My Turn for Some Stupid Good Luck!
Well... seeing as I'm seeing all my work fall off a Corona-virus inspired cliff, I happy that I had a single streak of good luck overnight! Well, actually a couple of streaks of good luck... .
I had a chunk of DAI that I was leaving sitting in the Compound lending protocol, where it was earning roughly 6-8% yearly interest by contributing to the lending pool there. However, with the sudden crash of the Ethereum (ETH) price it was starting to get to the point where the MKR-DAI protocol was starting to consider the possibility of an emergency shutdown of the system (also with the yearly rate hitting around 25%!)... and so, I wanted to get my DAI out into BTC/ETH before that happened. Seeing as DAI is a ETH backed stablecoin, and BTC and ETH were crashing hard already... I figured it was a good way to buy in, and then take profits in a few months time.
So, first things first... if anyone tried to use the Ethereum network last night, it was SERIOUSLY congested. With high gas fees and limit required to push through any transactions! In the end, it took me 0.02 ETH just to release my DAI from the Compound smart contract... and then I failed two more transactions (I set gas prices and limits too low... my stupid fault!) to send the DAI to Kucoin before I punched it through with a 0.02 ETH total fee. Even then, it was around 10 minutes for block inclusion!
When it finally did arrive, BTC was sitting around 5750 USD and ETH was around 125 USD and so I set limit orders all the way down to 3500 DAI/BTC and 50 DAI/ETH, fully expecting that I had missed the bottom as it looked like things were starting to recover. When I woke this morning, I found that all my BTC orders down to 3800 (so, everything except for the 3500 level) had executed and were fully filled! However, on the ETH side of things, they only went down to 85 DAI/ETH... so I still had a handful of unfilled orders.
So, a lucky break picking up some cheap BTC and ETH... I don't expect that this is the complete bottom, but it is something to hang onto for a few months until the price recovers (I'm already up...) at which time I will recover the DAI and return back to lending on Compound.
The second lucky break was the release of the Perth Mint Gold backed token on Kucoin... I had bought some to get my hand in on the launch contest but instead of selling straight away, I just set some high sell limit orders as I thought that weird things might be happening in the coming week across the economies.
Sure enough, weird things happened, Bitcoin betrayed the "safe haven" narrative and the price of this token jumped... Wow... sometimes, there really is no substitute for dumb luck!
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