Crypto News

Rise of Meme Coins…..Yet Again

Do you remember around May when the crypto markets were going crazy? And everyone was saying that this or that coin or token was going to moon and everyone should just listen to Elon Musk? Well it honestly looks like history is indeed repeating itself. As you guys should know by now, I am not a fan of meme coins. Sure I myself bought Shiba Inu a few months back (like July or August) – but frankly speaking, that was just to test out the liquidity pool in Binance. It was giving pretty good yields, so I wonder why not. The price of Shiba Inu was pretty low at that time. Just buy some and when the time is right, sell them. However as the yield rates was one of the highest in Binance – it simply meant that people are trading in Shiba Inu even though the overall trading volume for cryptocurrencies was still relatively low. How about that for some insights on meme coins.

Yes, I also know that Shiba Inu has an “ecosystem” – swaps, NFTs and what-not is available there. But then so does plenty of other tokens. Even the much smaller and lesser known Eagle Network has plans for their own ecosystem with swaps as well. Honestly it is nothing too amazing right? The only thing carrying Shiba Inu is that it will often make the press. And of course our dear Elon Musk and his ridiculous “tweets” that will send prices soaring like to the moon. It just happened recently. Some cryptic tweet about his puppy and it suddenly went to the roof. I don’t know about you but if my cryptocurrency asset’s value is so dependent on someone’s tweets and messages, I might want to consider offloading this particular asset. I mean what if some day that particular person decided that he hates Shiba Inu and want to see it burn? I heard that Elon Musk had some issues with Bitcoin previously.

Yes the crypto market is just full of manipulators and people wanting to trick retail investors of their hard earned cash. If you look at Elon Musk and his tweets on Bitcoin, you will see the same pattern. When he had announced that Tesla has held Bitcoins in their portfolio, he actually meant that Tesla is hoping to sell some of them for big profits and he needs us to pump it up for him before the sale. And that is exactly what happened. So guys, if you want to remain sane, you shouldn’t listen to these people’s tweets. You don’t need to look any further than the next meme coin – DOGECOIN. Look at how much it pump during the rally in May. It was caused by Elon Musk as well. And then look at the price of DOGECOIN now. Just imagine the loss for retail investors that happened during the crash. It has not even recovered to its all time high yet. Not even by half. How did it suddenly become a shelf of its former self? And what happened to Elon Musk on DOGECOIN?

Again I don’t know about you but I won’t be touching meme coins any time soon. And trust me, you will get burnt if you go near them. There are plenty of other tokens or coins out there. And some of them are so much better in terms of tokenomics and real-case uses in comparison. It is strange that someone who is supposed to be very interested in cryptocurrencies like Elon Musk doesn’t even talk about Cardano or Ripple. Only meme coins?

Take care! And always be mindful of listening to advise from influencer. Even big name ones like Elon Musk. I am not a financial advisor. Please do your own research when it comes to investing.

Crypto Mobile Crypto News

Hi Benefits Announced! Well officially….

Congrats to all who have been minting Hi Tokens and to those who have invested in Hi Dollars. Finally the team has announced Hi benefits. This is a loyalty program for holders of Hi Dollars. The more you hold, the bigger the benefits. They have divided the benefits into tiers. So yes things are looking very good for Hi Dollars. They have recently started their Hi earnings where investors can put in cryptocurrencies into their earnings plan and get interest in return. For those who don’t know, it can be up to 40% if you keep Hi Tokens for a year in their earnings plan. That would help keep some of the Hi tokens locked up for the time being. I myself have been putting any funds from my flexi account into earnings every chance I get.

You can refer to the diagram above. If you have not put any funds into Hi, you should be in the Hi Guest tier. Basically nothing. But fear not, if you have been minting Hi Dollars using their iOS app or Telegram bot, you will have the funds in your flexi wallet in about a year’s time. With that you can transfer to your earnings and you can benefit from the Hi Benefits as well. It might take some time though. The most interesting tier is the Hi Green tier. Once you reach this tier, you will get access to the Masterclass site subscription. Yes, free. Plus you get 10% additional boost to your Earnings. That means if you are earning 40% on your Hi earnings, you get an additional 10% on top of that! Not bad if you ask me. However do note that you will need to have more than 1000 Hi Dollars in your vault (only by purchasing Hi tokens either from exchanges or from their web app) and earnings in order to get this benefit. And if you are really loaded, you can try and get the Hi Silver tier. This has 20% additional boost to your earnings plus 5 Star Hotel & Travel Perks. Will need to wait till all the travel restrictions are lifted though.

