This is an intro to an immensely successful, professional, and in business terms, a valuable company that I initially invested in at ICO time, HIVE. I didn’t invest a significant amount of money but still asked an excellent whale friend what he thought first. He told me how stupid it was and how they would fall apart. I explained how this business model and the case is already in use, but lacks an adequate creditworthiness tracker and also doesn’t have the flexibility. He told me to go ahead if I didn’t mind throwing away the money. A little beaten down that I would fall for such a bad idea. Well, I did it anyway, and I couldn’t be happier.
You may be wondering what prompted me to disregard the advice of a long-time friend and individual who made millions from their intellect in crypto. I followed the rules.
#1 Never expect to make money when using emotion.
#2 If the White Paper explains mid-level technical details and is well written, look deeper.
#3 Do the admins respond to questions on their chat channel? (Telegram, Slack, etc.)
#4 Is there an existing Business use or a solid case for them to work?
#5 Is the team real? (Check their LinkedIn profiles, are they real people?)
#6 Is their project achievable? (I don’t care what you’ll get done in 10 years, businesses need a profit now, not when we’re all half android.)
#7 Can I keep the token in a real wallet, or does it require some unique, potentially non-secure custom wallet?)
Following my first rule, I threw all that emotion out the window and moved with a project that I saw legitimate value to the retail business community in Invoice Financing. I analyzed the White Paper; seeing all the technical material in there and understanding about half, I felt pretty good and was able to read it. Readability is essential as it goes to show the project owners dedication. The admins were incredible when I reached out on Telegram and Slack. International credit for retail outlets is routine business. As a sporting goods store needs to get its winter line-up of gear and clothing, they have 3-4 months to pay for that equipment from a factory, probably in China. This payment must be made as companies aren’t in the business of loaning their product, they need to buy more materials and pay their employees. There are times when the factory needs the money faster, 3-4 months on a significant order just isn’t going to cut it. Now, they can sell that invoice, get paid right now, in exchange for a little bit of interest, and the invoice buyer then makes a profit when the retailer pays. With HIVE, now anyone can lend that money, and the store’s credit is easily tracked with all previous transactions, payments or missed payments included. This all goes into a credit score, which isn’t so easily manipulated like typical businesses. Now the people behind the companies are tracked as well. No more changing names behind a failing business, the world is watching.
So what is HIVE made of?