It's back to basics it seems. The jig (or gig if you will) is up, it's all over, the end of the road. Past few days I found the end of the rainbow and I can tell you, there's no gold in that pot, there's endless Waves and Binance coins.
Why specifically these you ask? Because these were the most convenient and high priced selling coins I found on this particular exchange, which for some odd reason offered a higher fiat return than even the buying prices of (most) other exchanges. Needless to say I thought it was a scam at first. There had to be something to it right? But after the first 2 Binance coins were sent and sold for the exact amount I was shown I quickly dropped that suspicion.
So I didn't want to take literally everything and do this, because there was a one to two day waiting period for the money to reach your bank after you sold the coins for fiat. A lot could happen in 48 hours, I could hypothetically take all my BTC worth 10K and buy BNB to send over and sell for 11K and in the following 24/48 hours I had to wait before I could repeat it, BTC could rise by 11% meaning I then actually lost value. This could work both ways of course, if the markets crashed while I was waiting for the fiat I made double profits, but that's a rather big risk for something that is in itself risk free, so why take it? Here's a life lesson I learned way back which sort of resembles the greater fool theory but is now more like 'the greater greed': There will always be a bigger greed lurking to cash in on yours.
Speaking of which, Bitcoin itself was slightly profitable as well this way but considering the profit would be lower, the higher transaction costs and slower speed I opted for the before mentioned coins instead to try and get the most out of it since I was certain this wouldn't last forever. This was another one of those "hmmm so there really are use cases for certain alts" moment and the reason why I can't be considered a Maxi. So after some quick brainstorming I decided to not be greedy and only use fiat for this and leave the crypto investments where they were. It would be faster this way anyway and I could tell time was not on my side, and sure enough, a few trades in and suddenly the selling price dropped wayyyy down.
Well there I was, fiat-less with a whole bag of coins which I didn't really care for and was planning to convert back into fiat but now couldn't. Not without some losses anyway, so what to do? Hodl on to it for the price to raise a bit so I can at least break even? Nah, just take the L and wait to see what happens next, maybe some day you will find that end of the rainbow again. And sure enough, as I was safely waiting for that day to come that X-nerd Musk was doing some 🐎💩 again with one of his Xes and the markets crashed. Remember that lesson about greed? It tends to work every now and then. Hah, outmaneuvered you there X-boy, go blaze your own glory now.😂