Their Hi Gold tier benefits will be announced soon. I doubt that there are many in this tier though. Those with those kind of funds would probably not be that interested in Hi Dollars at the moment right? Well that is my opinion anyway.

And it seems that Hi Dollars have been launched on the Binance Smart Chain. It was previously only available on Ethereum. This is very good news as the transactions costs on BSC is much lower than in Ethereum. This will certainly help liquidity for Hi Dollars. The issue with liquidity has always plagued Hi Dollars. If you were to check the price of Hi Dollars in Uniswap, you would understand why liquidity is so important. If you are not sure what providing liquidity means – it is simply just too add cryptocurrencies into a pool so people can trade or swap cryptocurrencies in that pool in an decentralized exchange. You will get transactions fees from being a liquidity provider. Note that there are risks involved when providing liquidity – the main one being IMPERMANENT LOSS. You can read my little guide here. With that said, you can help provide liquidity in PancakeSwap by becoming an LP and they have additional rewards for those who provide liquidity to the Hi – BUSD pool. After you provide liquidity, you can stake your LP tokens and get rewards. The amount of 1 million Hi Tokens is up for “grabs” if you want to add liquidity. For those who don’t care too much about earnings, this might be a decent way to make some Hi Dollars as well. At the moment, the rewards program will last for 3 months. However they might extend the rewards further if needed.

I will most likely stick with their earnings program. I am a bit risk averse so the least risky option is to go with their earnings. And do comment below if you are planning to go the LP route. Always eager to know what others have experienced. Of course I will keep you guys updated. If you would like to join the Hi Dollars network, you can check out my review here. Please use my referral code. Again I am not a financial advisor. You should always do your own research when it comes to investing.

Crypto Investments Technology

Kucoin Trading Bot – 100 USDT experiment spot grid

[Update: 16-Nov-2021]Users who are interested might want to compare whether holding an asset is more worthwhile rather than using a trading bot. I feel that if you are looking for ways to lower your risk, then the trading bot would be a decent option. It is arbitrage anyway. But if you are thinking of maximizing your profits, then I don’t think using a trading bot is the way to go. And if you are bullish about a particular cryptocurrency, it might be better to just buy and hold that cryptocurrency instead.

Ok I am not someone who likes to just buy assets and then forget about it. Sure I have some cryptocurrencies which I will buy and hold onto for the long term. But frankly speaking I am someone who loves to login to my crypto Exchange and go check how well my assets are doing and to check the crypto news daily. That is just me. However it can be very tiring to say the least. And the mental drain is quite something for me. With full time work with a silly little blog and a Youtube channel to look after, I can feel the strain already. And my overall investments are pretty small. All in all about USD 10k only. But it is just so tiring to keep track of everything. So you can see why a “free” trading bot appeals so much to me.

When I say “free” I mean there are no additional charges to using the bot. However there will still be transaction fees being incurred on each transaction. If you choose spot grid (or classic grid), how this Kucoin trading bot works is simple – they will buy and sell on your behalf. The idea behind it is to buy low and sell high and they do it at various intervals. The term used is arbitrage. This also helps to spread some of the risks. So every time the bot buys or sells assets, you are incurring the transaction fees. This is definitely good for Kucoin. Of course it might be good for you as well. The key word here is MIGHT. However the biggest advantage of using a trading bot is that you won’t need to spend your time in front of your monitor or your mobile device to monitor the charts. You just let the bot do all the work for you.

Do note that if you expect the price of a certain asset to go up – you would be better off buying that asset instead. You will incur less fees and the price of the asset hopefully will go up. The trading bot buys in at various intervals and these will seldom be that optimal when compared to buying in at a lower price. And yes you can lose money from trading bots as well – this is especially true when the cryptocurrency in question is dropping in value. Again the trading bot might cushion the drop in price for you as they will sell in intervals. But then if you know when the price of an asset will rise or fall, you won’t need a trading bot in the first place. If I can predict prices, I would probably won’t be writing a blog post about it too. Probably be one of the richest person on the planet.

