BLURT is collapsing but our sibling token HIVE is not doing well either
BLURT is in a world of hurt, no doubt - we've lost 95% in the last 9 months. But let's not forget that HIVE, the token many of us traded in for BLURT, is also having a very bad year.
HIVE hasn't been this cheap since July 2021 (16 months ago). From 3.41 USD in November 2021, to 0.33 USD in November 2022, the token has taken quite a tumble.
I was holding 17,000+ HIVE at the very top (about $60000 USD), but did not yet have a mechanism to trade/sell it, and held on through the collapse, only moving it into BLURT in March and April of this year. After 8 months of full-time content creation, curation, and compounding interest accumulation, I now have 534,300 BLURT (worth 1335 USD).
But just for fun (or is it torture), what would my holdings be if I had held my HIVE earnings in a fiat currency like USD (or a stablecoin) until today, when BLURT is so much cheaper?
Turns out, I could buy over 24 million BLURT with that amount, if I had only waited. In other words, it's a bad idea to invest in BLURT, and a much better idea to hold pretty much anything else. Even HIVE would have been a much wiser place to keep my savings, down "only" 90% in the past 12 months.
"But NOW is a great time to buy BLURT, because it's really cheap!"
Sure, sure. That's exactly what I was led to believe. Hundreds of other investors/savers have made the same mistake, and continue to do so. Maybe at some point in the future, BLURT will be a buy. But nothing we have seen so far gives much hope of that. In fact, it would STILL likely be a good idea to get out of BLURT until something changes with the token fundamentals. Selling something when you're down almost 98% is usually a bad idea, but in this case, it would be prudent.
Case in point - a couple months ago I used some BLURT to buy food. The dollar price of that food is up since then, while the BLURT has lost 60%. At the time, I was sad to see that BLURT go... but now I wish I had used it ALL to buy food and other things my family needs!
I would be the richest (most BP) person on the Blurt blockchain, if I had just held my money 8 months. I would also not have given 8 months of hard work - creating content and curating - and could have put that effort into something else. I would be many times bigger than Megadrive, and "socialgraph" (whoever that is), and every other insider and whale on this chain.
If I had only waited!
Instead, I'm a relative nobody, creating content for pennies, while the insiders create as many tokens as they need to "pay their costs and make a profit", driving down the value of every remaining token the rest of us are holding.
How about you?
How much BLURT would you have, if you had stayed on the sidelines until today?
Did you jump out of HIVE to get involved here, or did you buy BLURT using fiat currency, or perhaps some other crypto like BTC?
One year ago, I could have bought a brand new luxury car with my crypto savings. Today, I can't even buy a used catalytic converter (part of the exhaust system). Next year, perhaps I'll only be able to afford a hubcap? We'll see!
DRutter
