A (not so) hypothetical situation
One of the things I love about Leo Finance is the fact that there are people from all walks of life in this community. People who have been in the crypto game for a long time, newcomers, and somewhere in between like me. People with a diverse financial background, people who are just doing what they can to get by, and people in the middle of the road with maybe a couple of traditional investments here and there for good measure.
Leo is an awesome melting pot of all financial walks of life.
And that is why I am writing this post. I am interested in getting varying perspectives on a couple of things tied to a singular event that is happening in my life right now.
If you read my Friday Finance post you might remember I was talking about a specific token that I had a pretty big miss on. Well, I am still holding the token, but I am trying to decide what to do next. So here is the scenario...
I've got about 35,000 of an in game token called NCG. They have a "wrapped" token on the ETH network called WNCG that I can move my NCG into for a (believe it or not) small fee. The first kicker is, I can only move 5000 of the tokens per day. So I started doing that about three days ago. My plan is to leave 5000 of the tokens in the account. I can use these in-game for various things.
When the bridge to ETH was opened for the token, the price spiked to an ATH of $6.44. The price is now sitting at $1.16, but it was as low as $.80 or so just a day ago. Due to a technical glitch, I haven't been able to access the game, but I am able to access my tokens.
I mention that because there is currently a tournament going on in the game and I have a feeling when rewards get paid out for that in month or so, people will likely be dumping the token.
I moved about 1800 of my tokens to ETH the other night when the price was $1.12 and I was able to get an awesome gas fee of only $25 to make the swap (isn't it sad that we think $25 is an awesome fee to pay for tx's?).
My thinking was to move another 1800 or so into ETH today while the price is right around $1.16.
So that is my question, what would you do? Would you just keep waiting to see if the price inches up and sell a little bit at say every $.05 to $.10 mark? Do I just dump it all while I can and be okay with that? I thought about taking about 800 of the tokens and picking up some WLEO with that, but the gas fee right now is closer to $96 so I just couldn't bring myself to do it.
Maybe I just hold the whole bag and see if the price jumps back up to $4.50. There is active development with the game and right now it is early access only, so when it opens up to the masses it could be a boon for the token.
Is there another option that I am not considering? Let me know.
What do I do with the ETH once I have it? Do I move it into something else? Hold it as ETH?
You can even suggest I sell it all and send it to you. That isn't going to happen, but I can't stop you from suggesting it!
I hope this post can generate some really good discussion that might help me and others when they find themselves in a similar position. If you are an active member of Hive, I have faith it is going to be sooner rather than later.
Posted Using LeoFinance Beta