So when should you use the trading bot then, you might ask? Well the consensus seems to be that you should use the trading bot if you believe the asset in question is going to be trading more or less sideways but can be rather volatile. The prices will go up and down but still be trading around a certain range. This way, the trading bot can make good use of the “buy low, sell high” strategy constantly. That is in fact what it is designed primarily to do. In most cases, this should generate a little profit for you. It also make sense as a human we can’t really spot the top and the bottom of such a cycle. Even experts in this field will have a hard time as well. Just imagine how precise you need to be to spot all those tops and bottoms. And you will probably need to invest into the bot for some time too. Don’t expect to come in and make a quick buck. It just doesn’t work that way.

I have put in about 100 USDT just for this experiment. Will do using the DOT/USDT trading pair as I don’t think the price of DOT will raise or drop that much these few weeks. I will update you guys in about a month or so. However this is a reminder that just because you use the trading bot does not mean that you will make profit from it. If the price of the asset you are using the bot on falls, you will most likely still make some loss. And you should not just leave the trading bot alone as well. If the price is trading outside of the parameters, the bot will also cease to trade. You will still need to come in once in a while to check.

Take care all!

Crypto Investments

Gemini Exchange – advantages for the Singapore investor?

One of the advantages of using the Gemini Exchange is that it is one of the most compliant crypto exchanges out there. Apparently the exchange has support from regulators from many countries and that would include Singapore. Unlike Binance (International) which seems to be in the crosshairs of Singapore authorities, Gemini seems to be given more or less some free access to Singapore investors. I know that the US regulators allow Gemini the license to trade in almost all the states in the US. But all these compliance seem to come at a cost. The fees in Gemini is one of the highest I know. Even Binance SG fees are not as high as some of the trading platforms in Gemini. I am guessing that compliance sometimes do cost money eh? The reason why compliance is important can be seen by what has happened to Binance and their Singapore customers. We had to transfer our crypto assets out to other Exchanges.

And another advantage of Gemini Exchange is that the assets apparently have insurance against hacks. That is a good thing as some of the biggest exchanges do fall victim to hacks. However the Gemini Exchange is supposed to be one of the most secure exchanges in the world. In actual fact, that is their main selling point. And it seems that big institutions and whales are using the Gemini Exchange for this reason. Which makes sense, considering that they have a lot more to lose compared to the rest of us. Of course you have to pay more. In many cases, way way more than what the other major exchanges are charging.

However with that said, there are some advantages with trading on the Gemini Exchange. One of which are for those who want to HODL their crypto assets. These investors seldom trade their assets so the transaction fees don’t really matter that much in the grand scheme of things. And they have an earning platform as well. So if investors just want to get hold of one or two cryptocurrency to hold and keep for a long time, then yes this actually makes a lot of sense. Plus you get the strong security that is supposed to be provided by this exchange. Furthermore if you are in Singapore and using a local bank, you might want to check out their SGD deposit and withdrawal methods. There is supposed to be no additional charges for depositing or withdrawing from Gemini within a number of times per month. Again very good for anyone who seldom do that much trading or any sort of transactions. And did I mention that they have BTC/SGD and ETH/SGD trading pairs as well? Isn’t that convenient? Not only do you not need to pay any sort of SGD/USD exchange rate fees, you don’t even need to pay any withdrawal/deposit fees as well.

They do have a limited selection of cryptocurrencies on their platform. But if you only deal with the major cryptocurrencies (which I have seen quite a few investors do), this should not really be a problem. It is definitely not for everyone but think it might just be good enough for some. I myself have done some trading on Gemini. It is easy to use and very basic and yes, you pay for the convenience. You can make use of their “ActiveTrader” platform which has much lower fees as well. But overall it has been a decent experience for me.

Take care!

Crypto Mobile Crypto

Long delays for withdrawal for Eagle network tokens

That is the problem of overhyping their project and not able to deliver. Yes it is true that most crypto projects will tend to want to hype their features and development to the public. I mean that is really the only way to build up anticipation and interest in the project. However if you ask me, if you go overboard, it can really backfire. Especially if the development team do not have the means the back it up. That is the case of what is happening in the Eagle Network. You can say that I was a fan of the project – I have been faithfully mining their Eagle for like 7 months. It has been quite a run actually. Do note that the project is only 8 or 9 months old. They have more than a million active users, have released their wallets and have quite an impressive number of features coming out. Features like real staking and swaps. For such a small team, you have to admit it is something we seldom see in the cryptosphere. Most of the projects are basically scams which will most likely fail in a matter of a few months or just disappear. But the Eagle Network seem to be around for the long haul. Kudos to them for that.

