Hive Power Up Day and Other Thoughts
As you know, I am a guy who likes consistency even when I'm not so consistent. 😄 The last part of the statement makes sense for those who have remarked that I kind of missed the PUM badge for the last few months at the end of 2024...
I haven't missed it in January though. See how nice it looks? 😀
I obviously didn't miss today's HPUD.
All that happens on my staking account, with small amounts during this period as we approach the end the of bull market.
That hasn't stopped me to follow a different plan with my smaller stake from the posting account, which I powered down, to have it liquid.
I continue to keep my liquid Hive on the blockchain, despite the attractive APRs offered on Binance Earn. I understand why they offer that return. They want to make the price of HIVE on the spot market as well. That may or may not be a good idea price-wise for Hive, but it is better than having it on a relatively closed exchange like Upbit (we've seen it wasn't as closed as they said it is).
Where I have my reservations and always will have is on keeping my crypto on centralized exchanges. Except some staked CRO on crypto.com, and a small amount on Nexo, my largest holdings on centralized exchanges are on Hive-Engine, and they are small compared to what I have on-chain. I take the saying "not your keys, not your crypto" because I lost access to (or chose to stop using) some exchanges in the past, even though I had no or leftovers over there. So, I understand this saying very well.
But one has to be careful with on-chain assets as well. The defi space was (still is?) full of rug pulls and hacks.
Sometimes, having your assets locked turns out not to be the best idea. Last example is what happened on Thorchain with assets in vaults. They are still there, but you can't withdraw them. I had nothing in vaults, but I had some RUNE (still have a little, for transactions), and this price drop in the bull market may have taken many by surprise, even though they may have been aware about the risks of unrestricted backing of vaults APR by RUNE inflation. Once larger amounts were pulled out to look for greener pastures (Trump meme coin as the last straw?), RUNE started to tank.
I take a look at all my crypto holdings, no matter how small they are, once a month, but sometimes this feels it's too rarely. So many things can happen in a month in crypto. For a few weeks, I started to watch my bigger bags daily.
In the end, I won't ask you if you powered up some Hive yet. That's up to you! 😉
Posted Using INLEO
Congratulations on that #HivePUM badge! I know you have been working on it for the last couple of months, and it's nice to see that you got it in January!!! 🎉
Speaking of RUNE, how is it "promoted"? As a decentralized or...? I didn't think that they LOCKED user funds (to prevent bigger damage), but that shouldn't be possible if it is done in a decentralized way. Or it was some kind of governance voting for that?
Btw. you are 100% right about keeping funds in unsafe places... We didn't have a big rug for a "longer" time, and I hope we will not have... but... you know how it goes...
Thanks! Yep, I didn't miss any day last month, again.
I'm not sure, but I think it might've been a proposal that quickly passed to stop the rewards on vaults and lock those funds. Indeed, not a great choice, given there was no initial lock on vaults (so, when people say they are holding their crypto hostage, they are right), but on the other hand, if they hadn't done that, there was no RUNE to pay for all debt even if RUNE dropped to zero. And from this point of view, people who chose to use the vaults, either knew the risks and ignored them or they didn't know them and... sh*t happens, when you don't know what you are doing in crypto.
I got my share of both small rugs or failed platforms on Cosmos (including Terra-Luna, at the time), Polygon, or BSC, and experiences with CEXes, so I'd rather keep my funds where my experience and research tells me they are safer, that's true. But sometimes I continue to keep funds in certain places in hope things will be ok, even when they do things that make them not ok, hoping things will turn around. They usually don't. Thorchain was one of them, and maybe they'll be ok, who knows? We have another example here on Hive, where for now we live on hope, even if they've been doing the right steps, but after a long time.
Keeping some liquid hive as the bull run continues is a good idea. I think no matter how consistent we are sometimes we can find ourselves indulging in a little inconsistency. That's why we are humans, so don't beat yourself up for missing the PUM end of last year. You can make a fresh start this year. Thanks for writing and happy weekend.
I wasn't upset about the missed badges. More of the fact that I forgot to do something I had set my mind on doing every day. Happy weekend to you as well!
Happy HPUD and congratulations on HPUM. I don't bother with it because it seems a bit too much work. I prefer the once a month HPUD instead.
Thanks and happy HPUD to you! Well, I like doing it, because PUM is about consistency. It takes very little time, it's the routine or remembering it every day that can be difficult.
Happy HPUD, Adrian! And of course... congrats for the HPUM.
You a a true example to follow!
Thanks, man! I'm trying to get it right. Sometimes I get it, sometimes I don't. 😀 Happy HPUD!
When we work hard to do something and intend to do it, there comes a time when we also start regularizing this work.
It surely becomes a routine when you do it often enough.
!BBH
Thanks!
Hey there! 😄 First off, kudos on not missing that shiny PUM badge in January – it does look pretty snazzy! 🌟
It's great to see your dedication to consistency, even if it sometimes plays hide and seek with you. 🙈 Your strategy with staking and keeping liquid Hive on the blockchain sounds solid, especially considering the risks of centralized exchanges. "Not your keys, not your crypto" is a mantra we should all live by!
And wow, your insights on the defi space and the Thorchain situation are spot on. It's a wild ride out there, and it's crucial to keep a close eye on our digital treasures. 🚀🔍
Thanks for sharing your monthly check-in habit – it's a good reminder for all of us to stay vigilant. And hey, no worries about not asking if we've powered up some Hive. We've got this! 😉🔝
Keep up the awesome work and stay awesome! 🌈🚀
P.S. Loving the Trump meme coin reference – classic! 😂
Cheers,
[Your Name]
Those AIs do write some cool comments, don't they?
But somehow they still feel so artificial (maybe because they try too much). Better when a human writes, even if imperfectly.
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