A couple of my friends on Hive think I’m an idiot. “you are an idiot” they like to say. The reason for that is because I am holding a big stash of Hive.
Like a lot of people on Hive at the moment they keep saying “Hive is just like Steemit, Hive is big circle jerk, Hive is dead in the water, everything else is going up but Hive isn’t, Leo is doing better than Hive, and because everything is doing better than Hive you should sell it and buy everything else”
They certainly have a valid point looking at the prices this week, but that is not how I operate. I am a contrarian. (that is a bit like being a rubber fetishist – rare and unusual)
Hive is one of my biggest crypto investments, but it’s not the only one. Bitcoin is my biggest and I have 10 others. But it’s Hive that I have the most attachment to, which is sometimes a bad thing with investing. So when it comes to Hive I may well be an idiot…
Is there any logic to my stupidity? Here is my current thinking on Hive:
- Underlying everything, and despite, or maybe because of all the bullshit on Steemit, Hive is a brilliant idea that has now been well developed and tested.
- If the new front ends like Leo and 3Speak do really well (and I think a bunch of them will) that doesn’t replace Hive, it makes Hive more essential. Hive may not be out front getting noticed, but it could be the foundation for an entire revolution in internet use.
- As a cryptocurrency for actually using, Hive is the easiest. I can send or receive most cryptos, but if someone wants to send me a payment and asks which crypto I prefer, if they are on Hive, I will say Hive. Bitcoin would be way down the list. If they are not on Hive I usually choose Dash, because I have a soft spot for it and am holding some so it’s convenient. But Hive is my first choice crypto for actually using – it works really well.
- I see 10 cents as the bottom out level for Hive price, and don’t expect it to go under that. I could well be wrong, but at this stage it seems to be a resistance point. So there is not much downside.
- Hive is the only crypto I’m holding that I use everyday. And because of that, I see what is going on with it, as well as actually enjoying my investment. I’m holding a bunch of Etherium, but have never actively used it, and it’s no more exciting than holding some shares. I do think it is a good investment, and I’ve done very well on it, but there is no personal connection.
- I think the current price is low and it is on the brink of becoming the next big thing. And when it does, it will go up fast. Yes it has gone down for six months, but so did Bitcoin! One of the tricks to investment is to see the opportunity that other people are missing. Right now I think it’s a good time to buy Hive so I have done so. My current holdings are 155000 and the average cost of them is approx 16 cents. So I am down at this point and could get totally spanked, but if this turns out to be a good call I will do well.
In the past I’ve had more wins than losses on cryptos, but I don’t usually post about them. In this case, improving the sentiment on Hive is in my own interests, so clearly this is far from impartial advice.
But yeah, I think Hive could climb big time.
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