However the recent issue with the release of their tokens to the users’ wallet seem to have dampen my confidence. Let me explain what actually happened. They were set to release the tokens that users were mining to users’ wallets a few weeks ago. However it was noted that the cost of sending these tokens to users were apparently too expensive. They had planned to use a 3rd party bulk sender to send the tokens. The cost was like USD 95K for the 1st group of recipients. That is huge if you think about it. The price of their tokens is only USD 0.0003. So they decided to create their bulk sender. They claimed that they have tested it and it seems to be working fine. However even after 2 weeks of “testing”, they still have not released the tokens to users wallets. And of course users were unhappy about that issue. So the question is why has the Eagles team not yet released the tokens? Could it be that the bulk sender is not as robust as they have claimed? Or perhaps the users are starting to think that not everything is as rosy as what the Eagles team have said it would be. Perhaps there were even more technical problems with their system. I mean creating tokens on the Binance Smart Chain is relatively easy. The Eagle Token(EAN) is on the BSC. So what is the delay then? The only answer from the developers – be patient. It was supposed to be released to users wallet like a month ago.

I am not someone who is impatient. In fact I have been calling out on the Eagle Team for doing things just too fast. But I can understand the frustration of the users. Especially after all the hype and whatever roadmap information the team have released to the public. And of course not to mention the lost of trust between the users and the Eagle teams. Overpromise and underdeliver. For me I think it is good that the project is not being rushed. Of course they might lose some users and members and we will get a lot of complains on their Telegram group and other support channels. It might also be good for them to stop the hype train and start concentrating on developing their network instead. Their roadmap is just too ambitious as well. Do it well and do it once. Sure there will always be mistakes made and surely tons of screwups along the way. But the recent debacle is not due to coding or complicated programming. The recent issue with not able to withdraw was due to them not knowing about the cost of sending out tokens in bulk using 3rd party software! Which is kind of surprising to say the least.

Anyway I will update you guys once they have released the tokens to the wallets. It would be a great step and a confidence boost for their users as well. Till the time comes, everything is still in doubt.

Crypto Investments News

Bitcoin – new all time highs!

Well it is about time. Finally reached USD 66K! I had actually expected Bitcoin to go to new all time highs at the beginning of this month but I am guessing there was still a lot of FUD around. But it is good to see Bitcoin going to such new highs. If you ask me, I think Bitcoin is currently undervalued quite significantly. And no, I am not a Bitcoin bull or some sort of maximalist. Just stating the facts here – the level of institutional interest and with the recent release of a futures backed ETF, how is it possible for Bitcoin to remain at such low levels? Those institutions are not purchasing Bitcoin in small amounts and most of them seem to be holding onto their Bitcoin portfolio. So with increased demand and less circulating supply, there will of course be upwards pressure on the price of Bitcoin. And it is actually a good thing for us retail investors. Even those who do not hold any Bitcoin. I am one of such investors. When Bitcoin price goes up, the rest of the crypto market goes up as well. If investors are confident seeing Bitcoin going up, the whole market turns bull.

As mentioned, I am not holding onto Bitcoin at the moment. My portfolio consists of only altcoins – primary XRP, ADA, VET, CAKE and a small amount of ETH. Yes I am holding onto Hi Dollar tokens as well. I will give you guys an update on my Hi Dollar token venture perhaps in a few weeks time. As for the rest, I am only planning to hold onto ADA. The rest I will most likely sell when the time is right. But as the crypto market is pumping right now, I will start to let go some of them soon. Again I would like to highlight the importance of the relationship between Bitcoin and other cryptocurrencies. Sure at times we will see a certain token pumping while the rest of the market is red. But this is something that happens far and few between. The cryptomarket is full of speculators and manipulators. So yes, there will always be tokens that go against the wind. But in most cases, Bitcoin dictates where the market is going.

So do you guys think that Bitcoin will reach 75K by the end of this month? Let me know what do you think down in the comments. If you ask me, I think it is doable. The market is just so bullish right now. A little good news and they start pumping already. However note that there might be a few black swan events that might just bring down the whole cryptomarket. Mostly from the SEC. They seem to be hell bent on bringing down the cryptomarket, or at least they are looking for ways to take control of this financial sector. So if you are planning to get into the crypto trading right now, do watch out for them. And don’t forget to take profits when possible. Don’t be too greedy. I made plenty of such mistakes already. You only HODL if you are planning to stay for the long haul.

