The Outcome of My Steem Fork Affair

The Outcome of My Steem Fork Affair

By Jelly Fish | cryptofun | 24 Mar 2020


So, Steem-Hive divorce finally happened. Last week I've made a post about my participation in the event. Now it's time to sum the outcome of the affair up.

As I noted in the above post, I was inspired by some smarty guy's article about profiting from the upcoming fork. Don't take me wrong, I didn't consider that article as a "financial advice" or something. I knew what I was going to mess into. However, it was from that very article I learned about the fork and Hive airdrop.

I went out and bought about 100 Steems worth about $36 at that time. Naturally, I'd like to double my investment. I wish I could make such magical bullet catches so easily as that guy...

But I can't.

Well, I bought 100 Steem (~$36) -- and as usual, right after my buy, the price started to fall down. I transferred my Steems to my own wallet because I was sure that after the fork the price would dump very very quickly and I wouldn't be able to sell my Steems even for $30.

I tried to exchange my Steems to USD-pegged Steem Dollars SBD, but the only STEEM/SBD exchange had already frozen transfers. 

By the fork time my investment was valued at about $29-30. I watched the final countdown at Hive.io and Binance -- and exactly after 00:00:00 (10 AM EST or 2 PM UTC) the traders triggered their market sell orders and the price fell down another 35% within a couple of seconds. The Steem blockchain transactions seemed to be frozen for several minutes.

In a half-hour or so after the fork I finally managed to sell my 100 Steems for 28950 ($28.95) Splinterland credits via Monstermarket (sorry, guys!).

As a result, at the end of the affair, I have 28950 Splinterlands credits, 2 Steems cashback from Monstermarket, and 100 Hives which all is about $28.95+($0.19x100)=$47.95 at present market value. But the credits are frozen (i.e. I can't pull them out of Splinterlands and exchange to USD that easily), Hive tokens are traded only at Bittrex, and Hive wallets seem not working yet.

Well, I'm still in paper profit -- and I want my $28.95 back!!!1

 

How do you rate this article?

1


Jelly Fish
Jelly Fish

Cryptofreak


cryptofun
cryptofun

Adventures of a cryptofreak: how to cook a cat and get rich quick with cryptocurrencies.

Publish0x

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.