Author: Admin

Someone who is very keen on small scale investments like crypto, mining and other investments. For the common folk!

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Crypto Mobile Crypto News

Hi Dollars Token – It finally rises!

Yes the Hi Dollar Token has finally hit USD 1 and beyond. The token has not reached this value since it was officially launched in August of this year. And it looks like it is still rising. At time of writing, it has reached USD 1.23 which is quite impressive. Take a look at the price chart from CoinMarketCap below. It has been rising rapidly since late October. This is extremely good news for Hi Dollar token holders like me. The price of Hi Dollar had been rather lackluster since its launch. Hovering between USD 0.8 – USD 0.6. But usually it will hang around USD 0.7 or so.

This could simply be the Hi Dollar token being bridged into the Binance Smart Chain (BSC). This helps to improve the liquidity by reducing transaction costs associated when users trade or swap tokens in their favourite DEX. I have done quite a lot of transactions on BSC and they barely cost anything. Of course one cannot compare BSC and MATIC. The price rise starting in late October correspond to the time when they bridge to the Binance Smart Chain. So yes that was a smart move indeed. I mean if they remained in the Ethereum ecosystem and with so many tokens still locked up in their rewards system, this will definitely have some impact on the value. But with the switch to BSC and their LP incentive program, liquidity issues seem to be a thing of the past now.

However with that said I am still not too confident about the Hi Dollar tokenomics. Their massive expected supply is one of the main reasons why. Just by looking at the daily rewards they are giving to their members – you will easily understand why I feel that way. I am talking about like tens of millions of tokens being given to members daily. The daily rewards plus the referral rewards plus the downstream rewards. And we have this LP incentive and other rewards as well. Those will add up and add to the already massive supply of Hi Dollar tokens. With more members joining their network, the supply will only increase in an exponential rate. While I agree that more members means more demand for their Hi Dollar tokens, not all members do add value to their network. The time will also come when the Hi Dollar tokens being locked in their rewards balance are released – what impact will it have on the price of Hi Dollar?

No no, I am not that greedy. I am also not that selfish. Again I can understand why they need to attract more members with good rewards. But I feel that when their rewards program ends, we will be left with such a huge amount of Hi Dollar tokens, the value of the token will simply not be able to maintain. Of course that is just my opinion. The Hi Dollars team seemed to have some good financial backing and the project also seem to be developing very well. However the concern of supply still remains.

I am not a financial advisor. Please do your own research when it comes to investing your hard earned money. You can use my referral code when joining the Hi Dollar network – blong1234. Please take care!

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Crypto Investments News

Bull Market Craze – Everything Up?

That is the problem with the bull market. Nearly everything goes up. Just look at some of the biggest gainers (as in price) in the crypto market these few days. Quite a few I have never heard of in my life. And I am someone who is kind of a busybody and love spending my time looking at all these lesser known altcoins. It has become my obsession for the past few months. Yes I know it is unhealthy but it can be kind of fun though. Of course I never bought any of such tokens or coins except for a few in the mobile crypto mining side of things. And even that I merely put like less than 100 dollars into these projects. I do not recommend anyone going down the same route same me. You should NOT invest in such coins or tokens. Most of them will fail and you will probably lose all your money that you invested in those projects.

Anyway as it is the bull market right now, it does seem that nearly all the tokens or coins in the market is rising. So should you just throw whether cash you have lying around into any small cap coin you can find? Well this can be a very tough question to answer. But my simple advise would be whether you can time the market. Most people can’t. And if you can’t, are you willing to lose what you have invested? If the answer is yes, then sure, go ahead and try your luck at all those crazy possibly 1000x coins. You might just get rich and become the next SHIBA INU millionaire. And if you are someone who can “time” the market, won’t you be better off investing in something slightly less volatile? But do note that even the so called experts out there can’t time the market to perfection. Just look at those hundreds of millions of dollar lost by people who short the market but got burnt instead.

I think I have said this very often in this blog. But I will say it again – I am someone who invests for the long term. I avoid meme coins like the plague. Sure I might throw in some money now and then to smaller projects if I find that they might have some potential in the future but that’s about it. And my investments in those are tiny compared to the bigger tokens or coins in my portfolio.

If you are playing the markets right now, everything does seem like they were going to the moon. It happened during the May bull run as well. Everyone seems to be FOMOing into the market and throwing money around like everything they touch will turn to gold. Lots of people go in blind. But honestly speaking, is there really such a thing? Market manipulation is so rampant in the crypto sphere. It doesn’t take that much for the markets to fall again. Again this happened only recently – in end of May and June. That was one huge tumble and lots of small retail investors like you and me got burnt. But apparently 5 months is such a long time that everyone seems to not to remember. Pretty sad.