Note that the Bitcoin ETF (Exchange Traded Funds) is not a spot ETF but a futures ETF. This means that these are actually contracts that will be fulfilled at a later date. Of course Bitcoin futures are related to the actual Bitcoin price but there might be differences. But in general, they tend to be going in the same direction. And seems like there are plenty more ETFs waiting for approval by the SEC. Some of which are spot ETFs. This means more and more money are being poured into Bitcoin and other cryptocurrencies. This is a good thing for us. That is why if you are thinking of investing in cryptocurrencies, you should do it early.

By the way I am not a financial advisor. You should always do your own research when it comes to investing. Don’t take the words of a blogger with your own life savings.

Crypto Mobile Crypto

Star Network – detailed look at its whitepaper

This is one project that I have been looking quite intently for some time – Star Network. You can mint Star Tokens daily using their mobile application. The number of users seem to be growing quite fast – currently it has about 600k active members. Not too bad considering that the project has been around for like a little more than a month only. Very impressive growth rate. Of course whether that is really true or not, I have no idea though. The main reason why I believe that this project will be successful is due to the fact that they have a very comprehensive whitepaper. Gives me some confidence that someone put a lot of effort and thought into this project. And their whitepaper proves that. So I am here to breakdown the whitepaper and give you guys the summary.

Check out their whitepaper here. I will only list down the important parts of the whitepaper. Some of the information in the whitepaper are pretty general and I won’t want to bore you with the details.

The first few paragraphs talk about why we need to get into the action first. Basically it is trying to convince their members to join and start getting the Star Tokens before everyone else. I mean it makes perfect sense as the early adopters will usually benefit the most. It also tries to persuade readers the importance of having an alternative to traditional banking which is decentralized finance (defi). Again I have nothing against what was said. It is always good to have alternatives, especially when it comes to money and “banking”. It is rather ironic that governments are the ones who actually control our money and even in some cases, we will need to get permission from the government or financial institutions to use our own money. Indeed strange.

The whitepaper then goes on to inform us on the issues with the current cryptocurrencies and how they plan to solve those issues. Well this is a maybe. They are using 1st generation cryptocurrencies like Bitcoin as comparison, which isn’t really that fair if you ask me. There are plenty of other newer cryptocurrencies out there and although these have problems of their own, they already have or planned to have solved the issues with 1st gen cryptocurrencies.

Next the whitepaper tries to explain to users what exactly is Star Network. Well for those who still don’t know, they are a defi platform and the idea is to allow borrowing, lending, payments, exchanges and others without a need for a centralized entity. Basically a peer to peer platform with banking services baked in. And in order to achieve that, their app allows users to earn Star Tokens daily and to incentivize more users to join the network – those who invite others will earn a percentage of their rewards. This is very typical when it comes to such mobile crypto mining platforms. They do need the numbers in order to be successful. However do note that users will need to complete KYC in order to use their services. I have found that needing to complete KYC seems compulsory these days. This is good, as it will prevent users to create bots to mint fraudulently.

Anyway, all you have to do is to download their mobile app and click a few buttons once every day to get your Star Tokens. They plan to have mint rate halvings once the number of users reached certain milestones. Initially the reward rate was 1.6 Star Tokens per hour. After the first halving, it is now only 0.8 Star Tokens per hour. The next halving will occur when the number of users reached 2 million. Users (or so called Explorers) can also increase their minting rate by inviting others to join the network and mint the rewards. The more invitees (or Boosters) that use their referral code, the higher the minting rate will be. The Star Token supply will cease to increase when they reach 100 million registered users. At the moment, we will not know what would be the exact supply. Note that 25% of all Star Tokens minted will be given to the developers.

They are also introducing yet another token called Libra. This is for users to complete KYC and to unlock their Star Tokens. It seemed that Libra tokens are randomly issued to users and those with a higher amount of Star Tokens will have higher chance of getting the Libra token. Plus they have a 7-day expiry period! Apparently you can also purchase Libra from other users as well. So when you mint a certain amount of Star Tokens, you cannot withdraw them without first having the Libra token. And once you have completed KYC and use the Libra token to withdraw your Star Tokens, they will be termed as Realized Balance and you can use them in your wallet. Their wallet is expected to be ready by mid-2021. I am guessing the main point of this Libra token is to ensure that when Star Token is officially launched and can be traded in exchanges, we will not see a huge dumping of the tokens. This is a very common issue with such projects. It seems that they have a burnt feature whereby 0.3% of each transaction will be burnt. This is very likely done to increase the scarcity and value of the Star Tokens.

