"Hive token has no utility"
I notice that some people think that hive can be an applications layer without hive token appreciating in value. That other tokens could accrue at lot of value, while hive token doesn't have to. This is not sustainable and realistic thinking because of the following:
The hive tokens have utility of which the most important is to pay people who uphold the blockchain.
A great comment by @wil.metcalfe about utility:
I guess you could say that by being active at some capacity means that you are out pacing the inflation rate. I can understand that Hive may actually need an inflation rate in order to encourage the generation and curation of content. It’s utility means that it’s not just a coin to hold it’s meant to be utilized.
Hive token is meant to have an utility and its utility is not economically sustainable, I replied:
The problem is that the hive that is given out (by centralized big stake holders) do not equate to extra hive most of the time. Most of the rewards go to content creators, who don't bring in people or capital from outside Hive, which is why this system is not sustainable if authors don't bring in external capital/eyes. And they rightfully don't do so, because they are incentivized to please whales and big curation groups.
Dan assumed that the community would be able to upvote good articles and these articles would draw in people from the outside. But as we know, this never happened.