for me when I needed it most and I’m glad I held it down, right now my focus is also on Hive and Hive power, then back into hbd. It’s an amazing system.
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Oh it saved my butt, both of them did last year. Can't go wrong with either token!
!CTP
The lazy-panda stuff, the recent Hive pump to 60 cents, mixed with the 20% on HBD savings got me dreaming too. I managed to make a couple of nice trades from HBD back to Hive, in the last couple of days, and see myself living on HP/HBD interest too, in the not too distant future. I would like to start with paying my rent from it though.
Hive on!
Oh wow, trust me...That's the dream. And I think it'll become reality for those of us that have stuck with this chain long term.
!CTP
I like to think so too, although it would be nice if all the FUD in the mainstream media slows down a little.
I don't have any FIAT coming in ;<)
This is what kind of thinking that motivates me! My son is in eighth grade and I would like to use some of my hive income to help me pay for his college. He wants to be an aerospace engineer. I have just over 4 years.
I set up a few 'savings accounts' for my kids. I've slacked on it recently, but my goal was to stick a few HBD in there every week or so...And see where it goes in 5 years from now.
!CTP
Well, I still like Index too, besides Hive and HBD. But yes, let Hive grow, so that HBD grows. 10k HBD a month is really the most passive income out there.
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LOL OH for sure! Index to the moon. Over 100% APR right now on it when it starts doing those daily GLX air drops lolol
!CTP
I need to get a bigger share, to recover the lost value, but this is crypto, the swings are here and we need to get used to them.
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@jongolson I can not wait for your deep dive in savings. Lately I'm also researching that. It is really great but it demands too much trust as any crypto currency.
Dreaming stable monthly income from hbf savings is crazy. Monthly 10 usd requires 600usd in savings. 100usd is 6k and 1.000 is 60.000usd in savings. Is it correct? That amount of money generated by posting only seems impossible to me and investing that much is impossible for me, probably for most people.
Thank all of you for sharing your experience on the subject because it is imperative to learn before investing 🙏🙏🙏
It's indeed 60to1, so as you stated 60hbd in savings gives you 1hbd each month. So if I get it right and you calculate your returns on a year base, it would even be higher if you include compounding aswell. :)
I'm mainly investing in L2 projects at the moment although my plan this year is to start investing in hp / hbd savings aswell.
Can you pls elaborate at L2 projects pls 🤔
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I'm guessing those are the numbers. And it gives us a really good target to shoot for each and every day!
!CTP
This is what my mission is, I came back here to grow my Hive power, I may not be able to save HBD, as I need to cash them to for my daily needs, but It will try my level best to not sell my Hive power. You are doing amazing, Keep it up.
Slow and steady! Stack what you can, never doing too much. It'll start growing for you!
!CTP
I feel like we're going around to return to the same place. Hive makes it easy for us to create and 50/50 is the magic formula.
Absolutely. And you can set up your rewards to come in, 50/50....It grows your account automatically.
!CTP
I am following the same plan. Building HP and HBD at the same time because both of them can work out in different situations. It doesn't make sense to not have both of them and it's far safer.
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Agreed. And to me, HP is the fuel. It keeps the ship running and those sweet HBD payouts coming in too lol
!CTP
I say that your two goals that you listed at the beginning of the post should be the goals of all of us. I will do what you described in both point one and point two
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Anyone can do this. We see it time and time again on the chain. Just need to stick with it, and keep adding value. Things work out!
!CTP
Mark my words, curation projects that give the hive as a reward back of delegation would be most likely the future business on the chain. As that is one of the driving factor in the content based chains. It's always a good to read your insight on the hive power and HBD :)
Not sure if that's kosher anymore on chain. People can delegate Hive power and get rewarded in layer 2 tokens...But people lost their minds when they gave out Hive back lol
!CTP
Yes, I will be waiting for that infographics.
In my case, I have to complete some numbers in layer two tokens that I expect that later will give me the HIVE I need.
!CTP
!PIZZA
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I will get to it this week lol Promise lol
!CTP
Thanks!
!LOLZ
!BBH
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It hasn't been that long since I've been working on it. My 2023 goals is to buy 30 thousand hive and power up all to support new users. Its my dream hopefully this dream come true soon. I won't be power down my HB will keep collecting it.
Slow and steady. I know that sounds like sure a cliche, but it's worked for so many people here on Hive. It just grows and grows and then bam, you have hit your target!
!CTP
So true
!PGM
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