Splinterlands/HIVE Has A liquidity Problem
Those NFT's the just realeased on Splintertalk are cool huh?
I saw they came out and I wanted an Orbs of Essense so bad. There were two on the market for about $800 and $900 each in SPT.
Unforuntately, I just didn't have enough SPT.
So I thought, how can I get some SPT? If I bought credits in splinterlands? No, I can't find a way to convert credits to hive to buy SPT.
Oh, I know, I can:
- transfer fiat to my Coinbse account from my checking,
- use that fiat to buy some bitcoin and then
- transfer that bitcoin to my hive wallet where I can,
- Buy hive with that bitcoin so I can
- Buy SPT with that hive allowing me to finally
- Buy my shiney new NFT with my SPT
And I was willing to make literally 5 exchanges of value and two transfers but then I ran into the actual problem in this whole thing.
Did you know the spread on swap.btc right now is $16,000 wide on hive engine exchange?
Eth? No better.
Doge? Stll no better
Matic? ? ? Why?
Litecoin?
LTC is still terrible but better than the others. Let's see how bad it is. Oh I can buy litecoin for $220 on an exchange and then transfer it to hive wallet where I can sell it for a max of $190. Only a 14% loss and that's the absolute best case scenario for getting money into the hive ecosystem through the channels they put in front of you.
(I circled the two areas where you could actually trade any size. The first few listings on the sell would only move about $30. If you had $40 to move you'd have to get to 72,500 which at current hive price of .86 would mean buying bitcoin at $62k. $64,500 if you needed more than $400. That's not good when Bitcoin spot is currently $49k.)
Well, OK, fine. I'll take the haircut. Oh wait, it sold out while I've spent the last 30 minutes working on this problem.
Why hasn't Hive put anything behind their swap.btc/eth/ltc/doge/matic etc?
Why even have so many choices to split the liquidity if you aren't ging to maintain them?
I don't know. I'm just bummed because I really wanted one of those first mint NFT's. They sat there for hours taunting me and ultimately even though I had the funds, I couldn't get them in a fair way to the platform to buy.
It just seems like it would be in Hive's best interest to create liquidity in their on and off ramps so their ecosystem can fairly interact with other systems.
And yes, I know about leo and all their dexes and pools and bridges and other craziness and that's all great but it's all built on BSC and I'm stuck using Coinbase (by law) which hates all things Binance so for me to interact with most of the Leo stuff I have to pay Eth fees to trasfer assets off and then back on the ethereum blockchain. Might as well just take the 15% litecoin haircut at that point.
Please Hive, can we work on on and off ramp liquidity? It would help the whole eco system grow even faster and it would be far more fair and accessible.
Is that why spt is worth so much on hive engine if you sell. I'm a little confused to see some splintertalk posts for like 30,000 spt in votes. That's a lot of usd if you sell for hive and then out to usd.
I'm just trying to get my head around things. Do I want SPT, DEC or SPS. I'm enjoying playing splintelands but it seems like the next month or two is a good time to make cash and pick up gameplay later on.
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With SPT at over a cent now, those posts are .01 * 30,000= $300!
I think they actually only get like 50% of that thought right? I'm still trying to wrap my head around how all this curating and tribe coins thing works.
I think SPT doubled yesterday because of the NFT drop and the fact that hive basically doubled and SPT is priced mainly in hive. As far as which you want to have?
I'm making this up but:
I think Dec ends up getting pegged again but this time at .01.
It's at .075 now so that's a 33% upside and its paying out 233% apr right now based on the SPS airdrop.
SPS I think is going to a $1 or more from its current .35 and its currently paying out a constantly falling 136%. So 200% upside and a 136% APR.
SPT I barely understand. Chances are it overshot and will come back down a bit but if this NFT market takes off, which it very well could, it could move much higher. And I guess it would have an apr of a quarter of that of Dec right? So 58% apr?
I'm staking all my SPS, holding my cards for dec value, and keeping whatever SPT I get unless I buy NFT's with it. Just seems like a cover your bases situation. It's all good.
Yeah, It's crazy lol
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I'm still trying to figure out why spt is worth so much. It seems to be worth more than DEC in terms of the SPS allotment.
That spike yesterday was weird but I think it's just a mix of what Hive did and the NFT drop today. As far as I know, SPT is worth 1/4 the point of Dec for the SPS drop.
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