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.
Sports Talk Social - @bozz.sports
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Electronic-terrorism, voice to skull and neuro monitoring on Hive and Steem. You can ignore this, but your going to wish you didnt soon. This is happening whether you believe it or not. https://ecency.com/fyrstikken/@fairandbalanced/i-am-the-only-motherfucker-on-the-internet-pointing-to-a-direct-source-for-voice-to-skull-electronic-terrorism
I think you know what you "Should" do, but don't like the answer.
I have no idea, but I'm curious to see how it turns out for you.
Keep us posted! Literally
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Thanks, I appreciate it. I am actually pretty okay with the conservative plan that I have, but like I said, we have all levels and walks of life here, so I am willing to change my mind if someone brings up a good point.
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Getting More of them is good for future use
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Yes indeed! I just hope I can get back into the game at some point!
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Ok
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DCA. I can't see a better strategy for uncertain times.
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Yeah, that is what I am thinking. Then what? Keep it as ETH or try to move it into a stable? The gas fees are going to kill me if I make too many moves.
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I'd choose for ETH and stables. If ETH goes to over $10,000 then it's a good investment.
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Yeah, that is a good point! You think I am good doing like 2000 tokens at a time for the DCA?
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You can go even lower. I don't know... Search for balance so you won't regret any potential future pump.
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Okay, thanks!
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Well it depends on how much you want those tokens. Do you see a future for the token or do you have a use for it? If you do then I would just scale in your position. Buy if it dips, hold if price is stable or take a bit of profit if it pumps.
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I'd probably never buy since I can generate them in game by playing.
I hate giving people advice for these types of very unpredictable tokens. It may bounce two or three times before trading sideways back near .80. I would dump them at 1.00+ and just look for my next move. Even with gas fees, ETH isn't a bad investment. I think ETH has a lot of potential room for growth. playing the get rich quick card has never worked for me, but slow and steady moves is looking like a winner in my book. Take the profits and DON'T look back! (All in my opinion of course).. lol😁
Thanks! I think that is some pretty great advice! It looks like things are still on the move with NCG sitting at about $1.42 right now. I just moved a bit more into ETH. I need to remember to be focusing on things that will generate a passive income stream for me. Avoiding the whole get rich quick thing is another great piece of advice!
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