Just remember how hard it was to earn what you initially invested in the markets. All it takes will be a few “black swan” announcements to make the markets fall. And don’t think it will not happen. It will. Just a matter of time. So take care! And remember what I say. I might not be a financial advisor or have a crystal ball, but I do have some experience in the crypto market.

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Crypto Investments

Inflation – The main reason for the crypto bull run?

If you ask me, I think it is part of the reason why the crypto market is having such a bull run recently. Just look at the inflation that is spewing over from all the money printing that is going on. Again this is basic mathematics – if someone is increasing the supply of something (lets say this something is named $), there will be an increase in the number of that something. And if demand remains the same, won’t that make that something worth less? It just makes perfect here. Of course whether the government officials will pretend that inflation is not “that bad” or that inflation “doesn’t exist” or that inflation “is not here yet” is another question.

But if you have been reading just the headlines this few months, you know that governments have been printing money. All in the hopes of pumping their economies up and hoping to stave off a recession. The pandemic that currently still on going right is probably the main cause of concern. But if you ask me, they have went overboard. Especially when we are talking about the US and their monetary policy. They have been one of the worst offenders when it comes to pumping out the green and this probably is why smarter investors are starting to get into crypto. It is a hedge against inflation. I know that traditional investors always say that there is no logic for crypto. Or that it is just “fake internet money”. But honestly it is more than that. Of course there are plenty of scams going on in the crypto sphere, but there are scams everywhere as well. Not just in the cryptoverse. If you want to invest in something, that something should be something which will see at increase in value in the future. The US Dollar or whatever fiat currency you are holding right now will most probably not increase in value in the future. Again this is just maths. You just cannot pretend that it is not happening. Well at least you cannot pretend for too long anyway.

So that is why I do think that even if you are a low risk investor, you might want to start looking at cryptos. BTC and ETH are still decently safe compared to other crypto currencies. And for the low risk investor, these two are probably the best bet as we can see from their lower volatility. Your best bet against inflation as well. However you will probably need to hold them for sometime first, unless you time the market right. And big time investors have already bought in a while back. They do know that BTC and ETH are their best hedge against the upcoming inflation. These are especially good if you are a new comer to the crypto market if you ask me. They will not fall too far even during a bear market. And if you ask me, I don’t think there will be a crypto winter happening anymore. Sure market cycles will happen. But I find it highly unlikely that prices of BTC will drop to 10% of its value for 2-3 years with nobody (including institutions) daring to buy and hold BTC. Come on. I think this will never happen again. Unless of course if a major black swan event happens. I am looking at you SEC. These are the people we should all look out for.

I am not a financial advisor. Always do your own research when it comes to investing. Take care and I will see you in the next post. Bye for now.

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Crypto Investments News

The problem of being a cheapskate – FTX issues

[Update: 05-Nov-2021]Finally the funds went through and I can start using them on FTX. After so much back and forth, I can finally use the funds. Thank you to the FTX support team!

So as you guys know, I can be a little bit on the cheapskate side. Probably because of my upbringing. If I can save on something, I will definitely save on that, especially if it is not that difficult to do. And as Binance is being blocked by the Singapore government and there is no way to trade on Binance for Singapore users anymore, I have to go look for other alternatives. I have been using Kucoin for some time and it seems fine. Not as good as Binance of course but still acceptable to me. The interface is nearly exactly the same as Binance too. However me being me, went along to look for other crypto exchanges to test out. And while I was browsing, I discovered that FTX allowed SGD deposits in their DBS (Singapore local) bank. (Note that this has been changed just recently.) I was shocked and surprised that our government allowed to to happen. Especially what happened to Binance recently.

So of course I went ahead and deposit some money into FTX’s SGD account in a local bank. I mean FTX is indeed a very good exchange. According to plenty of reviews, their platform is considered one of the better ones. And their transaction fees are also lower than Kucoin. You can watch Coin Bureau’s review and comparison on the exchange here. Plus if I transfer money to a local bank from another local bank there will be no wire or any bank fees. That is a definite win-win for Singapore users! And that is what I did. However lo and behold, just like two days later, I see a notification on their deposit page that they had changed the deposit method. I am guessing that our dear Singapore authorities found out about this and decided to stop the little loophole. Or that DBS themselves found out and stopped it because DBS themselves only want crypto sales through their own platform. Yes apparently DBS has been approved by MAS (Monetary Authority of Singapore) and given crypto licenses. They certainly don’t want any competition from FTX! Just imagine if crypto investors found out the advantages of trading in FTX rather than DBS’s own crypto platform. No one sane would then go to DBS for crypto trading services at all.

