Long term crypto problems. Cleaning up accounts.
I don't know about anybody else but a big problem with crypto is there are so many eco-systems operating across so many different platforms.
After seven years in the game it's impossible to find all of the different tokens that have accumulated across all of the chains over so many years.
If only there was one wallet to rule them all. A cross chain wallet that accepted all cryptos and made it very easy to deposit, withdraw and swap at L1. Someday we should.
Instead i have,
- 5 browser extensions.
- Dozens of wallets.
- Hundreds of tokens.
- Several exchange wallets.
- Defi wallets.
- Liquidity pools.
- Airdrops.
- Staked tokens.
- Reward accounts.
I don't even know what i have or where i have it anymore. Now most of these are very small positions but if you added all of the tokens together and put them into HBD it would be worth a bit.
Organizing all of these however is another story.
Some are not worth the effort to move them. I logged into Uphold and found $20 in BAT from my brave browser. Leave it there.
Logged into Nexo and found some BCH from the early noise days. That needs to move to HBD.
It's been there for two years and earned $7 in interest.
If i had put that $360 into HBD 2 years ago that would be almost $150 in interest. Silly me.
Now price fluctuations matter so this might not be the best time to clean up all accounts as we could still hit a massive bull run in 2024 so i will just sort out the smaller stuff for now.
But if we hit a 5x on the overall market you can believe that i'll be cashing out all of these other funds and putting them into HBD.
As always the end goal in the long run would be 200K in HBD savings and the ability to live off the interest alone for my wages but a good bull run and adding up all of the pennies will get me there a lot faster.
Every $20 and $50 counts when your compounding your efforts. I had the chance to do this in the last bull run and got too greedy but this time around i've learned my lessons. Take chances but set safety nets along the way.
We still don't know what way the year will go for crypto but the general sentiment is that bitcoin has more room to go and we still haven't seen the alt markets have a real run up yet.
That's why it's time to start taking some small profits back to HBD while leaving a bag for any potential run ups. Say 25 / 75.
If i'm too early great. That's still 75% of the stack to benifit. Didn't miss out on much.
If the markets crash again. At least i have some profits taken and a bag to buy back in again.
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A year ago I was thinking on investing on multiple projects until someone said to me "what do you know about those projects and will you use those funds" meaning I knew nothing special about them and could not generate anymore other than what I had, pure speculation until I found Hive where I can generate interest and generate more Hive, I can only imagine how many times I could have bought or sold multiple tokens and how much I could have lost in the process since its just too much to track, currently only have Bitcoin and Hive, Im also trying to build an HBD stack since my buy in price is just too close to current prices
Most of them are free tokens from airdrops and activities with a few gambles from my own pocket.
The only one that i really believe in and understand is hive and it's eco-system. It's why i've been here for 7 years now.
I've lost plenty over the years but anything that i've put into hive or HBD has been a winner.
Crypto wallets become messy easily. However I like you plan of collecting profits as you go. The previous bull run was an eye opener. All the best moving forward
Thanks.
I've hopefully learnt my lessons from the past few years.
Take the profit and don't get too greedy.
This is why you have to be more selective because it is impossible to manage. Sounds like you chasing too much and not sticking to holding more of a few than a few of more.
Most of these other positions are from airdrops or small amounts.
Your right about picking a few good options and going bigger on them but i've found very little outside of hive worth doing it with.
Then there are some like $atom where i hate to close it off as the fomo is still there of a good bull run. But if i had it in HBD it would be earning a lot more.
I do have a lot of shitcoins though. Part of crypto really but if there was an easy way to convert to hive like a dustseller i would do it in a heartbeat.
I had the same thoughts too. I have lost many coins and tokens forgetting where I left them. People say we have to diversify our investment but keeping them in many places can make us spread too thin.
Most of my investments are just and inside Hive. Not even HBD. I'm just waiting for 1$ of Hive back again.
It's fine to diversify but crypto expands so far, so fast. Even on hive i have hundreds of tokens from all sorts of projects.
That's why it's time to tidy up and bring it all into hive bar a few larger positions.
Would love to see that $1 hive again. We would all be very excited.
Yeah I might have my ticket to financial freedom if Hive hits 3$ again like last time.
At $3 i can switch to HBD and retire. That's a living wage over here easily.
Same here too.
that's a lot of accounts indeed, I used to have the same but I started to focus on Hive recently. I just want to grow my account and always eager to stake more.
Hive has always been the main focus but i do dabble in other systems from time to time.
It's hard not to cross into eth l2's or bsc if your around for a while.
Hive is still the best of the lot though.