On April 27 this year, HIVE reached its ATHs, and although some of you might say that it has previously been trading to around $7, you're definitely joking, that's another token that got there, and hopefully HIVE will one day get there as well. Unfortunately the new STEEM forked token hasn't yet got to one full dollar. Opening the 24h chart lately I've noticed though that somehow HIVE has become a good trading asset as it fluctuates a lot.
From its ATH of 97 cents to its current price of about 14 cents we're talking of an almost 7x dump though, which is quite harsh to be honest, for a token backed by a really good project/blockchain, with quite many working, fun and rewarding apps, and being so fast and cheap(basically free) to transact. It's struggling to survive though over the 14 cents threshold and that's a clear signal of high selling pressure on its shoulders. From where does the selling pressure comes?
I assume that from almost any type of investor/content creator and it would be absolutely useless to blame a certain type of holders for HIVE's price poor performance. I remember though that I've read a few days ago in a post that somehow the third world users could, or should be blamed, for putting that pressure on the poor token on a daily basis. It might be true to some extent, but there are way much more factors to be taken into consideration that are directly influencing the poor market performance.
Lets talk a bit about that third world selling pressure and at least try and understand it. Now, I live in Romania, which is not a third world country, but still a developing one. It's in development for about thirty years and still not doing too good. Living in here doesn't particularly has to be an excuse to be poor, and I don't consider myself as being in such a category, I am part though from the ones putting selling pressure on HIVE.
The reason why I will detail my HIVE selling case, and not the third world one, is that I don't have the direct experience of those people. Getting a bit into the math of making HIVE count at the end of the day will probably give more understanding to the ones that might be blaming "third worlders" for selling their earned HIVE constantly.
About two days ago I initiated a power down of about 1340 HIVE which will be delivered to my wallet in liquid state on a thirteen weeks time frame. We're still stuck to that long waiting time to get our hands on our vested HIVE and it sucks. That's probably another factor why investors don't rush to buy HIVE. Anyway, this power down gets me about 103 per week. Adding to that value another lets say 50 liquid HIVE earned through my blog, I'll be having around 150 liquid HIVE waiting to be sold every week. At the end of one month I'll have 600 liquid HIVE ready to be dumped.
I know you already hate me for doing that, but at least you should appreciate my honesty for talking this topic in details, knowing that I will do it anyway ;). Now, 600 HIVE at around 15 cents per token, considering that I will not always sell on retraces, means $90 bucks a month. I know I had days when earning that money in one day was possible, and it's still not a lot of money, but lets do the math further. How I'd, or should I say will, spend all that cash?
On monthly spendings of course. I pay an average $25 for electricity every month during summer of course, water is another $10, phone and internet bills cost me about $20, gas lets say $20 a month, as I drive very little, food is about $250, and to all of that you add unwanted expenses such as dentist, buying clothes, etc etc... The idea is that $90, earned by blogging on HIVE, out of around $500 for my monthly frugal costs of living is less than a quarter. Far from ideal, but not bad either. There's always good to know I don't have to spend from my savings.
I remember that I read yesterday in one of @edicted's posts, that during the golden age of STEEM, you could have earnings of $1000 per post. Imagine that... I tell you, if we're ever getting back to those days I'm hiring a maid for sure :)
Taking other countries into consideration where the living is much cheaper, but harder to make a decent income, being able to make $90 a month is definitely something to fight for. Being forced to live in those situations would probably make each and one of us to be selling their earned HIVE to pay the bills and buy food or other necessities. Heck, I'm doing that and I don't even live in such a country. Those people are not to be blamed at all, and I am happy for them that they have this opportunity at hand of earning some decent money. That's what I call mass adoption and financial freedom given by crypto.
I will blame though that famous Hive dev, and some other professional milkers, for cashing out hundreds of HBDs a day for not doing anything for the blockchain, out of what he's promised and he's being paid for of course, and his smart ass circle jerkers that helped him get in this position. Thumbs up for the third worlders who manage to provide themselves a living thanks to Hive and a big middle finger for the true milkers of this blockchain. Don't be fool people, it's always the rich, which in most cases are similar to politicians, that are the true milkers, blaming than the poor for the bad economy of the system.
HIVE's poor price performance is affected by many other factors than that selling pressure coming from poor folks on this platform. Most of you are probably aware of that by now. If there would have been a good marketing for HIVE though, and the leading large stakeholders would be able to sell this product properly, that above mentioned selling pressure would be peanuts. Yes, those people are probably selling HIVE for peanuts at the current price , but try and HODL for months and years with an empty stomach...
Thanks for attention,