One of the biggest advantages to cryptocurrency is the ability to realize outsized returns compared to the traditional avenues of investing. Being in the early days, there is a lot of activity taking place that is putting large sums of money into people's hands.
Of course, there are a lot of scams and bad actors, so one must be very careful. Yesterday, I was alerted to something by @themarkymark posted regarding Steemhunt. Remember that one? It was one of the first projects on Steem that gave out their own tokens in return for delegation. At the same time, by using their site, one was able to get rewarded either via posting or curation.
Marky's post came in response to something @felander posted. Both basically explained the situation regarding the HUNT token and how to convert it over.
Here are links to both posts:
@themarkymark/i-dumped-my-steemhunt-hunt-tokens-and-you-can-too
@felander/hunt-token-sell-option-on-uniswap
Over the last year, I have not given this token much thought. I did convert it to an Ethereum wallet before they shut down their in-house wallet system. This protected the tokens from being burnt, a move that greatly reduced the supply.
After I did that, I looked at the price and decided, what the heck, I would let it ride. Perhaps the token would stage a double at some point. The amount held, in USD, was a few hundred dollars, so I hoped maybe to turn it into $700 or $800.
Yesterday turned out to be quite a surprise. After reading the posts, I realized that the token had mooned. Whereas it was trading at $.002 before, the price hit $.06 at its peak yesterday. When I started swapping it, the price settled to around 3.6 cents.
Thus far I was able to accumulate 10.7 ETH and I have still some left to go.
At this point, I have to decide which direction I will go in. I am torn between pulling it all out (which I probably will) or letting some ride. Personally, I have no idea what Steemhunt has been up to. I skimmed their blog feed only to see a few posts over the last month or so talking about the project.
Regardless of what I choose, I came out ahead on this one. And this is the reason for this post.
To me, this shows the power of what we are constructing. I have often said that Hive is the "blockchain of opportunity". While I tend not to focus upon the pricing action of things, especially at the core layers, sometimes we do get catch a nice wave from which we profit greatly.
I did not put any money into this project. Yes I delegated some SP to them for a year or so. That helped to fill my bags. As the events transpired earlier in the year, I did not give this project much of a chance. While I cannot say where the project stands, the token price did provide a nice windfall to those who are involved.
Over the years I termed these type of situations as "lottery tickets". Where I live, the motto is "you have to be in it to win it". Personally, I am not one to go to the local convenience store and get a ticket. However, I have no problem trying to amass a nice holding of some projects that might take off. Even if I am wrong on most, the times right will more than compensate for the others.
Here we see a method where significant money was generated without putting money in. Through some delegation and activity, a payoff was received. How many other projects are presently on Hive that could offer the same potential? What does that number grow to when we consider projects on other blockchains?
It is hard to consider how quickly one's holding grow when we see things such as 10X moves. Obviously, those are not too common in the stock markets, at least on the major indexes. Nevertheless, a big move like that can really alter an account for the better. This is only enhanced if one is able to amass the tokens through other means as opposed to purchase.
This is what I see unfolding before my eyes. Each day we are presented with alternatives on Hive. No matter what the size of one's account, activity will produce results, i.e. a payout. When we factor in the Layer 2 tokens, options are presented. What do we do with these different tokens? This is the dilemma we all find ourselves in.
Personally, I believe in HIVE so I feel that token has a solid future. That said, the "mooning" that I am referring is also possible with some other tokens. We can never tell what will motivate a market to start buying and send the token flying. Perhaps it is a burn like HUNT did or some other factor.
Either way, the opportunities are there.
If you did acquire some HUNT tokens in the past and moved them to an Ethereum wallet, take a look at things right now. You might have a tidy sum waiting for you there. @felander's post really explains how to utilize Uniswap for this purpose.
Moving forward, the one thing I can assure everyone is this is not the last windfall that will fall to people who are involved with this ecosystem. There will be others as we move forward.
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gif by @doze
