Friday Finance 12/2/2022: Winter is coming
It is time again for another Finance Friday/Friday Finance. This is a series I started where I talk about random bits of financial stuff that I have seen, gathered, or experienced during the week. I hope as a reader you find it informational, entertaining, or both. I also hope it can generate some good discussion and edify the Leo community.
Even though it is only the 2nd of December, most of us in the state of Michigan have no doubt that Winter is coming. The temperatures took a turn this past week pressed by a strong wind that had windchills in the single digits.
For those of us in crypto, we know that winter has already been here for quite some time. Despite the "good news" in the past week that briefly pushed BTC back into the 17K range, I think many of us can agree that worse times are likely coming.
I've seen various reports saying that the bottom is in. I've also seen various reports saying that 2023 and 2024 are going to be even worse than 2022. Perhaps it is a combination of the two. We are at the bottom, but it is going to be a long sideways run until 2024 or 2025. I honestly hope it doesn't take that long, but either way I will likely be here doing what I do every day through the week.
I hope we can all tough it out together.
LGN
As I mentioned in my post yesterday, the BRO team recently released their LEGION token. This effectively derailed my plans to do a bigger power up. Given the past track record of the BRO token though, I didn't feel like this was something I could pass up. The BRO token is hard to get your hands on selling for something like 8 Hive per token right now.
With LGN starting at 1 Hive per token, if it even reaches half the price of BRO, I will still have made out pretty good. I picked up 1000 LEGION over the last couple of days last week. Now I just hold it and wait to see what the price looks like in a few years.
I will be honest, I don't know much about the token except what I saw in Discord. I have a pretty short attention span, so trudging through a white paper is not my thing. Like I said though, based on the past track record of the group, I have faith this will end up paying off for me.
Coinbase
You might have missed it the other day, but @edicted wrote a post about his Coinbase Pro account being changed to Advance Trade. Well just the other day, I got the email from Coinbase that my account was being changed as well.
I haven't bothered to log in and check it out yet, but it's safe to say I am likely going to find it just as annoying as Edicted did. Given the events of the past month or so, and this post that was published by @cryptictruth the other day, I have been making a focused effort to remove the small number of funds I had sitting on centralized exchanges.
I had already moved anything I had sitting out on Binance US and Bittrex a couple of months ago. Coinbase is hard for me though because I am doing some monthly buys there. It's just a lot of tedious work to move all the coins out every month.
I guess it's the price we pay for keeping our crypto safe though right?
A while ago I signed up for a service called CoinTracker. It was when I was trying to figure out the tax implications of some of the gains I took and I wanted an easier way to track my transactions. I got this email from them the other day and I just had to laugh. That's 73% of just the stuff they know about. That percentage sounds pretty bad at first, but this doesn't take into account all of the tokens I am holding in self custody wallets or decentralized blockchains.
It barely even scratches the surface!
Splinterlands
Many of you may have heard that Splinterlands is having a holiday sale. I like to call it the "please buy more Chaos Legion packs so we don't have to burn as many and take as big of a loss sale". Either way, they have some pretty big rewards for those heavy hitters who can pump a lot of funds into the game.
The good news is, consortium buys are already coming together and preparing to take place. If you remember the XCHAOS token from the original sale, the same team has decided to launch the CLP token. You can purchase the token here. Each pack of CL cards will cost 2700 DEC. This is a reduced cost and already factors in the vouchers required for the packs.
In addition to the discount you receive, you also get some drops in the form of a new promo card, and down the road you will get a trickle of SPS or other income as they liquidate the airdrop cards and Runi's (possibly). It has already been kicked around that the investors get a say in what happens with the Runi's. I love that. Yet another DAO at work! Actually having a voice and not just the illusion of one is a pretty amazing thing.
If you want some more CL packs but you can't quite afford the whale sized thresholds they have for the sale, check out the CLP token!
That's all I've got for you this week. Take it easy and remember to do your own research!
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