Saturday Savers Club - Week 34 - HBD Interest Rate Changes?
Hello to all Saturday Savers. I am a day early with my report. We are now mid-way through August and the end of week 34. You can check what week it is here.
This week there seems to be some change in some of the witnesses for the % interest rate for HBD. I saw some have decided to reduce the rate to a lower more manageable level and others are taking a more gradual approach to reduce the rate.
I think this is a good move as compared to the market rates for stable coins, HBD was right up there with the highest return but it still did not attract the capital as hoped for despite the high return.
A renewed focus on Hive Power and strengthening the eco-system over the long term by reducing the rate makes sense I think and maybe we might start to see some Hive price appreciation and more interest for new users.
So far there are only 12 witnesses with a 20% interest rate in the top 20 witnesses. I am not sure how many need to have the same rate to reach a consenus. But it will be interesting to monitor this if there are any changes in the near future.
It is also in the interest of Witnesses to ensure a healthy Hive reward balance as this is also where their rewards come from. Killing the goose that lays the golden eggs so to speak.
My Hive tokens grew by 381 this week which was a nice amount. I am almost 85% of the way to reaching my target and have 6575 Hive left to power up this year to reach my 100k goal. This will be 5575 Hive from next week after HPUD. It is good to see this goal getting closer.
My ALIVE tokens grew by 124 this week which is more than last week. I am behind on target here but hope to catch up during the year.
There was another drop in the Genesis League Goals token price and some of my buy orders got hit so that I could increase my GLX stake by 25449. This brings me closer to my goal of 100k GLX by the end of the year and I am now on target to reach it. I also have some packs that I had forgot to stake which also give me some daily GLX which helps increase my bag.
That's it for this week. Before I go, be sure to check out the @eddie-earner or @susie-saver accounts for more details about the Saturday Savers Club. This is run by @shanibeer.
Thanks for reading.
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The title image was created by myself
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I tend to feel that the 20% in question has always been touted to not be sustainable. However reducing the APR feels like hitting a spot or alternative something that's already working. I hope we don't lose investors and I hope the witness can come up with a reasonable consensus.
For some reason, the HBD is not so loved by holders of stable coins. Imo, it looks like the experiment has failed and we should re-focus on incentivising holding Hive power.
You have excelled in SPS. YOU GO BOY ❤️❤️
Thanks, i appreciate you.
Thanks for the info about HBD interest rates possible changes. I’m quite behind on hive news, so this was most helpful.
Great savings progress too 😁
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Thanks! It is some good news that the Witnesses will look at this.
Yay! 🤗
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The idea of HBD savings APR was that it would be dynamic... I can't understand what a fuss is if it will be changed... It was designed to work like that... ;)
Btw... Great progress with your goals... Only 7K to 100K Hive Power! Great job!
Very true, I guess people get used to things and dynamic is not such an easy thing to adapt to.
Thanks, the 100k feels not far off now.. on the home straight!
I don't really like the idea of 20% APR and it is better they change it now before it is too late
I have always considered HP more useful and valuable than HBD in savings, and I will be happy if the 20% of HBD in savings is decreased
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I think it is a sensible move. Thanks for your support.
That's my life. As I come close to a target everything changes and I have to work twice as much to finish.
Yeah, it always seems that way!
Your Alive and hive both grew up in good way 🤩 weekly progress is good and than it's also great to share with other's but i can't remember the number, like last week I've.... And now I've....
Good luck you are very close to 100K 🤩
Thanks, it is growing nicely this week.
Yes 😀
The interesting fact is that we changed the APR to 20% hoping to attract new investors, but nobody thought to market that in a professional way. Maybe they were worried about the comparison with LUNA. Anyway, the 20% APR wasn't really given a chance. But I don't cling to it, I can live with a lower APR for HBD. I just believe the timing for doing it is wrong.
Yeah, im not sure why it wasn't taken more advantage of? Lack of marketing? No USD or treasuries backing it up?
USD or treasuries backing it means centralization and a major point of failure in my opinion. By the way, UST had BTC to support it, but it was as if it didn't existed. But that was a special situation with almost no failsafe and a majorly unbalanced economy (UST had a higher market cap than LUNA which was the asset backing it). The debt ratio on Hive is 7.5%, so still easily manageable.
I agree, I guess most people are not truly ready for decentralisation.
I didn't find out the whole story about Luna, but it is highly suspicious that it failed, I suspect some shenanigans were at play somewhere.
It was speculated a former insider who knew its weaknesses and had a grudge made sure it failed once it hit a critical phase (higher marketcap for UST than LUNA). He just started the downward spiral, it was said. It required lots of money, of course, to do that.
Makes sense, is Luna coming back though? I saw some sort of revival?
I don't know. They've been trying to resurrect it but without a stablecoin. I think it'll be difficult for them to reach the same kind of popularity and expansion. The reason they got so big was because of the stablecoin (and the aggressive marketing), not because of LUNA.
The whole Anchor flywheel too?
I have no idea. I haven't followed what they are up to now.
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Wow those are amazing progress and great goals set!
I should do the same with a report card myself so as to see how far I have come by the end of the year! 😁
My first target was to save 100HBD which I have already achieved and the next one that I'm targeting is 1000Hive! Pretty glad with the progress so far considering I started this journey in April! Gonna keep this up 💪
Thanks. Congrats on your HBD goal. Keep up the good work on your HP one, that is a great milestone to aim for.
Yeah a mini goal for a start, small steps!
Was thinking of returning to saving up on HBD but might change that with the interest rate reduction 😅
Will be interesting to see where the HBD interest rate goes. I currently dont hold any HBD, so no affect to me, but I had planned to move into it if the price of HIVE went >$1 - but I think thats a long way off !
Nice increases for the week - 381 HP is awesome, I'm guessing the curation rewards help a lot considering the stack you have !
Anyway, best of luck for this coming week !
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Yes, it will be interesting to see what the outcome is. I still plan to rebalance at some point. $1 Hive seems far off in this deep bear market right now.
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