How I invested my #SwapSpaceExplained reward

By Feax21 | Crypto Monkey | 21 Aug 2021


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In my previous article with title “My Quest turning my Dust Funds into Gold with SwapSpace“ I described my efforts of turning my dust funds in Trust Wallet and LTC FreeWallet into gold i.e. my failed efforts withdrawing my dust funds that are trapped in these wallets due to high commission fees. My promise in the end of the article was that in case I would have won a reward in the #swapwithswapspace writing contest was that I would writing another article about the successful execution of swap transactions of my #ETH rewards in #LTC, #DASH and #ZCash that I would deposit into my “Wallets of Shame” in order to manage to withdraw my dust funds from there and uninstalling completely these wallets from my tablet as follows: 

Therefore my only hope is to earn a reward in the #SwapSpaceExplained writing contest and use part of the funds in SwapSpace to convert them into DASH, ZCash and LTC micro amounts, deposit them into the "Wallets of Shame" in order to withdraw any funds from there and eventually uninstall them from my tablet. 

Although I was having high expectations that my article would have been awarded the top rewarding category adding $100 worth of #ETH into my account, my article had been eventually selected on the 3rd category rewarded $30 worth of Ethereum which possibly could have been an adequate amount of turning at least $10 worth of Ethereum (including the subsequent gas fees) into #LTC. #DASH and #ZCash through the SwapSpace platform. However, my crypto financial plans changed since then a bit and I have decide to shift my interest from the “Wallets of Shame” and prioritise investing my reward in more profitable and more interesting solutions, keeping my “Wallets of Shame” dust funds on hold for the future. 

Therefore my $30 worth of Ethereum were intended to be invested in the following 2 solutions. 

1.     The Fetch.AI Project and the FET Token 

According to CoinNarketCapFetch.ai was launched by an engineering team in Cambridge, UK, is a platform that aims to connect Internet of Things (IoT) devices and algorithms to enable their collective learning. Specifically, it is an Ethereum token that powers Fetch.AI, a decentralized machine learning open source platform through a high-throuput sharded smart contract ledger mechanism for applications such as asset trading, gig economy work and energy optimization. in fact, Fetch.AI's first decentralised finance application helps Uniswap users automate trading according to predefined conditions.

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The Fetch.AI project and its FET Token has been in my ToInvest List for more than 1 year, and although its attractive low price and plan, there was always another investing opportunity on hand that would keep my interest away from investing on it. However, lately, there were 5 major reasons about Fetch.AI that made me shift my initial plan of investing part of my initial #swapwithswapspace reward strategy from the “Wallets of Shame” into Fetch.AI.

1. My Local Cambrisge-based CryptoCompany

Based in Cambridge, UK St. John’s Innovation Centre, Fetch.AI is my local crypto-company and to be honest due to my engineering background I have already met several engineers working there and I have also send job applications to work in the organization, however without any success so far. After all, why should I support other crypto-projects when I can’t support the local ones? 

2. Fetch.AI infrastructure is used by customers generating real profit from its operations  

Just on August 6th, Bosch announced that it plans to start using the Fetch.AI platform in order to begin innovative AIoT trials. And if a global organization such as Bosch has decided to use the platform then it will add huge amounts of credibility just like IBM has done with Stellar. Investing to a coin or a token that it is being pumped from whales and micro-investor for short term profits has never been my strategy, but as a HODL investor, I always look on the long-term success of a crypto project and its infrastructure that is used by customers to generate real profit from its operations, so after investing in Tezos, Stellar, BITT and ISP, crypto-projects with real organizations with real employees supporting them, Fetch.AI and its AI-powered token FET is on the top of my ToInvest list. Any infrasctructureless pumped meme projects like Dogecoin or Shiba INU or whatever Dog-based shitcoin, or any project founded by unknown bunch of youngsters who have just paid for the development of just another AMM, DeFi platform etc waiting for investors and customers to buy their tokens, are out of my direct interest apart from any “free” earnings originated from faucets and drops. Even the efforts from Elon Musk, Michael Seylor and Vitalik Buterin etc to promote Dogecoin and their new socalled "Dogecoin Foundation" as people’s money, a cheap mean of blockchain transaction leave me unmotivated to invest on it for the time being. I should also remind that Buterin initially critisized Elon Musk plans to increase Dogecoin's scalability in his blog post with title "The Limits to Blockchain Scalability" but now it seems that he makes a U-Turn.

