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I am also voting for a reduction on HBD interest rate
I just read other bigger witnesses than me elaborating on why they are also lowering their APR for HBD savings. I have personally been voting for an 18% for a few months already, but following the interest shown by other witnesses to reduce it even further from now I reduced my witness APR to 16% starting now.
As the top 20 witnesses reduce their interest rates soon we will see that reflecting on everyone's savings.
Personally what I expect from this is a slight upward pressure on the price of HIVE since there will be less incentives over time to convert HIVE into HBD. Still at 16% and without a bull market in sight nothing will make HIVE "go to the moon", but I think this is a good economic policy.
As a small witness, of course, not much I do has a big reflect on Hive in general, but I try to stay ahead even if ever so slightly.
Click here and vote me for witness on HiveSigner
Or use your preferred signing tool to vote me:
https://vote.hive.uno/@igormuba
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Comments
5 commentsI am unvoting all the witnesses who reduce from 20%, at least most.
Crazy, that all of a sudden many witness reduce the APR, just because one started, like lemmings. What was bad with the 20%?
I was voting for 18% way before the top ones voted for 20% only because the increase in APR was too fast, if we got there 1% at a time, say 1% every 2 or 3 months, I would be at 20% too, and if the market kept going up or at least stayed stable I would eventually get to 20%, but the market is uncertain in my opinion right now
I will not pretend to know more economics than I do, so take my opinion on a 16% APR (my current) with a pinch of salt and fair criticism, the ones who take the real decisions are the top 20 in the end, at position 80 I only set that number as a reflection of what arguements have convinced me the most. So far the arguments for lowering seem more reasonable (I am open though)
When the market was going up, and when it started going down, it made sense to have 20% to attract users, it made a lot of sense.
Now that HIVE is going down I believe we need to be careful when printing. The HBD supply is very low and to me that is a good reasoning to keep the APR at 2 digits (which I am keeping), but the HIVE market cap took a nosedive from last year, and since HBD is basically another form of HIVE I believe we must be very careful and slow down printing but still stay competitive and increase the circulation of HBD, that is why from 18% to 16% sounds reasonable for a witness in my position (at position 80, where my APR is not even reflected on real savings)
To me all that is complex economics and I won't pretend I know what is best, so I am in favor of changing it slightly and monitor the repercussions, we already had 20% for a long time, I am not sure we should keep it for years to come, unless we enter a massive bull market or it starts attracting lots and lots of users.
20% sounds delicious, but it is the level of interest rates that happen when either
I think we are in neither, so to me seems logical that a more reasonable level of interest rates should be achieved, but slowly, not the way we raised that up, within one year we went from under 10% to 20% very fast.
I will check your blog in case you post your thoughts and reasoning against lowering it. I'm open to hearing counter arguments and reasonings as to why keep it at 20% or so and I hope that enough discussion is generated so that the top 20 take a decision that takes opinions like yours into account, because my APR honestly has no reflect on Hive while I am so low on the rank.
I am also not an expert, but the 20% have the potential to attract outside investors.
And I think the more buying pressure for HBD, the higher also Hive would go, as they are so intimately connected (e.g. Hive is automatically bought, in case HBD goes >1$).
Not sure why to increase the HBD circulation (by making HBD staking less attractive). What is so bad about the current supply of HBD? Sure, in case of millions of new users we would get maybe in trouble, but we are far from getting that much new users in the next months.
I would have observed the situation a bit longer. We have good tools in place to check the sanity of the current debt rate, e.g. https://hive.ausbit.dev/hbd
No reason in this sideway situation to make any unnecessary steps. Hive was not pressured much more than BTC was, so I guess no reason to panic.
More arguments here in this article by @taskmaster4450:
https://peakd.com/hive-167922/@taskmaster4450/the-apr-on-hbd-savings-should-not-be-lowered
The measure to increase circulation was the measure to increase APR (not this to decrease), by printing more HBD we are bound to get more of it in circulation. When it was below 10% the amount of HBD printed was too low so circulation was bound to be low, it is still very low even after such a long period at 20% so that is why I am not lowering to 10% or 12% like other witnesses are. But I would feel more comfortable if HIVE was up.
I also agree that a high APR may attract users, but we have had 20% for such a long time and I don't see users coming from outside just to invest in HBD, few people are talking about HBD savings outside of Hive. In terms of attraction of users I believe we should focus on curation, HIVE and developing apps. High HBD APR has not been enough to drive attention to Hive. I am doing my part and developing Hive apps in that regard.
Recently I've heard the argument that the HBD APR is so high that it may sound too good to be true for newcomers, so the same argument of having a high APR to attract new users, in my opinion, could be used to lower it just to make sure it sounds reasonable to newcomers, to make sure they don't skip investing just because it sounds too good to be true. It is too good and it is true but new users may have a difficult time understanding it.
Now I don't think we are in any problem, HIVE is healthy and HBD is not a debt trap, I do use the tool you mentioned to monitor the HBD situation and we are in a good position right now.
But then again, the same reason why I am lowering less than the other witnesses is the reason why I was raising less than the other ones: they raised it all too fast, and now they are lowering it all too fast. I won't do like others and drop to 10% or 12% overnight as some witnesses just did, but I will keep following the discussion closely and try to be less abrupt than others. If we are going to change then the change must be smooth and that is what I was always in favor either when going up or going down, it can't be such a drastic change like 10% to 20% in a year or 20% to 10% in a day. I will go slowly (even though my signal is irrelevant).
I agree with most of your points.