R.I.P. (Poly)Cub?
Catchy Title, But I have to make my (last?) (P)Cub Rant Post
First off, let me just be clear that I love the team behind (Poly)Cub with @khaleelkazi being incredibly hard working and innovative. I hope for all of Hive that the Leo Team is successful; the Threads add on we recently saw is just another great development with amazing potential!
That being said /Rant Start
This is not my first Cub post. I made it clear after 1 week of the PolyCub airdrop that I was skeptical about the whole project, since CUB had been a huge disappointment for many who bought into it. Which brings up another point I want to make clear: I am not blaming the team for the 99%+ price decline of CUB and probably soon PolyCub; it is the "investors" that get greedy and ruin it for everyone else by just extracting value. But this is how the market works... and for now there are not enough people believing in the project to counteract that effect.
My initial joke and prediction turned out to be quite true:
While there have been price swings between about 13 cents and 24 cents over the last months, PCUB is now scraping 10 cents. Ouch! That is also about a 99% loss in value from its ATH.
We can see a couple of stats in the next graph:
Market Cap of $43k which is basically nothing. Even a trade worth a couple of 100 $$$ will make a big price swing. Trading volume at $8k which is also nothing. We can simply see that PCUB is currently a dead token. Nobody wants it and only a handful of people are trading it and hodling it.
Of course that doesn't mean that it will stay like that! PolyCub really does have potential. But the argument that PCUB has a small supply, therefore it is valuable is complete rubbish. I argued before that a token or coin is only valuable when it has actual utility. While there are many things to come, right now it's just not there.
So it boils down to the question whether you believe in this project and team to deliver and create value. Of course this can be said about any project out there, but you actually really have to ask and answer that for yourself. For me, it is not worth currently gambling on that outcome. I decided to take the little money I have left and spend it on KOIN. I just see more potential and a faster realization of the project as well as a bigger and safer profit opportunity. This is a personal decision of course, it might also be a better decision to leave it stakes as XPolycub and come back when it sits at $2... Hindsight is of course best...
My trade selling PolyCub left a big mark on the market! I didn't think so, but here you have it:
Again, the low Market Cap makes almost all trades visible in the price chart, but this tells me just how little liquidity there is currently here.
My original plan of dollar cost averaging PCub turned out to be not the best strategy. I think my average was still at around 40 cents or so before I sold which is a 75% price decline to current levels (and about a $5000 loss!) @edicted probably had better advice when he said that one should reenter at about 15 cents. But that's still a 50% loss to about 10 cents now! Of course just a couple of buyers of PCub could easily bring price back to 20 cents or more. It's just that I don't want to wait and be surprised when price goes to sub 10 cents.
So there you have it. What's your story/experience with (P)Cub?
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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I’m glad I never got into Cub Finance, although I do really hope it succeeds eventually.
well lucky you... I think 90%+ of people that got involved basically lost money. But again, from a long term perspective it might look a lot different. I just didn't have enough confidence in the project
I understand. There are so many other options that could perform better, more quickly.
You do not lose, until you sell. The basics
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Buying CUB in the beginning always looked like a fools errand to me. The high inflation in the beginning was bound to result in dumping down the road. I did not lose any money but I did not make anything, either.
However, CUB looks much more stable now. I guess the key would be to 1) develop more and better sinks for it and 2) put it in front of eager speculators.
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yep, I think I just anted to address the hype that everyone threw around. In hindsight we now know to never get involved in a LEO project for like the first year
I think the problem was how the excitement wore off while CUB did not have adequate sinks. There is no shortcut to value creation through developing useful functionalities and marketing the service long enough for it to catch on.
I think it's too early too say goodbye to PolyCub. Every trading pair adds liquidity to the coins in them.
The liquidity pools set up are a genuinely useful service to people who need to exchange coins. They provide concrete value. But they should be marketed more to people who might need them. It's the exchange fees that form the basis for CUB's value. The more people use the pools, the higher the value of CUB and the more liquidity is attracted by the high yields. It's as simple as that.
People who want to buy HIVE without going through a centralized exchange can buy BUSD, buy bHIVE with it and unwrap it to get actual HIVE. This is valuable. Ditto for exiting HIVE or HBD. The fees paid are used to buy and burn CUB.