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3. FET Staking

Until recently, the interest provided by Binance Flexible Accounts for the FET token was up to only 1% but its latest “Get Fit with FET” promotional campaign is a clear indication of Binance’s appreciation to the Fetch.AI project. I don’t intend though to take part in the trading competition as the trading capitals involved are way bigger than my capabilities. 

Apart from that, since FETCH.AI mechanism is based on a sharded accumulation of FET token, the company has created its own staking platform were FET tokens can deposit their FET Tokens directly into the platform by connecting their on-chain wallet such as Metamask.

4. FetchAI CEO & founder Humayun Sheikh

Fetch.AI announced that company’s CEO Humayun Sheikh will participate as a speaker on the token2049 London Event on October 2021 according to the following tweet: 

Judging from the fact that early bird participation will get a £600 discount, the event would be quite expensive and only serious and high class participants could afford a relevant ticket. I won’t. However, as i said before Fetch.AI isn't a "ghost" organisation with "ghost" founders who would runaway tomorrow with people's funds. It isn't either established by a gang of teenagers who have invested their savings to replicate another AMM platform from a generic template for a quick profit. Real engineers with excellent qualifications work there and the majority of the people here in Cambridge wouldn't even dare to walk outside the company. Seikh is a well established entrepreneur with a B.Eng. in Electrical Engineering from New Delhi University so his vision is well respected and i hope that his talk on token2049 event will be available on the internet. 

5. Fetch.AI Latest Bull Rally

Fetch.AI  token has recently initiated a bull rally explosion from $0.1 to $0.5 is showing its trading potential, although short-term trading profit has never been included in my plans. Someone might say that it is already too late to participate in the rally and possibly the token is currently overpriced but judging from the latest 100% rise in Cardano’s price from £1 to $2, Fetch.AI token might go even higher. If only i would have prioritised to by more FET when the price was lower on $0.2 but better late than never i am convinced that it is time to make my move.

Use 1INCH or SwapSpace for the ETH/FET Swap 

My first attempt to exchange a part of my #SwapspaceExplained ETH reward for FET was through the 1INCH platform. Although, here we go again, Vitalik Buterin promises that the Ethereum London upgrade will reduce the gas fees for ETH Mainnet transactions, the gas fee needed from 1INCH to swap 0.005 out of my 007 ETH was way higher than my available funds. Characteristically, for $16.42 USD worth of ETH (0.005 ETH), 1INCH and UNISWAP as well according to the following screenshot requested an equal cost of $15.84 USD worth of ETH for 28.80 ETH. The result is only a joke. 1INCH was asking me actually an equal amount of the swapped funds as transaction fee proving that Buterin's main goal with the London update was to hit the ETH miners by burning out their profits and not to reduce the gas fees.

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Interestingly I couldn’t find a direct swap ETH/FET pair in Binance, although the FET token has been developed to operate on the Layer 2 of Ethereum Mainnet. Especially for Binance, there is only a FET/BUSD trading pair so I needed first to trade my ETH for BUSD and then trade my BUSD into FET, without mentioning the cost for depositing my funds into Binance Spot Account.

Therefore, I have decided to go back to SwapSpace and try my luck turning my ETH into FET gold dust. What was surprising in SwapSpace and apparently due to the gas fees requirements again, in my first swap attempt, I was ready to swap 0.005 ETH into 16.50 FET when 1INCH was providing me 28.80 FET. This is a huge difference of 12 FET as a commission for the transaction which again I was happy to pay. 

