Chinese Cryptos
So I bought a modest amount of ONT along with NEO, because I wanted some exposure to a Chinese-centric crypto. In my casual observations, the Chinese seem very nationalistic in terms of products and services they use. They switched the staking mechanism so that it is different than its cousin blockchain NEO, so that you have to tie up your ONT into a contract to get paid out your ONG tokens. Tied up my coins got, because I upon checking them recently, O3 Wallet Staketology shows I have 1000 ONT staked, yet it tells me under the consensus node that "You currently have no ONT staked". Keep in mind this staking was initiated with my Ledger hardware wallet. My keys my coins right?! Not so fast...
A Very Large WTF!
The Risk of Not Being Heavily Engaged With Projects
If you think it's enough to buy a token, stick it on your ledger, and forget about it. I would seriously reconsider that expectation. At any time these projects fork, swap, have bugs, or any manner of things that could influence your stake. In this particular case, I'm not sure what is going on, because I see my ONT there, and I see the 56 ONT left over from when you had to stake it in 500 ONT increments. I can even go to the ONT block explorer and see where the tokens were moved to the contract.
Moral of The Story
My coins could be safe. The fix could be simple. But this is something I'll have to track down, which will take time and effort. I think one has to consider whether taking a flyer on a project is worth the opportunity cost to projects you actually focus on. I liked the idea of owning some Chinese market focused crypto, but this is ridiculous. It's not a huge amount of money we are taking here, but this is annoying to say the least. This is the cost of doing business on the cutting edge.
Posted Using LeoFinance
Hmmm. I also own some ONT @joshman. But I have never owned enough to stake them, so ... Can't be of much help. ONT caught my eye, though, simply due to my slight aggravation at the requirements for getting your "unbound" move to "bound." A little "carrot," every time I think about opening my ONT wallet ... Not to mention the additional aggravation of only being to move whole integer amounts!?
On your broader point, though, it is very important. Accustomed my whole professional career to engage in "monthly closing" activities of one sort or another, I have found the tedious nature of attempting to consistently do that in retirement to be ...
Enough to keep me from doing it consistently! 😉
Knowing full well that is when you might catch issues, if there are any, in a relatively timely manner, while they are still "fresh." Worse, with various of the cryptos I own, I have run in to one issue or another and been "stopped cold." At which point, I have set it aside for "when I can get to it" ... And, surprise, surprise, a number of them are still waiting for me to "get to it" ...
So, interesting point you raise, as you certainly are not alone. I try to just chalk it up to the overall immaturity of the industry and think, if I just can persevere, it will eventually get better. We'll see! 🤷♂
I certainly lack consistency with managing my crypto projects. I'm trying to better document things and keep up with the news for projects I'm invested in. We are basically small scale venture capitalists. We will lose money on 80% of our investments, but are hoping that 20% of them make up for all of those losses and more.
Call me old fashioned but if it's not supported by Coinbase AND by Ledger Live, I leave them alone. That is quite restrictive for the adventurous but after being in 99% loss positions from 2 years ago I have learned my lesson.
That's not annoying at all...
I remember the same thing happened to me last year when XLM stopped the inflation pools. I was so confused as to why I stopped getting rewards.
https://twitter.com/joshman/status/1309575767408295936