Wow, I can't believe that it is another power up day. #hivePUD is a day when those who are dedicated to the platform prove their loyalty by powering up 10 or more HIVE.
Players on the platform use HPUD as a chance to dump their coins during a predictable bump.
PowerUp Day began in the dark days of SteemIt.com when the price of STEEM was dropping month after month.
I think that SPUD, err I mean #hivePUD, had some value during the darkest days of STEEM when people felt the very existence of the platform might be in peril.
The monthly event still serves some purpose in that it educates new users on the importance of powering up their HIVE and staking their tokens.
The value of one's up vote (and consequently the size of one's curation rewards) gets determined by the HIVE POWER in one's account. I have 5,000 HP (I am 96% of the way to becoming a dolphin). I get about 1.25 HIVE a day in curation rewards. I have about $300 in alt coins and receive sweet curation rewards on HIVE-Engine as well.
I've been on the blockchain for 52 Moons and am still 100% powered up. I bought a few hive related things with such as the Review the World Community. I bought a Hive Punk and a few NFTs. Everything is still on the platform.
I feel that I have enough HIVE POWER. So, I decided to stake $13 worth of tokens on HIVE Engine rather than powering up HIVE.
Now, the question is: How can I prove that I stuck (or is it staked, or is it stacked?) my coins on this beautiful HIVE POWER UP DAY.
I took a picture of my Hive-Engine account which shows the value of my outstanding balance. I then used the Stake My Tokens tool by @hive.pizza . This tool stakes all outstanding coins in a single transaction. The picture above shows the total dollar amount. This is the transaction.
The picture shows that I staked 100 POB and 100 STEM . I also staked a nice pile of LEO and BEE . I doubled my holdings of #PIZZA . Pizza gives 0.01 PIZZA a day for every 30.5 staked pizza. That is a 12% APR. My best performing coin in the #CENT . NOTE, CENT is supposed to be pegged to the US Penny; I had been selling CENT as I thought the price of HIVE was too low.
I think that I am foolish for playing HPUD every month. This brings up the important question:
Should You PU on PU Day?
Power Up Day educates users on the importance of staking their tokens. The HIVE ecosystem depends on people re-investing a portion of their earnings. Too many users simply dump every coin the earn.
Users need to periodically re-evaluate their holdings. You should buy the coins that fit with your blogging and curation style and dump the ones you aren't using.
The act of trading coins on Hive Engine provides liquidity in the market.
I don't like trading at the market price. I like to place my BUY orders at or below the current bid price and place my sale orders at or above the ASK price. This practice adds liquidity to the platform. I often receive sweet rewards when people make larger transactions.
I do HPUD because I've been creating a tally of my HIVE empire on the first of the month on the account @irivers. I can click through the posts and see how my account grows.
I am addicted to the monthly tally. I believe that #hpud is not a good idea. With the addition Hive-Engine, HIVE became an extremely robust ecosystem with dozens of interesting tokens. Individual users should invest their tokens according to their personal schedule and in the way that they feel best enhances their goals.
When you accumulate coins for HPUD, you lose the compounded interest.
Having a scheduled time for your trades means that you are likely to miss market swings.
In my case, I decided to structure a big staking today. I executed a large number of market sales today. I would have done better pacing the transactions.
I do not believe that powering up on the first is the best way to show loyalty to the program. Yes, it creates a predictable spike in the price of HIVE. Unfortunately, the players on the platform use the spike to dump their coins.
I hope that @hivebuzz comes up with a better way to educate new users on the importance of powering. After all, PowerUp Day is like so old-STEEM-fashioned. Trading and Staking on TribalDex.com should be the new-fangled HIVE way.