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However, when i proceeded on the 2nd step of the transaction , I felt into an "ERROR" that my transaction couldn't be executed. The reason? As it is obvious on the following screenshot of my 2nd swap attempt the ChangeNow service decided to involve a min amount of the swapped ETH to 0.008 ETH and later to 0.006 ETH and provide me with 28.89 FET instead of initially 16.50 FET as the transaction gas fees kept being fluctuating.

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At that moment I have decided to quit my efforts of using part of my #swapwithswapspace rewards to acquire the FET token, and I have decided to use my CoinBase account to buy £50 GBP worth of FET tokens directly adding them to the 3.95 FET that I have earned through the latest CoinBase Learn and Earn FET Campaign. Interestingly, until now I have never used Coinbase for depositing or buying cryptocurrency but following regulatory restrictions to Binance, Bank wire deposits and even Debit Card deposits in UK weren't anymore allowed, so apparently CoinBase will become my favorite crypto platform for depositing funds although its limited interest-earning possibilities.

1. RollerCoin Online Bitcoin Simulator

I have been using the RollerCoin Online Bitcoin Simulator quite for a long time as it kept emerging all the time in promotional campaigns in my PTC faucets so I have decided out of curiosity to give it a go without initially investing any funds on that but powering it through its online arcade games and specifically and fanatically for its Space Invaders game which has raised many generations of gamers during 80s and 90s.

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But, What Is RollerCoin?

Rollercoin is actually a mining simulator allowing users to earn "mining power" through the playing of fun simple arcade games and through virtual "mining devices" that can be bought in exchange of RollerCoin's native digital currency (not sure if it is a crypto probably it isn't) providing an idea how crypto mining works in the real world (on a micro level) through its simulation that indeed generated crypto profit in 5 different cryptocurrencies BTC, DOGE, ETH (ERC-20), USDT (ERC-20) and RLT which is as it was mentioned above RollerCoin's native token.

Recently, Rollercoin established a promotional event launching new collectible "mining devices" that provide a bonus extra mining power to their owners. however the cost of 149.99 RLT or $149.99 has been way too high for my capabilities for an unknown "mining simulation" platform in comparison with my desire to invest on a well-established crypto-project such as the Fetch.AI project.

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So, although I couldn't afford to buy 150 RLT (which is Rollercoin's native token) as it is pegged 1:1 to USDT, I have decided to transfer initially $10 worth of ETH of my #swaspaceexplained reward from my on-chain wallet and another $10 worth of ETH later to buy few of these mining simulation devices of Rollercoin in order to enhance my "mining power" and try to create a passive way of crypto cashflow that would need less time to operate in comparison with my faucets operations which they might be profitable, they cost A LOT of my spare time. So I bought 2 Rolleminer S7 mining devices for 3.00 RLT and 1 Rollerminer S5+ for 9 RLT depositing in total  

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And as it was shown on my Metamask transaction notification, according to the following screenshot, my 2nd transaction of 0.003 ETH cost me 0.000521 ETH or $1.70 which is way less than the $15 worth of ETH that was requested from 1INCH in order to swap 0.005 of ETH into FET tokens and the whole transaction costed me  0.003521 ETH or $11.49 USD.

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As a result, I have managed to establish my first virtual "mining rig" in Rollercoin and I am so curious to see its performance taking into account that everyday more users are being added on the platform making reducing the daily mining share provided by the platform. Nevertheless, for serious crypto-mining someone needs to make a small investment in infrastructure buying expensive GPUs and other computer equipment and be optimistic that the mining profits will cover first of all the electricity bill.

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Here are two interesting youtube videos about REAL crypto mining. At the first, [Mining Chamber] explains how to assemble a mining rig from scratch and in the 2nd youtube video the legendary for his crypto mining tutorials [VoskCoin] explains whether crypto mining is still still worthy (May 2021).

 

 

Disclaimer: All information found on this article is for informational purposes only. I do not provide any personal investment advice so please make your own research before proceeding to any investment/trading actions

 

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