Since we're nearing the end of the year, I decided I'd perform a Hive-Engine Layer-2 token audit. Which tokens do I hold, and which ones do I want to continue to hold going forward?
I'm glad I took a look. I currently hold 73 L2 tokens, and some of them I have no idea how I acquired them. Heck, I have no idea what many of them are even for. Do they have utility? Where is the value derived from?
I'm certainly not against L2 tokens. Some them I actually like having (hello LEO). Others, I can take or leave them. But, being that it's near the end of the year, I'd like to ensure that I'm keeping ones that will likely appreciate in value or at least provide some utility. If they do nothing or hold no value at all, then I'd just as well dispense with them. You know, trade them for a token that is likely to appreciate in value or provide some type of utility. Maybe even convert them to HIVE and powerup, or to HBD.
The question is, which ones do I keep and which ones do I throw? For that, I'll ask for your input. Below are a list of tokens I'm considering dropping. In the comments, let me know if there is any reason why I should a specific token.
The list is broken into two parts: Red Flag Tokens and Yellow Flag Tokens.
Red Flag Tokens are tokens that I've had since the beginning of the year (or before) but I have not accumulated more than just a few. In some cases, their associated websites appear defunct, which implies the tokens are inactive and therefore worthless.
Yellow Flag Tokens are tokens that I might be accumulating in small amounts but I have no clue what they're for or how I'll use them going forward. Probably, in some cases, I know I wouldn't use them.
Red Flag Tokens
The tokens on this list are tokens I have just a small amount of and haven't increased since I first acquired them. I've held most of them for a year or longer, and I'm not gaining any more of them. Why should I keep them?
- BEATCZ: I've got a tiny amount of BEATCZ. Hive-Engine describes this token as the official token of BEATCHAINZ, a network for musicians. I'm not a musician, and their website appears defunct. Created by user
, who hasn't posted to Hive in four years, the small amount of this token I have is staked, but I see no benefit to staking it. Should I keep it?
- BHT: The Broadhive Token is associated with another defunct website and has no description at Hive-Engine. Created by
, a user who hasn't posted to Hive in three years.
- BUDS: Another token with no Hive-Engine description and a website link that goes nowhere. Creator
has not posted to Hive in over a year.
- BUIDL: A token with a description that seems plausible but, again, the website is inactive. Creator
last posted to Hive six months ago.
- COFFEE: COFFEE has no website associated with it and no Hive-Engine description. Its creator has not posted to Hive in two years.
- DEC: DEC actually has some utility. The official in-game currency for Splinterlands, this token is useful. But I doubt that I will use it, for very personal reasons that I've discussed before but don't need to go into right now.
- FOODIE: Here's another token with some utility, and a community, evidently. Creator
is still active on the blockchain. But I'm not a foodie. I have no interest in this token.
- HUG: Nice tagline on Hive-Engine, but no website. Created by
, who hasn't posted in two months.
- IDD: Unless there's something I'm missing, the description for this token is over-the-top ridiculous ("The Indeed token is used to tip and show agreement with posts and comments you wholeheartedly agree with in the Hive community"). Isn't that what the HIVE token is for? At least creator
is active on the blockchain.
- INK: Created by user
, who hasn't posted in over a year, I have no idea what this token is or what it is can be used for.
- LUV: I'm all for spreading love (luv), but do we need a token for that? User
posted two days ago, but this token has some level of usefulness. I guess the idea is to tip people if you like their post, but you have to hold at least 10 tokens and all I have is 8. Help!
- LVL: It appears this is the token for the Psyber X game on Hive, which I've never played. Creator
hasn't posted to Hive in four years. Is this game still active? Does anyone play it?
- PAL: PAL was an active community at one time. Creator
hasn't posted in four years.
- PESOS: This token actually has a live website, but I still can't tell what the token is about. The Hive-Engine description says it's a collectible for use within "the decentralized network of community", whatever that means. Creator
hasn't posted to Hive in six years.
