CENT Goals and 100% Upvotes
I made a pretty big mistake about 8 or 9 months ago. I sold a little over 100 CENTG for about 45,000 CENT. If you don't know, CENTG is the governance token for CENT and there are only 1000 minted. I bought over 100 of them very early on for a small amount of HIVE. Like it was wayy too cheap. But after a few months of holding I didn't see any real mention of them being used, I felt a little weird holding over 10% of the governance token, and I had my eye on a large stake in CENT.
Why CENT? Well for one, it was well under its target price of 1 cent. And two, the curation rewards were far better than the equivalent amount of HIVE would have been. So I swapped out my CENTG for CENT.
About a month later CENTG caught a bid and now 100 CENTG is worth over 200k CENT. So yeah, I screwed that up.
But, In the time since I got my stake of 45,000 CENT, I have since doubled it through mainly curation and a little more buying. I currently have 91k CENT and I'm racing to 100k. That puts me at #8 on the top holders. Had I traded my CENTG stake now instead of then, I'd be #1 by a mile. We live and learn.
So why is any of this important?
Well, while the curation rewards have been nice, there has been a problem. CENT has lost half its value against hive as hive has lost 90% of its value against the dollar.
My original idea was to sell some of the curation rewards in CENT I got for hive but I've never sold any. What I realized very quickly was that there was not enough liquidity for a whale (thats me!!) to sell even a few days worth of rewards every now and then without tanking the price. Of course, that didn't stop others from selling and tanking the price while I held, but at least I wasn't crushing CENT myself.
Is the Floor In?
Today it's starting to feel like it's bouncing back a little. There seems to be some stability at about 15% of 1 cent. My current stake is worth about $130. If CENT was worth one CENT, it would be $940. Will it get back to its target ever? No idea. But if it does, it means it has some demand back. And maybe with some demand, I can sell some curation rewards to put back into hive.
Now, that would likely mean that HIVE is far more expensive than it is now. Also, if it has some demand, that will likely mean more of it is staked so the rewards in actual CENT will have gone down. But until then, I'm stacking between 200 and 300 CENT on most days and so I'll always have a sizable stake compared to most and I'll always get decent rewards.
So even if it goes down to 100 CENT per day and Hive is $1. That means I get to add 1 hive per day. Try spending $130 on Hive today and getting 1 Hive in curation rewards for that daily. It's not going to happen. But its already happening for me in CENT. You just need to be patient for a market to show up.
So, I'm stacking every CENT I get right now with my next goal being 100,000. And I'll keep doing it until it gets back to its target.
Want some CENT? My Vote is worth over 40 of them. I'm giving 100% upvotes to everyone in the comments to spread it around a little.
Posted Using LeoFinance Alpha
