 | Even though I have been in the crypto space since 2017 I did a series of bad things recently. In other words, I should have known better but greed got the best of me and the cryptoverse punished me for it. I am not very upset about any of this now. Gotta dust yourself off and get back in it. The most important thing to me at this point is making sure others can have better luck or make better choices after knowing what I did wrong. I also did a good thing recently I will highlight at the end. Let's get on to the lessons I re-learned the hard way (again). UPDATE: To help people avoid Mistake #3 I added CCIP-030 to the Moon Spotlight along with your voting power for r/cc. Just search for your username or drop it in the URL for your page to come up. MISTAKE #1 We had a whale purchase a heck of a lot of MOON on March 10th and that drove the price up to a peak of around $0.31. I sat here with my precious MOONpile thinking, “I never plan to sell my precious but what if I temporarily sell and buy back in when the price resets -- I will have so many more!!” The problem is now I am beholden to the price of ETH and MOON for my scheme to work and I hadn't thought about slippage or other factors. Notice the price rose steadily and held well above my sell price for days soon after. Did I time that whale spout? Yes. Was it a smart move over the coming days? Hell no. NEVER TRY TO TIME THE MARKET MISTAKE #2 I traded one third of my MOON … then the other third … then the last third as I convinced myself that this was a genius moment on my part. In the wake of it all I sat there MOONless. This greedy fool sold what had taken so many months to accumulate. I love the MOON movement and had sold all of my favorite token due to greed. NEVER SELL EVERYTHING AT THE SAME TIME and DON'T LOSE THE PRECIOUS! MISTAKE #3 Now the supposedly easy part – wait for the market to calm back down – it was one whale after all that drove up the price – and wind up with more than before. Without a plan for when I would attempt to re-buy I found that the timing never seemed very good and fees plus even small slippage would make it not really worth buying back in. The days slipped by and I remained MOONless. That’s when the r/cc snapshot came and the full weight of my stupid hit me like a brick. I had a few of my best posts ever the month prior and because I sold all my MOON I was only getting 130 MOON instead of 1000+ from the next distribution. I wiped all of that potential MOON gain out by getting greedy and breaking golden rules. The work I put into making MoonExchange.org was going to be supported by kind upvotes from the community and I torpedoed almost all of that. As far as why the snapshot mattered, this relates to CCIP-030 which is a good rule we approved. Heck, I voted ‘yes’. I lost sight of the snapshot coming up. NEVER DROP YOUR EARNED MOON TOTAL BELOW 75% (because it will and should murder your next distribution … and the next … and the next until you fix the situation). GOOD THING Many of you know I have been a liquidity provider on SushiSwap since day #1 and it’s amazing to see we almost have 1 FREAKING MILLION MOONs in the pool! That’s almost one nanooverbtc for those keeping count. PROVIDING LIQUIDITY HAS BEEN RATHER AMAZING. You get both MOON and SUSHI every day (to buy more MOON) and can feel darn good about helping the community. While you may see your MOON total fluctuate you are always getting ETH when that happens and still seeing the overall value of your holdings go up as prices rise for either asset go up. To me this all makes it 100% worth it. I don't consider my MOON in liquidity mine at this point. Those are going to remain there for the community for a very long time. As far as my MOON total, I was able to buy back a third this morning and it was nice to see that pushed the price back up a good amount. This did not bring the big profit of MOON I hoped for originally. I wound up gaining maybe 40 total. I don't care, I have some of my precious MOON back and that's what matters. TLDR; I made many classic blunders in the span of days, had a few of my best posts (most upvotes) this month wiped out mostly based on many hours of programming work for MoonExchange.org, and flushed all of it right down the drain by trying to time the top of a whale spout. Also enjoying providing liquidity on SushiSwap and earning precious MOONs. [link] [comments] |
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