The Greatest Crypto Faucet Ever....?
I saw a crazy question a few weeks ago on the blockchain...
"Is $HBD the greatest crypto faucet ever?"
O.K., I'm not sure if HBD technically could be considered a faucet in the true definition of the term, but it's an interesting idea. And tonight I wanted to dive into what could be one of the greatest 'secrets' in the entire crypto space....
Actually, it might be in the entire financial space as well.
So tonight is Christmas Eve, and while I don't celebrate Christmas like most others do, we did have my wife's family here on the farm. As things usually go, the kids were being insane and playing while the 'adults' started talking about the state of the world and yup....Money!
My brother in law and his fiancee, let us know about some savings plan they started for their daughter and it was paying like 8% or something a year. And it wasn't guaranteed obviously, but then I told them about our little 'plan' here on the blockchain.
*"You know what's crazy. I have started a small savings plan for both my children on this blockchain I'm apart of, and it's generating 20% APR." *
This is what I presented to them and it got them SUPER curious about it. Of course, I did my pitch and will more than likely be setting them up with an account to start looking into HBD more closely.
So I hope :)
Back to that 'greatest faucet ever' talk, while HBD does require capital placed into savings, it's different because....We are rewarded for our efforts and value that we bring to the chain.
We can literally, fund a savings plan for ourselves or our families simply by being active. No fiat out of pocket needed, no high MER from the bank's 'funds'....Just show up, add value and your savings account literally builds itself.
Today must have been HBD day or something because earlier in the day, @elianaiccgomes and I were talking about it as well and she let me in on a little secret that she's planning. She's got the killer idea for how to grow HBD and it will be published very soon! This post is an attempt as well to get her to publish it sooner lol
But seriously, how cool is HBD?
We show up, add value and then stick our earnings here into this slick little savings account that generates 20% APR. And spoiler alert, I plan on setting up some new goals in 2024 for #myhivegoals that will include, you guessed it, a whole lot of HBD!
Essentially, I want my efforts here to fund my retirement account. Which is what I plan on making my HBD savings account on the blockchain....And for good reason.
You see, I'm en entrepreneur. I have never worked for anyone else (up until the past few months) in my adult life. Which means, I never had a company 'invest' my pay checks into a retirement plan. So I'm creating my own plan right here....On chain.
And like I mentioned above, I'm starting a few for my kids as well. And one may say, well what happens if HBD savings is cut? Guess what, it's still a heck of a lot better than I can do in any bank mutual fund....And the best part is, I control 100% of the savings.
And isn't that what we're fighting for? Financial freedom doesn't mean trillions of dollars to me, it means not being under the mercy of the big banks.
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How was your experience working for paycheck in 40s? I had a recent work with amazon flex and it was kind of odd feeling for me, kind of felt working below my paycheck. On the other hand I have seen people who are working these low end jobs having their own car haha. I mean where is world going, everything including stature etc is flipped these days. We are working because we have to in some case. I hope with my time investment on hive I could change that.
It's been awful lol I still get the odd shift now and again, but it's no way to make a living. New year, new opportunities I hope.
I've also set up a HBD saving plan for my kids.
Yeah man, I'm trying to get my whole family now to jump on board.
HBD is one of the best things we have, around here!
Whereas I typically have to take my liquid earnings out to apply to bills and life in general, around mid-year I started putting the non-whole dollar amounts into HBD savings every day... and now it's $125+ at the end of the year. It's not much, but I do think the key here is to do something every day, however small.
Absolutely. And the power of compounding too. If we let it sit, even small amounts, can add up!
I think it's good but HBD is kind of reliant on Hive. I do believe that Hive will be fine and it's fairly safe. However, I do think that people should at least diversify a bit and not put in more than they afford though. I store some HBD because I believe it works out quite well.
That's the beauty of it, you dont need a spend a penny out of pocket. You can literally, self fund your savings account here.
HBD is among my goals for next year!
It's a no brainer here on chain!
I also agree that even if the APR gets reduced, it will still be better than what's out there in the traditional world. Having the freedom to own one's savings is the best part of it :)
Complete control. We get to decide where this stuff is going.
De igual manera te deseo una feliz Navidad amigo Jongo
You've emphasized it great: financial freedom means to control your finances and not others do that for you. And that is what we should first aim to!
For sure. And the more control we have over our finances, that's true freedom to me.
20% Apr for HBD, I think HBD stand out in that aspect. Only few actually can see that potential that lies
Heck even at 10%, it's better than any savings plan a bank gives you!
Saving in HBD will be a very good plan. I have not began to take it seriously but imma do that soon
I just hope HBD becomes a popular mode of payment someday
Small bits, compounded, turn out to be huge down the road.
Love HBD. As you say, it will be a nice retirement account. Not that I ever plan to retire, but hopefully I can have a nice monthly interest that is more than livable so I don't have to work as much.
My only wish (a new years or christmas wish) is that it becomes easier to withdraw. As is, I change the HBD to Hive, then send to an exchange changing it to LTC, then to my bank when I can change it to yen and withdraw it. That's a lot of hops and a lot of fees. So I wish for a more direct way.
But otherwise, HBD is awesome!
Yeah for sure, the exchanges kill you when you start trying to flip LTC!
I also believe HBD looks promising too. Just this year, i started setting up an hbd savings for myself and hope that it will be of good use in the future. But ofcourse, HBD alone is not enough.
If we should actually consider it, HBD stand out and will continue to among all the other stable coin
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