Since I said I am powering down my Hive, might as well share what I do with it.
Perfect time to show how to put the dollar value of hive into gold - that is: physically backed gold tokens on the icp blockchain.
I am and have been doing this for a few weeks because I'm still anticipating a major market spook to short-term tank everything and the dollar - in which case gold would come out a definite winner again.
Risky bet, I know. Probably stupid to sell crypto now for something stable - I know. But that is what I am aiming for, if I'm wrong oh well, I sold part of my Hive at the bottom for some overpriced gold - so be it ;)
Since I bought back into hive at around 15 cents last summer though I am still "up" so that helps my mind calm down a bit. And as I wrote in my last post, I really don't care much for holding a hive stake any longer, maybe that will change but for now: gold. Let's get some GOLD!
1 - What you do is go to https://icpswap.com. Works just as well on a smartphone than it does on a desktop. No wallet software or app needs to be installed because it all runs on the internet computer.
2 - If you do not have an account on icpSwap, the most secure way is to first create an anonymous internet identity at https://identity.ic0.app/ and then link it to icpswap.
If you do not wish to use an internet identity you can also create a standalone wallet on icpswap, which is only protected by a password you choose and your backup seed phrase. Still safer than leaving your funds on a centralized exchange, but I would not leave them in a standalone icpswap-wallet for too long - after all if anybody got their hands on your password or seed phrase they could easily steal your funds.
3 - If you are new to the internet computer, the easiest way is to buy ICP on a centralized exchange. I use coinex because it lists both Hive & ICP and because they have never messed with my funds or withdrawals. There are other ways to get your funds onto the ICP network using chainkey minting of Eth, Btc and others, but that is a little more advanced and we'll save that for another day.
4 - Once you have some ICP in your wallet on an exchange, go back to https://icpswap.com, log in and click on the wallet button in the top right corner to find your account id. This is where you want to send the ICP you have on the centralized exchange. All of the following pictures come from smartphone screenshots.
5 - ICP is lightning fast. 1-2 seconds after it has left the exchange it will show up in icpSwap.
6 - For swapping simply choose the crypto you want to swap your ICP into. There are more pairs than the ones suggested in this screenshot.
7 - For BETTER SWAPPING, you want to hit the tab "limit order" in icpSwap. This AMAZING feature allows you to set your swap as limit order, meaning that if the price does reach your set target price it will automatically fill your order when someone else makes a swap.
This has the MAJOR advantage that - rather than TAKING liquidity out of the swap pool - you are PROVIDING liquidity, and hence EARN 0.25% trading fees instead of paying them. The minimum price for a limit order has to be about 1.5% better than the current market price, so you take the risk of not getting filled if you time the market poorly. No risk no fun ;)
8 - Once the limit order shows up below you can see the progress of the order being filled (scroll right on a smartphone screen).
9 - Because some pools have lower liquidity you may choose the detour stablecoin route instead, like I did here. One way is to swap ICP to ckUSDT to get filled quicker because of the larger trading volume. Then you can set another limit order from ckUSDT to GLDT which is the physically backed gold token. If both orders execute you will have made an extra 0.5% in trading fees paid to you.
Holding GLDT ties your capital directly to the price of physical gold, where 100 GLDT always equal 1g of gold.
You could also use your holdings on icpSwap to provide liquidity for the swap pools, or you could simply send it off to other wallets on icp like the highly recommended https://oisy.com wallet.
Once again, consider getting an internet identity to make this process super streamlined and a lot safer against theft.
If you have any questions let me know!
ICP will eat the internet!
#1 - Centralized Exchanges vs. Trading On-Chain
#2 - Trading & Holding Physical Gold In Crypto Smart-Contracts (feat. Gold DAO)