The 0x ICO Kicked My ASS and I Let it - Guide on How Not to Do an ICO!
So if you have seen this post - https://steemit.com/cryptocurrency/@cryptoiskey/salt-and-0x-double-bang-hot-ico-s-on-tuesday-get-ready
And this post - https://steemit.com/cryptocurrency/@cryptoiskey/avoid-the-ico-chaos-the-smarter-way-to-get-those-tokens-faster you can see I was one of the lucky ones that got in on the 0x ICO.
So the way they had it setup was whatever 0x tokens was left after the 24-hour sale for all the capped amounts, they would sell to the registered users on FIRST COME FIRST SERVE basis. I was confident I could get in so I decided to sell 35,000 of my tokens for a 1.5x profit, which left me with 4,441 tokens. But what a ripe opportunity right?
AHH NO!!...When the time came to try and get some more (13 ETH that I accumulated for the first days profits) on the second day for some reason my ETH wallet kept saying the transaction wouldn't go through and by the time it eventually did it was 1 minute into the sale.
Whats worse is I was actually screen capturing the event so I could use it to show how I participate and always get through on ICO'S lol. (that's how I just got that screenshot above)
Well, i new before I pushed the button for the last time that it was too late but I did anyway.
I waited with anticipation with my eyes fixed on the live transaction on the ethscan site hoping like hell that it would come out of pending and give me a green checkmark
Checkmark never happened it just stayed in pending, I new I had screwed up bad.
So I convinced myself during that day after I missed out on the second day that hey it's ok you got 1.5x the profit and you have 4.5k 0x tokens left for a rainy day when hopefully it goes 10-50x. Don't feel bad don't get greedy you did well regardless.
And well shit today it gets listed on Poloniex and already it's trading at $.50. So a potential 18k loss has already happened.
My TakeAway
Patience is the key in this game.
Don't get Greedy.
If you want to take early profits then only sell enough to cover your initial investment.
Don't get FOMO when you see it hit the exchange and sell it on the first spike. Many times it will spike, then drop then consolidate then make a run again.
So true, something similar happened to me with OmiseGo, I bought at 0.5 and I sold half at 1.75...Now its price is something like 6 euros! Good and solid projects need to be held until cryptocurrency market is a trillionaire one!
Exactly, i have had situations where i needed to sell a coin to invest in something else, then the one i sold goes on a bull run. It is the name of the game.
Nice post, hard work is there :)
Thanks :)
I think we have all made crazy bad trades in the past. I sold off 11 BCH a little over a week ago at $270 taking a loss so I could buy Siacoin. That ended up even worse as SIA lost 30% of its price over several days too! If I had held my BCH until today I would have nearly $8,000 from a $3200 investment. WHOOPS
Yeah it stings, but what's great in this space is opportunities come everyday, so we soon leave our losses in the smoke and run towards the blue skies.
I have yet to determine if your overall fortune went North or South - but I am sorry to hear that you were left lamenting an error. Hope is a powerful force that compels us all.
A very valid point about the dangers of impatience and greed - and thnak you for sharing your experience so that others might avoid falling into the same trap.
As one who ill-understands crypto-trading (or any market trading for that matter) I have only one more thing to say...
Source
I have still profited so (North) lol. The capped ICO was 6ETH each..I sold 35k of the 39.4K Tokens and made 16ETH in profit. So i still did ok but it could have been a hell of alot more. But at the end of the day it has given me more ETH to invest in the 3 ICO'S iam doing atm..so all good:)
That is the main thing.
Finishing on a (non-drug-induced) high. :c)
I wish you all the best with your up-coming investments.
Thanks appreciate the comment :)