#Stories and #Experiences

The next one i want to share is related to Cryptomines (Eternal). It was in 2022. I just started to explore the blockchain and its posibilities. During this time I also started to explore the GameFi sector with NFTs and their usage in games #playtoearn

During my research I found this game... Cryptomines. It was about spaceships, fleets and exploring missions. BUT exploring mission is not what it sounds like. It was just a staking which returned token depending on the strength of your asset and some gamble mechanics. But the design was ok and the token was on a rallye.

My entry point was at 90USD, the token came from 1USD since the beginning of the year.
I had some pull luck (invest about 20USD) and was able to sell a ship for 500USD which compensated some loss i made (some of them mentioned in my stories). With the rest i created a fleet to play the game. It was not very entertaining, but earning the eternal token was profitable. And even more when the token was on his way to 1000USD.

It worked a few weeks, but then it happened...the most punishing fall I ever saw...from almost 700USD to 1USD in a few days. And this while new investors came, who putted in a high amount of cash many others took out their profit. I didn't sell off because I already had my plus, but at 500USD I saw the end coming.

I was new on the blockchain and did not have the knowledge to check all transactions, so I don't know why it really happened. Also reliable information about the reason was hard to find. #DYOR failed 😅

But what I learned:
-GameFi can work, but it requires well thought mechanics and distribution schedule.
-GameFi needs a strong team and an even stronger community.
-Check the token supply! How many? Who has large amount? Serious teams provide an overview of holdings and the related addresses.

Have a nive weekend and #StaySafeInCryptoSpace

#Stories and #Experiences from my crypto history.

I read so much news during the past months and years. Good ones and bad ones. And it seems that the only constant is: exaggeration

It feels that bad news are used to reach a certain entry point and good news to reach an exit point.

Or as rule: If you read the news, you are maybe be to late!

Here some example why I think so:

Example $XVG 2018
There was a big announcement announced. It was scheduled to release a secret partnership in a tv show. Price was climbing a few weeks about 200-300% (if i remember correctly). In the mid of april it was revealed and the price went back to reality. Why? I think totally overhyped through media plus the circumstance that most people were hoping for a payment service and not a "not-so-very-serious" video platform.

Example $XRP 2018?/2019?
Elon musk showed sympathy for ripple. Then it was announced that he will talk in a tv show. The web was hyped and most people (including me in this early times) expected, that he will motivate millions of americans to invest in ripple. He didn't, as far as I know he talked seriously about the good and the bad (or risky) sides of crypto. As in previous xvg example...the price raised till the "big" day, ten it was falling again straight downwards.

Example $DOGE 2021
Some might remember. Almost same story as xrp...I didn't even follow the news and the hype...until a lucky friend told me, that he bought a high amount of doge some longer time ago. He payed less than 1 cent per doge. This was the only time I was giving something like an advice. Doge was at 60 cents in this moment and I felt that it will at last correct to 20 cents, so I told my friend the story of xrp. And I said that I think he should at least sell half ( while I mentioned thousand times that i m not an expert and that I did not make profit in crypto yet). Well, maybe I was distancing to much from giving advice, he didn't sell anything. He had to make its own experience.

#StaySafeInCryptoSpace