Having referenced Handshake (the resident blockchain that builds 9ja Cosmos) several times recently, we've had some novel DMs asking us why we're trying to pump this coin.
This perception couldn't be further from reality and the truth, here's why!
The initial post only came because there was a need to inject some calm into the euphoria over Bitcoin over a five-day period a few weeks ago. Japan introduced new tax measures that affected ownership of US bonds. Japan began dumping bonds, and being the largest holder of US debt in the world by about $300 billion more than the next (China), this meant that the dollar would not be a rational reference point for perceiving value. of Bitcoin during the period.
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It seemed like comparing Bitcoin to Handshake Coin (BTC v HNS) made a lot more sense, as the design of each blockchain is almost identical.
Yes, a horse race must have horses, not a mix of horses, greyhounds, camels, unicorns and assorted crazy things.
More recently, I did a "history lesson" type post on the Founders, just to show that these people have been around major development topics (like the Lightning Network) since the early 2010s.
However, as we have always said, we are ultimately here to provide value to the youth of the 'Global South'. Our vehicle is to create/assemble blockchain related products, not speculate.
HNS launched in 2020 and reached an all-time high of 85 cents in early 2021. A few months ago it hit its all-time low of 1.1 cents and is now at 3 cents.
While it has outperformed Bitcoin in recent months, at the current price and typical trading levels, a speculator would find it really difficult to make a profit.
This is because in order for someone to sell a cryptocurrency, someone has to buy it. In thin trades, relatively small deals can abruptly alter rates. In a large market cap like Bitcoin, a single $50,000 trade wouldn't even make a dent.
A speculator would probably fail to sell a $50,000 share of HNS at a specific price. The exchange would have to match it with much smaller purchase requests on the fly. With an average daily volume of $45-75k, the $50k sell request will steadily drive the price down. This same problem will occur in reverse if you try to buy $50,000 worth of HNS affordably.
People who have traded stocks before on AIM UK Market or Nigeria's ASeM may be familiar with this phenomenon.
Although the value of SNP has almost tripled in about two months, it would have been almost impossible to buy and sell on the storefront, on a sufficient scale to easily make a worthwhile profit.
Handshake has a strong but diffuse creator, product owner, and developer. Community. We know that many OG products own 'whales' with huge holdings and can easily do an 'atomic' swap at a fixed price. These people don't like profiteers and only help those working to make the product creation part of the ecosystem more dynamic.
We would like to see the coin recover to around $0.20 to incentivize miners, but in reality, a consistently low HNS value against $USD makes it much cheaper to do things in the ecosystem.
If the price of the Handshake coin were to recover to around 30 cents, that would be a rough inflection point where speculative trades could be made more easily. This would add volatility to the cost of doing things, and that is not in 9ja Cosmos' interest.
We have only purchased HNS a few times, between May and October 2022, at an average price of 2.2 cents, and have not purchased it again since. There's no need.
We earn income from our activities on SNP and we also pay for things on SNP, so for us it is a closed trading system. Despite all the drama about the rise of BTC, we did not regularly analyze the value of HNS in other instruments.
It's a bit like someone traveling from Nigeria to the United States. When they land first, they are mentally converting prices from dollars to naira to measure spending. But after a while, they abandon the Naira comparisons and get a feel for the dollar, because that is what they earn and spend on.
They will only think about Naira again if they want to travel or need to send funds to do something in Nigeria.
Handshake Blockchain is a very secure blockchain and its design is almost identical to Bitcoin. It is a PoW blockchain that does not belong to anyone. Security is a big selling point, and mentioning it is useful as part of the 9ja Cosmos promotion, because it distinguishes what we do from products built for EVM Compatibles that continue to suffer from exploits and hacks at an alarming rate.
But we do not recommend purchasing HNS unless we intend to purchase assets or services from providers in the network, or develop in it.
It is actually counterproductive for us to promote investment in the HNS coin, itself! As always, DYOR!
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