- PIZZA: I like pizza, but I usually eat it. This token appears to have some utility, but I'm not sure what it is beyond tipping people. I'm sure I've received Pizza from people who randomly tipped me with a few tokens here and there, but I don't have enough Pizza myself to tip anyone else. What else can I do with this? The website is active, and it seems like a thriving community, but what do they do exactly? This token's creator (
) joined Hive four years ago but has never posted.
- SCRAP: This game looks like it would be fun to play. I don't know how I ended up with game tokens when I've never played the game. Creator
hasn't posted in two years. Is anyone playing Terracore?
- SIM: Here's another game token, but the dCity website redirects to the BeeSwap interface. Creator
hasn't posted to Hive in seven months.
- SQM: This looks like another game. From the title, I'd think the idea was to pretend you're the CEO of a fictitious company, but the website doesn't explain very well what it actually is. It's poorly designed and confusing. Creator
posted to Hive last month.
- STARBITS: This is interesting: pretend you're a musician and earn crypto like a rock god. I'm sure that appeals to some people. Creator
hasn't posted to Hive in two years.
- THGAMING: Another gaming token. This time, the link goes to a Linktree. Token creator
hasn't posted to Hive in a year.
- THIA: ThiagoRe is described as "a blockchain-based social media platform for EOS & Bitcoin content." On Hive? For what purpose? Creator
joined Hive three years ago but has never posted.
- WINEX: Let's have some fun. Fun! Fun! Fun! That's all I get out of the Hive-Engine description for this token. Created by
, who hasn't posted to Hive in three years.
- WOO: I'm glad wrestling enthusiasts have a community, but I'm not a wrestling enthusiast. The creator of this token (
) appears to still be active on Hive. But why should I want some WOO, the governance token for a community I'm not a part of?
I'm open to pitches. Tell me why I should want these tokens? Otherwise, I'm ditching them. Make a convincing case and I'll consider keeping the ones for which someone can make a good argument.
Yellow Flag Tokens
This list is shorter than the first one, but I'm still wondering about these. This list is full of tokens I continue to accumulate in small amounts, but I wonder why.
- BBH: Created by user
, who appears to be active on Hive, I don't know what this token is for. The Hive-Engine description says the goal is to have 1 BBH equal 1 Satoshi. What then? Why? What does it mean if that happens? Why do I need Bitcoin Backed Hive? Is it truly backed by Bitcoin? If so, where is the Bitcoin wallet that holds the bitcoin backing this account?
- BBHO: Hive-Engine says this is the native token for the BBH project. If so, then what is BBH? Why have separate tokens? Hive user
created this token and last posted 3 months ago. The situation seems bleak.
- BRO: I used to hang out with creator
on Discord back in the day before the infamous Steem-Hive hardfork. His Brofund was created then and appears to still be active. I never really got into it, but I did enjoy watching him build his community. What do you know about BRO? Should I keep it?
- CINE: This is the token for a film and TV tribe. That sounds cool. Their website appears active, but I'm so busy I don't know that I have the bandwidth to get into it. Created by user
, who hasn't been active in almost a month.
- DHEDGE: Hive-Engine says to delegate Hive Power and Hive-Engine tokens to receive DHEDGE. I'm guessing that's why I have some. I do delegate Hive Power. But what can I do with DHEDGE? The website doesn't appear to be active, and creator
hasn't posted in two years. Meanwhile, my DHEDGE tokens have stopped accumulating. This should probably be on the Red Flag list, but it sounds intriguing. Does anyone receive dividends for holding this token, or is it a dud?
- JAHM: The token of "of Reggae & IRIE Vibes". Another music token. Sounds interesting, but why should I keep it? Creator
hasn't posted in four years? Active token, or another dud?
- PHOTO: I see people using PHOTO, but why should I? The Hive-Engine description says it is used to reward people for quality photos and images. That sounds pretty cool, but I don't know why they need a website. Creator
hasn't posted in two years.
These are the tokens I'm on the fence about. Should I keep them or throw them? Make a convincing case and I'll consider keeping them.
Your turn. Convince me to hold these or I'm ditching them.