Downloading blocks
It's been a while since I've gotten the feeling I am having right now and wanted to share it with you guys. It's kind of the same feeling as planting your seed and then checking if the harvest looks ready. It's been a rough patch the last few years not just financially but also with my health but I'm glad things are looking a bit better in both sectors.
Last year when I folded and started selling my Steem holdings at pretty much the bottom after having held the top and almost doubled down way too early at 10x the price it was at when I sold, I decided to not dump everything for fiat but placed some of it on a few coin projects and games. I was thinking blockchain gaming would explode in 2020 and even though not too much has happened yet I'm sure it's just around the corner. One of these coins was called CHI or Xaya.
Today I randomly noticed after reminding myself that I should use @coingecko over coinmarketcrap that the coin had gone up in price and according to them was surprisingly high ranked.
Well this was a nice surprise I thought to myself, if only I'd now remember where I'd left them! Something I've advised people time after time again is to not leave coins on exchanges long term, of course if you're actively trading with some funds on volatile coins and big, known exchanges it's alright, but if you're going to plant a few seeds here and there always make sure to withdraw the coins onto their wallets. With ERC20 tokens this is easy cause you can just add the token to your MEW or Metamask wallet and withdraw it there, but with non ETH tokens it becomes a bit of a bother as you'd have to download the wallet, hardforks may occur forcing you to update once you decide to open it back up, etc, but it's still way better than losing your coins completely. Anyone remember that Australian exchange that went offline? Yeah I lost quite a bit of shitcoins in that one.
Luckily I had learned my lesson from that incident, even though it should've happened way sooner with cryptsy and many other exchanges in the past. When I went to look for the wallet though, it wasn't installed and that feeling wasn't great, until I quickly remembered it has to be on my laptop as that's what I was using at the time of the purchase and sure enough there it was!
What you're seeing here is the Xaya wallet, when I purchased the coins on an exchange I don't remember and the current ones listing it didn't ring a bell so could be it's one that either went the cryptsy way or just stopped listing the coin, I withdrew them onto the wallet. What I didn't do, though is let the wallet sync up to that date so it is now downloading the whole blockchain and once it reaches the day I withdrew them it'll update my balance with the withdrawn coins. What's kind of funny about this is that I don't even remember the exact amount I purchased or with how much funding. It wasn't a big amount I know that but looking at the chart history of the coin it's been pretty volatile. Ranging from as low as $0.005 to yesterday $0.167 on a new exchange it had been listed on, so yes, it's going to be a literal RNG ROI surprise, but hopefully on some profit.
Now comes the other issue, though, while I'm writing this post and waiting for the block explorer to sync, I noticed the exchange it's been listed on is ehm, I wanna say chinese but it could be japanese, just guessing from the looks of the letters I don't think it's korean. So the question now is, will they let me sign up and trade there, will they let me withdraw, cause some exchanges like cough hitbtc let you deposit but when you try to withdraw you're going to have a bad time. I think I'm going to try and see if I remember my login, or create a new account on the other exchange and check how liquidity is on Liquid but even though I realize this new listing is what may have caused the pump in price its chart looks really, really sketchy. I mean look at this.
That's one fat finger sell there that occurred a few days ago down to about 14 satoshis, one lucky buyer has managed to get himself a very easy 10 to 15x if it afterwards went up to almost 1800 sat. Either there really isn't a lot of liquidity or the exchange is just trading an IOU, being a rank 460 coin seems a tad overpriced to me right now so I'm thinking I should try and sell half and see if I can buy it back a bit lower again or just turn it into Hive since I missed out on buying this dip. First I'm going to check if anything newsworthy has happened with this coin, though, one thing I'm definitely going to not do is sell all of it cause there might be new listings on the horizon that may take this low liquidity coin even higher for a short while.
The wallet has yet to sync up to the date of my withdrawal and if I remember correctly I won't be able to transfer the funds unless it's synced all the way up to date. Maybe there's others out there who also have fired up their wallets and waiting for it to sync so they can sell some on the exchanges and in turn provide liquidity to newly interested investors, or they've just completely forgotten about this coin or lost access to the wallet. Who knows.
What would you do in my case? How much of it would you try and sell off and how much profit would you want to be in to consider selling some off?
Had any similar experiences over the years of buying shitcoins? ^^
Thanks for reading, maybe I'll update you in another post about how many I ended up having and what I did with them!
PS! First LeoFinance post! :)
