Keep It In The Family - Hive Reinvestment all 2022
Yesterday I wrote about the importance of maintaining habits when it comes to forming your plans for the new year (or plans for any time of the year for that matter). I said that I didn't really have a specific resolution, but more a plan for improving myself and the trajectory of my life heading forward. Overnight, that changed just slightly and I hatched another goal I would like to add to my list.
During my first year on Hive, I would estimate that I was able to retain somewhere around 60% of the assets that I earned. I had to liquidate my Splinterlands account a few times over the course of the year (to my dismay) and I made many withdrawals for legitimate as well as stupid purchases.
I had conviction when it came to getting involved and establishing a sense of routine on the blockchain, but was a bit ambivalent when it came to what I would do with the rewards when they came. Some days, I would be determined to stack Leo and so I would sell some Hive I earned to do so. Other days, I was 100% in on Hive and wanted to stack as much of that as possible. Then, occasionally I would sell everything and just buy Splinterlands assets. All of this added up in a plan that wasn't really a plan at all, but rather just a reality that ended up at a fraction of the potential it could have reached with more self-discipline.
Coming to this realization, I have made a formal plan that I would like to follow throughout the course of the year...
Never sell anything*
I know this sounds too good to be true, but I think that it would be the most ideal way of diversifying and saving on Hive. I wrote the asterisk because I will alternate transferring my HBD to savings and using it to increase my Splinterlands deck, other than that I want to just stake everything that I earn as it is.
My thought process here from a diversification standpoint is that if I am earning way more Leo than say Pob, maybe that is because I have more involvement with the Leo community and I should continue growing my stake there. If I am staking tokens as they come to me rather than looking to sell, I will be avoiding big market fees and growing symmetrically with my involvement in those communities. This thought process isn't attributable to the amount of effort that I would want to put into the communities where I earn less, it is simply about the growth of my community share on those platforms.
So my big plan is to get rid of all thinking and just grow. See token, stake token, smile. As simple as possible and hopefully very fruitful after a year of doing that every day.
What do you think? Too utopian? Or is this a quality Idea for growing my account?
Happy New Years everyone!
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Who I am:
My name is Rob and I am a prospective law student with interests in cryptocurrency and blockchain. I have enjoyed my time thus far engaging with Web 3.0 and am looking to continue learning more and sharing what I learn through my experience
Posted Using LeoFinance Beta
A very astute observation. I see many who are chasing after every shiny new thing. There is so much out there. It is fine to layer but the reality is we can only place our focus in so many areas. Those who are trying to build dozens of tokens are going to find it difficult in my opinion.
For this reason, I think it best to limit it to about 5 that one is earnestly working upon. Outside of that, perhaps a few "lottery tickets" is a good idea.
Posted Using LeoFinance Beta
Admittedly it is quite easy to get distracted on Hive, my thought was that it is fine to be a bit all over the place with this strategy because those 5 areas of focus you bring up will grow naturally if the reinvestment process is consistently weighted.
Rune is the best lottery ticket, I'll be pumping into that off chain of course.
I think it will be quite tough but it will be worth it if you manage to keep the goal going. Happy new years.
Posted Using LeoFinance Beta
Sound plan! Stick to it as the chances are higher to get a far better return. There is a saying, which for me was real, time in the market beats the timed market.
Posted Using LeoFinance Beta
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