Although my money was transferred across, it might be somehow stuck. Even FTX support seemed to be lost and their replies extremely cryptic to say the least. It has already been like 2 weeks and the only thing they said was to hold on while they get to the bottom of it. If you ask me, the bank account might simply be just frozen by DBS themselves or by the government. So this looks like a very long haul for me. I wonder how long it will take for my funds to get unfrozen. It is not a huge amount but for a small time retail investor and the current bull run happening, it is very disappointing.

So take care! And hope the best for me funds. Investors should not always go for the cheapest method. Sometimes you will lose even more. See you guys later in another post.

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Crypto Mobile Crypto

Hexa Network – Yet another mobile mining app? Gaming?

[Update: 06-Nov-2021]It seems that they have some issues with their virtual miner which allows users to purchase a “buddy” to mine with. A lot of complaints seems to relate to that. Most of them seem to say that even after they paid for the miner, it is not being reflected and the support staff don’t seem to be replying. This does not sound that good to me. So if you are thinking of purchasing the virtual miner, you should think twice.

This is a maybe. For those who want to try out another mobile “mining” app, let me present to you this Hexa Network [referral code included]. Or you can go to their website directly here and use my referral code blong1234. Their Hexa token is currently running on the Binance Smart Chain, so you can be sure transactions fees will be much lower. No more worries about having to pay expensive fees when you transfer your hard earned tokens out of your wallet. And admittedly, you will not get a lot of tokens from these mining apps and if half of which are used for transaction fees, definitely not worth it.

Anyway on to the review of Hexa Network. I have been mining for about 2 to 3 weeks on their app. So far, I think it is pretty decent. The mining rate is quite okay and you can watch advertisements to “double” your mining rate. However it is best for users to refer their friends or relatives to the app. That is how they will grow. More users means more demand for Hexa tokens. And the price will hopefully increase. As usual with most of these mining apps, they do need users to refer others to the network. They just don’t have the advertising budget and there are already plenty of such apps in the market right now. But Hex Network is pretty new, so if you get in early, you should be one of the pioneers. Of course I have no idea whether the project will be successful or not. And at the moment, I have no idea how much their Hexa Token will be worth. Their ecosystem seems to be based on games – so you should expect games coming into their platform soon. And to grow their ecosystem, they are planning to have shops and marketplace for products and services. Again, this is nothing too remarkable as most of these platforms plan to have such features as well. I have yet to see one that is successful though. This is not to say that the project will fail. Merely suggesting that they have an uphill task ahead for them.

The current mining rate is 1.6 Hexa Tokens per hour. The rate will be halved once the users reach 100k. It will halve again once the platform reaches a million users. Users will need to come in to their app and click on a few buttons daily to restart their mining. Pretty easy to do but based on my experience, not everyone will be willing to do this for the long term. Need some discipline. For don’t who don’t know, I have been mining Pi tokens and Bee tokens for over 7 months already. Eagle tokens for around 5 months as well. How is that for discipline? Of course I spent a lot of time travelling on public transport, so I do have the spare time. This kind of apps are especially good for people like me.

According to their whitepaper, the total supply of Hexa Tokens will be 1 billion. And to make the distribution fair, 80% of the total supply will be for miners and for the ecosystem. This process is expected to take up to 5 years. So yes, users will have plenty of time to mine but note that it comes at a reduced mining rate. Anyway only 5% will be given to the developers. Well….maybe that would be good as well. At least we know that they are not greedy (hopefully). And with the supply of 1 billion tokens, I honestly don’t know how much it will be listed at. I will update you guys when the time comes. But I have to be frank, mining this token probably won’t make you a millionaire.

If you were to check out their roadmap, 2022 would be a very interesting period for them. That is the year they will start with their decentralized exchange (for swaps), their staking will be enabled and their marketplace developed. Hopefully their tokens will be listed at major exchanges as well. No matter what people say about those centralized exchanges, those exchanges were really where the prices of the tokens are determined. The trading volume there is just undeniable huge. And in their 2023 roadmap, it seems that they plan to create a mobile phone based on Hexa OS? Now that is very ambitious to say the least. But honestly I doubt that it will come to fruition – I can understand the need to be different but just imagine the resources need to compete with the other mobile brands and with their operating systems.

So if you all are interested, please use my referral code. Of course if your friends already have their own codes, you should use theirs instead. And please DO NOT purchase or buy anything on such apps unless you are sure of the project’s success. The Hexa app has an option to purchase “virtual friends” who can mine with you. You should get your real friends to do that instead. Please be safe out there!

Categories
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.

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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.

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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!

Categories
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!

Categories
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.