You may have read my article last week about CRO. Although I am not really interested in CRO, I am a holder of the CRO token and as per the chart I shared last week, my investment is down around 80%.
Here you can see the longer timeframe. I originally bought the CRO to get the cashback in CRO from using their visa card. I think I paid between $0,33 and $0,37. My buy-in was before they cut back the main benefits and CRO dived to around $0,20 and lower. I wrote about that here.
Without providing any benefits, why would people use the cards? You can see from the chart the TVL in CRO. There is a huge difference up until May 2022 when there was a large growth and then it flatlined from around May near their change to the benefits of the visa cards. The bear market could also be a factor here for the lack of growth, but I think the reduced benefits are the main one.
We have now what looks like a huge vesting where insiders have taken out a huge amount of value from the token and my consideration was should I now buy some CRO in expectation of a rebound?
What would you do?
Before I investigated the white paper, the tokenomics, and the number of wallets and use cases, I was thinking it would be a pretty good bet. I could hope that the price recovers, cash out my old CRO, and also make bank on my new investment. What could go wrong?
In this bear market, there are also many other opportunities and betting on CRO because I am already invested there, may not be the best thing to do.
Although psychologically I may want to invest to stop myself from having a losing investment, it would be smarter to just let this investment die and choose the best available investment that is available to me right now.
This would mean, if I am looking for a high-risk 10x return, instead of lumping on CRO, I could choose another altcoin that doesn't have the FUD surrounding it as crypto.com does, the token inflation, lack of use cases, growth, etc. This means I would be taking on less risk and have a higher chance of reaching my goal.
The hard part is to not think you need to be involved in every token when something happens. While most people are focused on the current "in thing" that's happening, it is better to focus on projects that are quietly working in the background producing profits day in, and day out.
They may seem boring and not as exciting as waiting for the next 10x, but seeing your boring crypto stack slowly 10x is far more rewarding.
Thanks for reading.
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My knowing of the long term will help me to determine whether to hold or increase my token
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Something similar happened to me, with the Wirex (card) token, WXT... I didn't buy them, but I was "earning" them on their platform and it grew to a nice amount... After that, they limited withdrawals (or exchanges to other tokens) from X amount of WXT... And guess what, they were moving that min. limit every week more and I never reached the amount for exchange... So, I just left it to die...
Dirty games from centralized exchanges... Watch out... ;)
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Yes, it is a lesson learned! Those centralised exchanges are very sneaky!!
Those projects are all based on greed. They lure the investors in with juicy benefits like in this case rewards with each usage of the credit card.
But if it is too nice to be true, then in most cases it isn´t true.
In the meantime I never would invest anymore in a token from which I don´t understand how they earn those yields which they promise.
At the end of the day Hive is the one with the most realiable tokenomics and the biggest upside potential. Why to search for a 10x if one can leverage Hive in many ways.
I agree and would not normally have bought into it but lack of experience at the time.
I agree with Hive, and I really like that we are away from the exchanges with our holdings.
My only thoughts are if it will surpass the last ATH as that would be epic!
No need to pump to 3$.
If it goes to 1$ and only much later higher, that would be already quite an accomplishment. Better grow slowly than repeat those pump and dump cycles.
If bitcoin returns to its ATH, that would take Hive to $1,20. That seems like a steady place to settle at least.
My main problem with CRO was the fees. Every time I did a trade with 5-10k they straight up jacked about 400-500 dollars in fees and exchange rate differences every time. Sure at the time I was up huge on Shiba Inu and selling so I didn't care, but man those fees get hefty the more money you try to trade. I don't hold any money on their exchange anymore, I got a sour taste in my mouth from using their exchange, kind of like eating CRO! lol
I think the envisage being some sort of centralised (although marketed as defi) version of Wax.
I moved from them a long time ago, but their App is one of the worst that I have ever used and the fees suck like you said.
Nice work on Shibu. What do you fancy for the next bull run?
I think it's probable that DOGE will pump again at some point because of Elon and all that Twitter stuff if he pulls a rabbit out of a hat. Gaming coins will run again, I need to do some more research and find out which crypto games are most popular this season.
I don't think I could bring myself to buy Doge, but agree, gaming tokens look good. I'm filling my WAX bag now. Plus its easier to move around compared to ETH!
If that LVL game ever comes out here that one will go up for sure, but I have no idea when that will be.
yeah, still in demo mode right now. but looks good.
I close all my accounts on centralized exchanges...
yeah, I feel you there. But we need an on/off ramp for fiat still. What do you use?
I'm using Iconomi. There I have most of my crypto investmens. I trust the company, I funded its IPO in 2017 and they're still here. It's not exchange. And Blocktrades for Hive<->Eth or BTC.
Nice, thanks for sharing! !CTP
Haven't Heard about CRO before... Not jumping into many coins just sticking with some projects focusing more on building than selling to people.
This... Perfectly said!
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You can invest with a cost average and increase your CRO stack if you believe in the long term.
Yeah, I think it would do ok, but there are better alternatives to DCA into I think. Which cryptos do you like?
I don't think I would by more. I would still hold what you have, but I would not put any more money into it. Unless they decide to launch another token, this is still "the" token of their platform. Assuming they don't end up folding like FTX, you never know what utility or value they might bring to the token in the future. I say at the very least, hold until the next bull run and then dump either for a profit or the very least break even. That is what I am planning on doing.
Yes, that is my strategy. I bought some WAX instead 😃 and am still stacking!
WAX is so underrated. It should be a $1 token all day.
I hope so, would be nice to make bank on it!
One day hopefully...
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I considered investing in CRO, getting the card, etc, but forgot about it. I wonder how things would be different today if I did invest heavily?
Very badly.. you had a lucky escape.. !ALIVE
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Aye, its difficult to separate the hype from the real projects that are creating value.
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Yeah, it can be hard. !CTP !LUV
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There will be a lot of fall and rises for awhile until things settle it will be interesting to see what will survive
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yeah, it certiainly is getting interesting! !ALIVE
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It will all come down to use case in the end regardless of all the shenanigans that goes on before !LOL
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Yeah, I think you are right. !ALIVE
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