There is never a dull moment in the crypto sphere. The drama between Hive and Steem was intense. The fight for control between centralized and decentralized. Being a believer in an alternative way, I was backing the decentralized way forward from the start. I still believe in an alternative way. And I am still very much in favor of a decentralized way forward.
The Defi market has been crazy. Unfortunately for me, I missed out on the gains many were making. Obviously I wanted in, but like many others, I was probably too late. But I still decided to take the plunge and I bought my self some Sushi. What I didn't know was that I was entering my self into yet another drama.
Within hours of my very small investment, the lead developer decided to take $14M from the developer's fund, without a community vote. This lead to a price crash and my investment seeing close to a 70% drop.
Sushi is a fork of Uniswap with YFI mechanisms. the concept was good till I read about the inflation. I remember people giving out the inflation on Hive was high. Well, this is ridiculous. But it makes some sense. Those that locked-in funds to provide liquidity for the sushi exchange to get things kicked off were to be rewarded well, with a lot of funds also going to a developer's funds, to be spent as per the community vote. Tomorrow the inflation drops massively as the migration of funds from Uniswap to Sushi has taken place. Liquidity providers moving forward will be paid mostly with fees from trading. Trading in the last 24 hours per coingeko was $184M. Not bad. Over half of what uniswap traded.
$1.3B is what's locked up in liquidity. That makes them a fairly liquid decentralized exchange.
Anyway back to the drama. So the lead dev took this money, and the decentralized community had some work to do to keep the Sushi Project going. Changes had to be made so no one person could take funds and other issues were ironed out. But the price kept dropping.
Then today, the price started to climb. I decided to dump at a 50% loss. Anytime I try this crypto game I always get rekd. But the price kept climbing. And here's why. The drama unfolds.
The lead developer returned the $14M. Ok so I am sure he shorted the market and made a nice profit on it, but it's been returned. Now the community is voting to use the 14M to buy Sushi. f the vote get passed this buy will happen rather soon. That would pump the price a little more. Then I also found out there is a coinbase listing too, although I can't find out anything official on that. But it would not surprise me. With $1.3B in liquidity, it sounds solid. So solid I have no idea why I sold. I am hoping now, the price will drop back to where I sold at, maybe even a little lower overnight and I will buy back in. Or would I be mad? I shouldn't play this game. I'm really bad at it.
Have you got a getting Rekd story? If so do share it in the comments below. Also what do you think of this Sushi business? Would you buy?
I invested in sushi a bit as well. Entered early ... I mean days before the drama, at around 2$, exited at 5$, and it went to 10$ lol ... then it drooped massively, bought again somewhere around 2.7$, next the dev drama, sold it at small lost fast ... I think around 2.3 :)
Quite a ride. Overall, still a profit.
lucky you, you entered real early. I couldn't figure out how to buy it till it got onto binance. So much to learn. Had I of staked it, I may have broken even but I couldn't figure it out and then the gas fees got too high.
It was on Uniswap :)
You need to bounce on Uniswap. Thats where the action is these days. A bit expensive with the fees, but some mad gains. A lot of gamble though.
yeps you are right. but I need more eth first. it should all be on hive, these costs are shit
I feel like the whole game is akin to musical chairs. You took your seat and made a profit. In this game you could get back up but then comes risk. We could perhaps find a higher seat or that could always backfire. I learned my lesson in the big crypto pump to take be wise and take profit which I did not before. Hopefully, your theory holds true as well as your timing if you do choose to reenter.
Set a buy order over night. Thankfully I have made 15% back again. Overall loss is now down more
Good to hear.
P.S. Your VP is at 100%. Just thought I'd let you know in case you wanted to toss a few votes around.
Thanks for the ps 😄
Wow!
Drama is so true,
and I feel for you,
What a horrible experience.
I hope you can find a good re-entry point, it looks like Sushi volatility isn't yet over. Who knows you could make some of your money back.
Shortsegments
sure it is what it is. It would be fun to make it back again. Im not sure what I am going to do
LOL
"It is what it is"
there must be young people in your house.
But thats such a good emotional representation of cryptocurrency trading.
I've been mostly putting hard work into Steemit first, and now on HIVE. I've never invested because I don't have the money to invest.
At the moment I can't drop out because I can't trade my coins for fiat because it's hard to cash out where I live. I don't have much and I'm not even thinking about exiting, but if it all crashed then I would just lose all my hard work, which is definitely more than the few coins I've earned.
I know this doesn't count as a RECK-age, but with this last btc drop I felt what it was to lose a chunk of the value of my account, which as I said before, is already small compared to the amount of work I've put in.
I hear ya, any drop can be hard. Hang in there, hive is a gem
The hive will survive 😄 Definitely a gem!
Hard to watch these things. I tend to stay away. So many get rekd hoping to cash out before everyone else. DeFi should be renamed to "first to dump bags wins"
In many cases its a race to the bottom.
Haha love it. But u are so right
I like sushi :)
lots of kinds...
Believe it or not, I never tried it