One of the biggest advantages to cryptocurrency is the ability to realize outsized returns compared to the traditional avenues of investing. Being in the early days, there is a lot of activity taking place that is putting large sums of money into people's hands.
Of course, there are a lot of scams and bad actors, so one must be very careful. Yesterday, I was alerted to something by @themarkymark posted regarding Steemhunt. Remember that one? It was one of the first projects on Steem that gave out their own tokens in return for delegation. At the same time, by using their site, one was able to get rewarded either via posting or curation.
Marky's post came in response to something @felander posted. Both basically explained the situation regarding the HUNT token and how to convert it over.
Here are links to both posts:
https://peakd.com/hive-167922/@themarkymark/i-dumped-my-steemhunt-hunt-tokens-and-you-can-too
https://peakd.com/hive-167922/@felander/hunt-token-sell-option-on-uniswap
Over the last year, I have not given this token much thought. I did convert it to an Ethereum wallet before they shut down their in-house wallet system. This protected the tokens from being burnt, a move that greatly reduced the supply.
After I did that, I looked at the price and decided, what the heck, I would let it ride. Perhaps the token would stage a double at some point. The amount held, in USD, was a few hundred dollars, so I hoped maybe to turn it into $700 or $800.
Yesterday turned out to be quite a surprise. After reading the posts, I realized that the token had mooned. Whereas it was trading at $.002 before, the price hit $.06 at its peak yesterday. When I started swapping it, the price settled to around 3.6 cents.
Thus far I was able to accumulate 10.7 ETH and I have still some left to go.
At this point, I have to decide which direction I will go in. I am torn between pulling it all out (which I probably will) or letting some ride. Personally, I have no idea what Steemhunt has been up to. I skimmed their blog feed only to see a few posts over the last month or so talking about the project.
Regardless of what I choose, I came out ahead on this one. And this is the reason for this post.
To me, this shows the power of what we are constructing. I have often said that Hive is the "blockchain of opportunity". While I tend not to focus upon the pricing action of things, especially at the core layers, sometimes we do get catch a nice wave from which we profit greatly.
I did not put any money into this project. Yes I delegated some SP to them for a year or so. That helped to fill my bags. As the events transpired earlier in the year, I did not give this project much of a chance. While I cannot say where the project stands, the token price did provide a nice windfall to those who are involved.
Over the years I termed these type of situations as "lottery tickets". Where I live, the motto is "you have to be in it to win it". Personally, I am not one to go to the local convenience store and get a ticket. However, I have no problem trying to amass a nice holding of some projects that might take off. Even if I am wrong on most, the times right will more than compensate for the others.
Here we see a method where significant money was generated without putting money in. Through some delegation and activity, a payoff was received. How many other projects are presently on Hive that could offer the same potential? What does that number grow to when we consider projects on other blockchains?
It is hard to consider how quickly one's holding grow when we see things such as 10X moves. Obviously, those are not too common in the stock markets, at least on the major indexes. Nevertheless, a big move like that can really alter an account for the better. This is only enhanced if one is able to amass the tokens through other means as opposed to purchase.
This is what I see unfolding before my eyes. Each day we are presented with alternatives on Hive. No matter what the size of one's account, activity will produce results, i.e. a payout. When we factor in the Layer 2 tokens, options are presented. What do we do with these different tokens? This is the dilemma we all find ourselves in.
Personally, I believe in HIVE so I feel that token has a solid future. That said, the "mooning" that I am referring is also possible with some other tokens. We can never tell what will motivate a market to start buying and send the token flying. Perhaps it is a burn like HUNT did or some other factor.
Either way, the opportunities are there.
If you did acquire some HUNT tokens in the past and moved them to an Ethereum wallet, take a look at things right now. You might have a tidy sum waiting for you there. @felander's post really explains how to utilize Uniswap for this purpose.
Moving forward, the one thing I can assure everyone is this is not the last windfall that will fall to people who are involved with this ecosystem. There will be others as we move forward.
If you found this article informative, please give an upvote and rehive.
gif by @doze
Posted Using LeoFinance
Good one!
Damn! That's a hell of a lot of ETH. I am happy for you to land such a chunk of crypto! I'm hoping that some of my investments now will turn out to be well worth it in the future but I haven't been able to achieve any of these ones. Still great to see others making a hell of a lot on it!
It was my first major payout in this manner. Had some others that netted me a decent return but nothing of the moon variety.
This is a testament to the idea of just keep filling the bags with different tokens and see what happens. Something could just moon and you suddenly realize a nice windfall.
For sure! I'm filling my bags with whatever I can, given the effort I'm putting in. My biggest score was buying ChainLink at ~2$ and selling it around 9$. I didn't buy a lot, I think 25 but it was still my best windfall to date. Happy with that gamble!
A 4.5x? If you can do that consistently, you will be very very wealthy.
That's a sizeable amount of Eth there really, I think sometimes you'll be torn between not knowing if to let it continue growing in worth or well putting it into another coin like hive or Leo.
I have other shit coins too and hopefully I can get them to have some value then I can sell it.
Cheers there, good business for you.
Yep it is tough with them. I see some of the runs of the DeFi tokens and wonder how I would have played them if I was involved. Odds are I would have sold at much lower levels.
But than again, 200x is nothing to sneeze at even it if isnt the 1,000x some of them are experiencing.
Yikes I guess I was late to turning taken mine off the platform, I checked and realised it wasnt even accesible...lucky you, thats some nice returns....
I lost out too for not converting mine to ETH, congrats @taskmaster4450 and all that were able to access theirs
Ha ha ha ha the best.
I had around 5000 Hunt tokens....Just dumped them and bought around 800 Hive.
Thanks SteemHunt LOL
Every little bit helps. Keep adding to the pile.
Great job @jongolson.
Best post
Of course, I left mine in the “secure” now-vanished wallet. 🙄
I was very surprised when I checked my Ethereum wallet earlier today and noticed that they worth a pretty big amount compared to the price that I remembered. First though that it is a display bug or something like this, but checked the Uniswap and it was indeed the correct price. Nice surprise :D.
I have no idea why the price mooned though.
Yeah I have no idea either but was willing to take it.
They did a burn which might have helped the token price.
I'm not a fan of lottery but yeah, sometimes it pays off. =)
What does the Hive logo mean? I only see it next to your post. :)
I believe that indicates any posts set to 100% power up payout option, instead of 50/50.
What if hunt goes even higher? Another 10x maybe?
yea, it was a pleasant surprise for me as well, I only had 5k hunt left but that still got me 0.4 eth and not 10. All in all its free money right there.