HiveEngine traders can't seem to get enough of Leo today! I've been providing liquidity to the network selling off chunks of 500 coins at 0.01 intervals for a while now starting at 0.17.
In the beginning I was even doing like 0.005 intervals. So I would sell 500 at say 0.17 and 500 more at 0.175... 0.18... 0.185... and so on.
Now we can see that even my 0.21 sell order has sold. Leo seems to be moving on up.
I enjoy being able to create this kind of liquidity. It's weird being a mega-whale on a tiny network. I think I own like 1% of all Leo that's been minted.
When you're a small fish, you have to ride the waves up and down. However, when you're a big fish, you're the one creating the waves. It's super weird honestly and perhaps good practice for the future if I start gaining more influence on other networks. Plus it's always fun to gamble gamble, who doesn't like that?
I'm currently sitting on 1830 Hive Pegged tokens ($450) inside HiveEngine. Feels weird to just be holding onto them like I am. However, cashing out incurs a 1% fee and trading them is free. If Leo starts crashing perhaps I'll start buying on the way down. Also it's nice to have some liquid coins laying around in case Hive spikes out of control again.
Speaking of Hive spiking out of control, Leo seems to have a history of maintaining its USD value pretty well. It ends up being a hedge against Hive in a lot of situations because that is the only trading pair available. Hive spikes, everyone cashes out to Hive. Hive dips, now everyone wants to buy cheap Leo. Again, it's pretty weird the patterns that are forming.
Leo liquidity running dry.
There are only 9k coins left on the open market. If this buying pressure continues without new sell orders being opened, things are going to get crazy pretty quickly as we engage in vicious price discovery. For many people, this is a fun exciting time, but honestly it is very irresponsible of whales to allow this to happen unless the network is under attack (money attack).
Market making is very important. Users need to feel like they can enter and exit the market at will without a lot of slippage. It is basically the job of the whales to attempt to buy low and sell high, creating liquidity in the process so that the smaller players can enter/exit at will. This process of buying low and selling high is obviously a paying job, and provides the network a lot of value.
Because I have no idea where this buying pressure will end, I'm simply playing it safe and selling at scheduled increments. Hard to get burned using safe cost-average selling and buying. Perhaps one day I'll even write a script that helps me or even fully automates the process.
Another project that I'd really like to see on the LEO network is a Fantasy Bitcoin League. You place bets in LEO in exchange for fake dollars. By trading those dollars for fake Bitcoin you can rank up in the league and take your fair share of the betting pool.
It's interesting, because I've thought about the advantages and disadvantages of making a project specifically for LEO. Why do that when I can just make my own coin and try to scoop more of the profits? Well, you might ask the same question in the same vein of, "Why would you ever airdrop another community?"
The answer is that having a built in community is very profitable. By "airdropping" a dapp on an already established community/token, that could actually be a lot more profitable than starting from scratch. It also allows one to build up their reputation in that already established community. The synergy is real.
What happened to PAL?
If LEO didn't exist I'd probably be pretty mad. I dumped $2000 (5000 Steem @ 40 cents) into PAL coins. Since then all that happened was that the admins airdropped themselves millions of coins and the value of the network dropped to near zero. Pretty annoying. Was it just a money grab? Why does the coin still have zero utility? Whatever, I'm willing to give it more time, but doubts float in the back of my head.
The nice thing about LEO is that it capitalized on the PAL airdrop and DIDN'T gift a bunch of free tokens onto 20 admins. In fact, LEO doubled down by only airdropping users that POWERED UP PAL and held it. Pretty cool. We are a network of holders. Hopefully we don't hold too hard as the demand to buy spikes out of control :D
P.S
Essentially a Steemworld clone for the LEO/Hive community.Check out https://hivestats.io/
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I promise that I'll be helping with the liquidity(instead of draining it) soon.
It was my fault this time. Thanks for the sell orders though...
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Whales gotta whale, bro!
There are plenty of reasons to place market orders and drain liquidity.
Bro I'm with you on this please!!
I lost a bunch on steem engine, pal being one of them, but i also understand that it has the ability to be revived, i believe the creators.
To be honest I lost all interest in steem engine tokens after that, in fact, I just started reading back on Leo.
I'm glad I didnt sell my stakes, even though I powered down a bit, but with reading your updates I think I might get back into Leo fuller time.
You whales have been huge supporters and have shown distinctiveness amidst other tribes on the engine.
Leo Finance aint here to play
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Cheers, I bought some of those, but the highest I went to was 0.17 something.
I think Leo's pretty crash resistant - there's so many people around my level of Vest looking to buy more, easily enough to soak up any sell-off, when so many of the whales simply aren't looking to sell!
Bodes well for the future, although I'm not encouraged by the distribution, it does seem very unequal.
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ha ha...it was interesting to read all this... :)
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Said the mega-whale with 118k coins. :D
Seriously man you cray you have 20 whale's worth of stake.
I thought my 8-10 was a lot.
Your comment about PAL is a question I have had myself! I powered up my PAL airdrop and bought some more, then leveled that up and started posting from the interface...But the rewards as you know were big initially, then dropped like stones to really small ones, then people dumped and the price plunged, so I felt like a bag holder. I still have some, but my enthusiasm is diminished. But hey...this is crypto. My investment In PAL was a small of Steem and an even smaller amount of dollars. So I chalk it up to my crypto-education.
Do you know if they moved to Hive? I am hardly ever on Hive Engine.
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It is listed on HiveEngine so I assume yes.
My $2000 investment is less than $100 now.
Pretty sad. I'd be really salty about it if LEO didn't exist.
What is the actual utility of LEO? Why to buy it? Pure speculation or is there an actual use?
Can't you ask that same question about Hive or even Bitcoin? People do all the time. The value in these networks is the community. The Leo community is very small and not generating a lot of value at the moment, so yeah it is largely speculative.
However, the LEO community is also a community of HODLERS. The airdrop hit everyone that was powering up PAL. I like our initial distribution. We have a lot of people who care about the token and want to see it thrive.
Also the amount of coins one needs on LEO "just in case" (speculation) is pretty small. I alone have enough stake to create 10 separate whale accounts. Because of the small 4.1 million coin supply, you only need around 5800 coins to be a whale (580 for orca, 58 for dolphin, 5.8 minnow). At less than 5 cents a coin it's not really a risk at all. That's $29 to be an orca.
Leo is also cranking out development pretty steadily. They're working on a shop, a DEX, and most recently https://hivestats.io/@edicted, a block explorer using Steemworld as a template.
Personally I would really like to create a Fantasy Bitcoin League on LEO.
Whoever trades Bitcoin the best (with fake USD and fake Bitcoin) wins their share of the prize pool (in LEO). Again, this doesn't exist, so yeah it is a lot of speculation, so I'll try not to sound like a shill.
Make me a whale edicted :)
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Glad I a became a whale. Not selling mine, I'll hodl, have the place grow (already establishing a strong Greek community with my vote and happy with the early results) and see how it goes :D
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All the Pal moderators got around 30k LEO each so they did get free tokens. Pal mods selling their LEO created a lot of selling pressure for a long time.
ha... no man the pal moderators got airdroped that same amount over and over again every month for like a year. I think they are still getting it. It's bullshit.
Well I think that LEO learnt from mistakes, I've never sold any of my airdrop Leo I felt I shouldn't but PAL? I held up and stacked a whole lot too but it's just not meant to be, I hope things can change
I live it, we are Leo market makers.
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Cool, I am not a whale, but I will provide some liquidity too!
LOL
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