Their expected full launch should be somewhere in December 2022. That means users should have about a year to mint for the Star Tokens. Even after the launch, they will keep on adding more defi features into their ecosystem. And it seems that they are planning to develop their own blockchain. So if you are interested, you can read their whitepaper on that. However at the moment it seems to be a little thin on the details. I am guessing that such a feature will still be some time away. Hopefully they will give us more details as it gets closer to launch.

If you are interested in getting “into the action” and not to “miss out”, you can use my referral code [blong1234] to join the Star Network. Take care!

Crypto Mining

Nicehash review- more than 5 months later

Yes it has been that long. I actually cannot believe that I did crypto mining using my gaming rig for more than 5 months. That would mean that I did not game on my machine for that long. However admittedly I have not been seriously into gaming for long than that. It must be my age I guess. I used to play for hours on end. And during the weekends, I could be stuck on my computer playing computer games for the entirety of the weekend! Nowadays if you ask me to play for more than 2 to 3 hours, I would be extremely exhausted. No I do love gaming. But the body is weak. I guess nowadays I would be watching others game instead. All those streamers and what-not on Youtube or Twitch. But hey, don’t laugh. It comes a time when you will be in the same shoes as me. Our bodies just aren’t suited for sitting in front of a computer and staring at the monitor for long periods of time.

Anyway enough of my gripping. I am here to do a more detailed review on Nicehash. So as mentioned, I have been mining Ethereum on Nicehash for more than 5 months. And it has actually been great. All my payouts have arrived on my Binance account without any issues. There were times where my BTC only arrived a few hours but that would most likely be due to the network being congested. Yes the Nicehash site seems to be down a little too often and I have no idea whether during those downtime I am getting paid or not. However from what I heard, it seems that Nicehash is often targeted by others. So it could just be their website or IP addresses being attacked. While the rest of the mining operations are functioning as per normal. I do not have anything negative to say about Nicehash beyond that. They have been good to me so far.

For those who don’t know, Nicehash has an exchange as well. So you can mine your Ethereum which pays you in BTC and you can then swap for other cryptocurrencies directly from their website. Do note that there are different withdrawal limits that you have to consider. So make sure you check carefully if you are intending to withdraw after that. I myself have never used their Exchange services. I mean I am withdrawing to Binance, so there is not a real need. As for their exchange fees, they have a different fee structure than most. In the beginning, the exchange maker and taker fees are not really that competitive. However if you do lots of trading, you will actually pay lower fees the more you trade. And this is for lifetime! This means the more you trade and upon hitting a certain level, you will never go back to the higher fee level. Very interesting if you ask me. With that said, I don’t see the trading volumes on Nicehash being that great. I think rather go to a real (major) exchange to do my trading.

As for profitability? Well it is honestly hard to say. Electricity isn’t exactly cheap in Singapore but with just one CPU and one graphics card running, I don’t think I face much of an increase in electrical cost. And yes, the amount of BTC I get from the mining isn’t really impressive either. However I do take it as a passive income stream even though it barely hits SGD 50 per month. At the moment, it is quite nice as BTC has increased in value recently. But during the June, July, August and September periods, it was bad.

If you are interested, you might want to check out my initial review on Nicehash. I did not have any major issue with their mining software – I did have to restart my computer a few times during my 5 months mining. But that should be pretty normal. Other than that, crashes are few and far between. And even if it did, their software will automatically restart the mining program for you. Note that I am mining both Ethereum (graphics intensive) and Monero (CPU intensive). Everything has been more or less stable for me. Yes the computer is pretty new. So here is hoping that it will stay the same for a long time to come. Take care!

Crypto Mobile Crypto News

Eagle Network – confidence restored?

