Posts

My ONT Staking: The Perils of Buying Coins, Staking Them, And Ignoring Them

avatar of @joshman
25
@joshman
·
0 views
·
2 min read

Chinese Cryptos

So I bought a modest amount of ONT along with NEO, because I wanted some exposure to a Chinese-centric crypto. In my casual observations, the Chinese seem very nationalistic in terms of products and services they use. They switched the staking mechanism so that it is different than its cousin blockchain NEO, so that you have to tie up your ONT into a contract to get paid out your ONG tokens. Tied up my coins got, because I upon checking them recently, O3 Wallet Staketology shows I have 1000 ONT staked, yet it tells me under the consensus node that "You currently have no ONT staked". Keep in mind this staking was initiated with my Ledger hardware wallet. My keys my coins right?! Not so fast...

A Very Large WTF!

The Risk of Not Being Heavily Engaged With Projects

If you think it's enough to buy a token, stick it on your ledger, and forget about it. I would seriously reconsider that expectation. At any time these projects fork, swap, have bugs, or any manner of things that could influence your stake. In this particular case, I'm not sure what is going on, because I see my ONT there, and I see the 56 ONT left over from when you had to stake it in 500 ONT increments. I can even go to the ONT block explorer and see where the tokens were moved to the contract.

Moral of The Story

My coins could be safe. The fix could be simple. But this is something I'll have to track down, which will take time and effort. I think one has to consider whether taking a flyer on a project is worth the opportunity cost to projects you actually focus on. I liked the idea of owning some Chinese market focused crypto, but this is ridiculous. It's not a huge amount of money we are taking here, but this is annoying to say the least. This is the cost of doing business on the cutting edge.

Posted Using LeoFinance