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you are right these are great points for PCUB and I am thankful for the p/bHBD pools. I just wanted to rant a bit 😶
I can't blame you as CubDefi hasn't exactly been a smashing success in terms of TVL and CUB price, which tend to go hand in hand. But I appreciate the service being there.
I see you are so geniuos - Buy HIGH & sell LOW.
Like most (90+ %) "investors"
After reading this post, I got now only 2 questions
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P.S.
If you got some pCUB left, and willing to get rid of them - I am ready to hear your honest OTC offer. 😀
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:)
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The thing about CUB is that there has been only one direction for price: down. Form $11 to 2 cents - I don't know of any other project that (except maybe LUNA) that had this kind of a performance. This is why I lost confidence; pretty much all other coins/tokens have increased in $ value with the rebound in June, but CUB is going lower, just like PCub. It probably makes sense to buy now and sell high later since there aren't too many left that will sell now. But I can't bear seeing another drop to like 5 cents for PCUB when I can invest it in another project like KOIN that just seems a lot more promising.
And yeah I hodled CUB for I think almost a year, so it's not like I am one of those guys that just wants to have a quick profit.
Good luck with your investment; like I said I do believe in the LEO team :)
I do believe too.
That is why I "put my wallet where my mouth is".
Thanks for answering my questions, young boy.
4 years is probably not long enough to learn what true HODL (and patience) is. :)
Posted Using LeoFinance Beta
ha, I am taking that as a compliment :D
nothing wrong with that, but seeing pCUB at sub 10 cents today and KOIN up by 10% already feels like it was a good decision
It’s just too difficult to understand for average Joe, if I don’t understand it, I don’t invest in it…
I guess that works :)
I read some articles on publish0x of people who saw the polycub launch and wrote this is some easy money. they bought as much as they could on launch and made off like bandits 2 weeks later with some very tasty profits. im just wondering, how this strategy compares to the buy and hold one?
well as you can see a lot better! It was basically just a select few that did this and actually made money. All of the diamond hands and hodlers are the bag holders which is a shame since it's those people that actually believe in the project
The success of Polycub boils down to how much revenue the Multi token bridge, the arbitrage bot, and the oracle staking can generate. The team has been slowly killing the revenue by providing liquidity to the pools with unbacked HBD instead of just letting it generate yield and using it to buy back Polycub. I really don't understand what the heck is going on lately
good points
Koin is big king!
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Let's talk about this in three years
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would be impossible for me to loss $ on it :D
3 years in crypto,That's like 30 years in real-world :D
10x?
Then I must be 105 years old
Posted Using LeoFinance Beta
yes, crypto years.
Crypto is anti-aging in the real world.
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Most interesting post and comment section I’ve read in a while.
I invested in Polycub because I flowed with the idea of having protocol owned liquidity buy back and burn pcub through funds acquired from wrapping fees, 20% Apr from the staked phbd on hive blockchain, and other arbitraging opportunities, coupled with the deflationary feature of the coin, it seems to make sense in my head.
I’m yet to know if the buybacks have kicked in, I’m waiting for the final reduction in token emission to see what happens next.
In my opinion, Polycub is yet to prove itself before porting the features to CubDefi, technically, it works, but we are yet to fully grasp the impact of the tokenomics on the economy. I wish this was clear before revisiting Cubdefi.
The price of Pcub was low but steady strong after vex Polycub launched, up until Cubdefi started dashing out higher APR’s, Ofcourse they’ll be some impact.
So Am I still invested in Polycub, yes. but certainly not nearly as much as what you lost.
I’m watching.
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I actually really think that buying into the CUB universe could make sense now after such a devaluation. I just didn't want to wait and find out since I think KOIN is currently a better investment with mainnet about to launch
I stopped writing about pCub when I pulled out my small investment. Overall, it doesn't look good however, I strongly believe in Khal. He always tries to make everything work, so just MAYBE long term something might click.
Alot of people lost money that's a fact. However, if nobody sold there would no loss.
I enjoyed reading your post, a lot of brutal but honest words.
I also hope it all works out well, I love the team and the community.