Hive-Engine Tokens #3
Hello @spinvest readers,
It is nice to type this report through the leofinance interface and see all those green numbers on the market today.
As hive is wavering 0.23 USD and bitcoin is down to 9127 USD it seems like the right ratio to buy some bitcoin with our HIVES.
Today we are looking into the PAL Coin.
Palcoin was the first token traded on the steem-engine. When the fork to hives came to life, PALCOIN was promptly transferred to HIVE-Engine.
My first memory of Palcoin was their discord server for the Minnow Support Project. They had a channel in which you could post a link to your post, which had to be at least 20 minutes old. Back in that day, if you voted on something before the 20 minute mark, you lost out on curation rewards. In return, you would receive like what at the time seemed to be a HUGE upvote of about 0.22 STEEM UNITS.
Pal was the first project on the STEEM-Engine, and they started by giving airdrops to all steem holders. The ratios of how they have airdrops had a curve, which meant that huge STEEM Whales, were not as powerful on the PAL site.
I remember the excitement and buzzing that happened with this change. By creating an economy within an economy, you created an ecosystem, where you could have very little power STEEM, but have a whole lot of power in PAL Coin.
A little guy could now be a big guy
There had been writers who would not write because they had brought on the wrath of the downvoters. Now, because the distribution of PAL coins was different than the distribution of PAL, those writers could write again, and earn crypto, which they could then sell for steem.
It was exciting times, and there was much excitement of what was here. It wasn't just a new ecosystem, it was a new community within the community.
But Pal Turned out Not to be so perfect an investment
The price of PAL kept dropping and dropping to the point where now you need over 100 PAL coins to have one HIVE.
How did this happen?
- Devs of the coin were paid in PAL coin, and they sold more than people bought
- There is no usage for the coin. Once you earn the coin, there is nothing to do with it except HODL it, or use it to buy steem (now HIVES)
- They got lots of competition real fast. At first, PAL was the only alternative for those who were upset about the whale/minno balance on the STEEM Blockchain, but soon, there were tribes EVERYWHERE. It became a game of how many tribes could be tagged, instead of a rallying cry of support for one tribe.
- There is no economy for the coin.
Nostalgically Speaking, PAL is one of my favorite tokens
The team took an idea, and made it easy for others to build upon.
Also, there is a history of community building and helping the little guy. It would not be surprising or out of left field to see them pivot into something amazing.
But for now, the token as is, with its current roadmap seems like a stage investment.
Do you disagree? I would like to hear why?
Thank you for reading
Posted Using LeoFinance