Oops, making a little profit from being a stupid-head...
Binance has some pretty nice projects on its Launchpad offerings, perhaps one that you have heard of recently is the the blockchain based game Axie Infinity. Back then the participation was by lottery, and it was pretty cool if you managed to get a ticket... but it did leave some people being quite disappointed with the all or nothing approach to the token crowd sale.
The more recent token launches have taken a subscription format, where you are purchasing an amount that is proportional to the amount of BNB that you have available in your Binance account over the previous week. It makes for a different sort of distribution, in that more people can join in the distribution, but for smaller amounts depending on their relative BNB commits in comparison to the whole pool. As usual, there are some people who are happier with this arrangement, and others who scream foul...
Me, I'm not really fussed either way... as long as the rules are clear from the start. Although, that said, there are many people who can't be bothered to read the rules and would much prefer to head straight to Crypto-Twitter to complain at length!
Anyway, yesterday was the launch window for the C98 project, a cross chain crypto wallet/defi platform. It sounds much like what Clover are trying to do (a project that is based on Polkadot and was launched recently on CoinList. I think there is definitely some scope for this sort of project, I think that much of the population at large want the different blockchains and DeFi platforms abstracted away and not have to deal with multiple wallets and all of that sort of thing... I'm sort of happy messing around with that, but it does make for a bit of a messy headache once in a while when things don't play nicely... or trying to remember how something worked... or where you parked assets.
So, long story short... the token launched at a rough price of 0.0002-0.00025 BNB/C98 (about 7 cents). Subscription and token allocation went smoothly, and all the unused BNB went straight back into savings products. Unlike the CoinList crowdsales, there are no time-locks on the Binance Launchpads. Which means that when the market opens up, all hell breaks loose as the market tries to find some sort of price stability... which is a nice chance to recoup your initial outlay at a bit of a profit, and end up with additional tokens in the new project as well.
So, when the market opened up... I was in a car (passenger... not driver) and trying to wrangle the orders on my laptop in bright sunlight. Needless to say, it was a little bit tricky... but you have to do this when the market opens in order to take advantage of the stupidly huge volatility!
I was a little late (five minutes...) to the opening... and so I had seen that the price was currently swinging around 0.003 BNB/C98)... however, due to the terrible light and view on the laptop, I had thought that it read 0.0003 BNB/C98 (one more zero, my eyes get old...). So, I had thought that I had missed the crazy candle wick that you see above! I thought that this time, I would likely only exit with a little 2-5x on the opening of the market... still, better than a kick in the head.
I figured I would just set a grid of sell orders of roughly half my allocation from 0.003-0.01 BNB/C98. That would net me roughly 2-3x if they triggered, and I would still have half of my allocated C98. Then I just sat back and relaxed for the rest of the ride... these things happen, you can't be on top of every little profit opportunity! The main objective is not to lose money...
So, I was a little bit surprised today when I had looked at the C98 markets... and they were reading 900-1100% daily change in price... hmmm, that didn't sound right based on what I had thought I had set the orders to!
Then, I noticed what I had done stupidly... I had missed that extra zero... and my orders were targeting something more like 25-75x on the initial launch price! Ooops... so, now I have much more BNB than I put into the subscription, and I have a nice little lump of C98 tokens that are worth a good deal more than I had first thought!
Sometimes, it pays well to be a complete dufus!
Handy Crypto Tools
Ledger Nano S/X: Keep your crypto safe and offline with the leading hardware wallet provider. Not your keys, not your crypto!
Binance: My first choice of centralised exchange, featuring a wide variety of crypto and savings products.
Kucoin: My second choice in exchanges, many tokens listed here that you can't get on Binance!
MXC: Listings of lots of interesting tokens that are usually only available on DEXs. Avoid high gas prices!
Coinbase: If you need a regulated and safe environment to trade, this is the first exchange for most newcomers!
Crypto.com: Mixed feelings, but they have the BEST looking VISA debit card in existence! Seriously, it is beautiful!
CoinList: Access to early investor and crowdsale of vetted and reserached projects.
Cointracking: Automated or manual tracking of crypto for accounting and taxation reports.
Account banner by jimramones
Posted Using LeoFinance Beta