About a week ago, there was some issue with the Eagle Network that resulted in some let’s say…unhappiness in the community. What happened was that the developers were supposed to release the Eagle (tokens) to the users’ wallets but the day went and there were no tokens in most users’ wallets. So naturally (myself included) thought that there was something very fishy going on behind the scenes. I mean they have been promising us that they will allow the withdrawal of the tokens but nothing happened. They did make an announcement later and the statement claimed that it was due to the expense of pushing the tokens out. Apparently they used a 3rd party bulk sender to send out tokens to the users’ wallets and it costed like 95K USD to send out to the wallets. This would mean that every month they will need to incur such a huge cost, which is not really that practical. Just look at the number of users they have – 95K will probably be considered small as more and more users get onboard. And they did say that they will find another solution for it but didn’t say how they were going to do it. You can read more about this here.

So naturally people like me who have been “mining” for a few months got suspicious. Did they not think of this cost issue when they planned how they were going to distribute the tokens via their “staking” option? I mean that should be the first thing they should have planned right? The cost of sending out so many tokens to their users numerous times – that was the plan. It is meant to ensure that users will not dump their tokens into the market when the token is launched. Honestly, that has happened countless of times during token launches. We see it like drop to 5% of its initial value on the day of the launch. And in quite a few cases, these tokens never recover – simply because no one likes to see charts with a such a steep slope. Just imagine if you were looking at the market charts for a lesser known cryptocurrency and you see the huge dump in the beginning – you too will be just a bit more curious right?

Anyways for those who are worried that the Eagle Network is a scam – you should not be. Seems that they have developed their own application to do the release of the tokens to their users. Apparently it is much cheaper than using a third party application. Anyway the BSC network transaction fees should be pretty low. Yes the Eagle Token is running on the BSC network. The problem is that they have to transact to a lot of users. That is where the bulk of the cost is at. There was supposed to be 14,634 total request and the total amount of tokens was 16 million. 14k requests should not be so costly if you ask me. I have done numerous transactions via the BSC network and none costs more than a few cents only – so I do find it strange that using a Bulk sender would cost so much. And I would also expected way more requests than that considering that they have over 1.2 million users. But as I mentioned before, quite a lot of users are just not really into the project and I don’t think they add much anyway. Just add to the numbers only.

Well now it is to see whether they will actually release the tokens as promised. Their own bulk sender is currently under testing but as they claimed, it should be up and running soon. The Eagles Team would like to ensure that the application is functioning correctly which is fair I guess. Rumours say it should be ready by the end of the month. Yes I will keep you guys updated on any development. I hope to see the Eagle Tokens in my wallet as well. It has been quite a while. Please take care!

Crypto News

VET – still not yet pumping during this bull run?

When I first heard of VET (VeChainThor) a few months ago, I was thoroughly hooked by what they managed to achieve. It is kind of a lesser known crypto project which like most other crypto projects allow users to create dapps (decentralized applications) but their main objective is to provide a reliable data solution for supply chain. And no, it is not all in theory only – businesses have been using their technology right now. If I am not wrong both BMW and Walmart are using VeChain for their keeping track of their supply chain (or at least part of it). Of course there are way more users than just for supply chain as most other crypto projects are. If you were check out their own ecosystem, you will just so amazed at the number of projects they have onboarded. When I first read about it, I too was shocked that how mature the project is right now.

With that all said, the question in mind would be why has VET not pumped yet? I have seen plenty of cryptocurrencies pumping these few weeks as the bull run continues, but surprisingly nothing much going on for VET. Are the markets afraid of projects based in China? I mean the recent crackdown on cryptocurrency ownership might have some impact on the price of VET but honestly I don’t think it will affect that much. And looking at the situation in China, I am thinking that the crackdown should only affect investors and traders of cryptocurrencies rather than just businesses and companies doing crypto projects. How about the lack of exciting news from the developers? Maybe – I have been browsing through crypto news aggregators and it looks like lately we don’t have too much good news coming from the developers. I mean the cryptomarkets are all about people finding excuses to pump a project before the inevitable dump occurs. Looking at the recent SHIBA INU pump tells me that this is still more or less play. Perhaps the VET team might want to start some promotion campaign and let the public know more about what they have plans for the future. Or they should start doing NFTs as well. Look at the money to be made there. Hahaha, no just kidding. In my opinion, it would not be a positive news if they really did that.

At the moment, they are still quite a ways from the all time highs. I had expected them to be reaching the all time highs like a few weeks ago during the dull run. It is just too bad that investors nowadays are not into projects that have real case uses but instead more keen on meme coins or tokens. Perhaps it is time for investors to start looking at such projects rather than just following the craze. It is just so illogical. Anyway I am not a financial advisor. You should always do your own research when it comes to investing your hard earned cash. And please take care!