HEX BIG PAY DAY STAKING FOR 365 DAYS
Always take in consideration non of this information is financial advice, I’m no expert and this is just my personal opinion on certain project mention on this article, cryptocurrencies are extreme high risk assets and you must do you own research
On April 30, 2020 things were doing pretty well for me in crypto, money was flowing and I bump with a HEX video on YouTube, Im not a fan of staking because in my opinion is a game where the one with the biggest wallet always win, its true that it takes money to make money but most of the time the staking game is get in first, get in big and then dump on everybody head that came after you, after that price crash and you are left with a bunch of worthless tokens, at least for high yield coins and no days most of DeFi projects end up like that. After doing some research about how the project works but to be honest not too deep just the basics, how much I get if I stake it for 365 days, there is this even “Big Pay Day” where all the un claim tokens are given to the stakers, the penalties for end stakes early, some of this features got my attention so I decided to put some just to try it so I bought $274 worth of ETH, open UNISWAP and bought 100,099.79806446 HEX and stake it for 7 days.
Big Pay Day: Essentially you need to stake before November 19 for more than 24 hours and on November 20 the unclaimed HEX will be distributed among stake holders at the moment.
Date: April, 30, 2020
HEX Stake: 100,099.79
Amount of Days: 7
Deposit Fee: 10,009.97
I didn’t like that much about the deposit fee but it was spread among other users so I got about 7% on a 7 days stake, thought that would partially cover the deposit fee, I said that doesn’t sound bad at all maybe if I stake it for longer I get way more, at the moment of the transaction the value for that amount of HEX:
After seen this numbers and comparing to how much price of HEX has gone up and how much I have receive as rewards
Total Rewards: 13,022.2
HEX Current Value: $103.17
I had the chance to buy 33% cheaper after HEX price bottom out on September 14 but I didn’t, reason for this is because until now this is just a long shot for me, even though price has gone up dramatically for anyone who got in on January compare to the rewards I got and the current price its not much, as a fact I was better just holding ETHEREUM, now I’m not saying its all bad because if I was just holding ETHEREUM I would probably have sold it for less WHY? because I’m not an experience trader, I have been trading half time for around two years, I do have ETHEREUM and Bitcoin locked up on a far location from here but that Ethereum would probably be gone by now so HEX force me to keep holding due to the penalties I don’t want to pay for early un stake and the 10% Exit fee I have to pay to the contract, coming Big Pay Day Im still not sure exactly how much HEX I will get, from what I understand I might get around 150% of what I currently hold, my total hold with rewards is 110,099.08 at the moment of this post, so I might get 165,148.62 HEX.
What does that means for the price and my stake?
-Most likely price is going to crash hard, that’s just how crypto is, yes a lot of people is staking for years for I’m sure there are some whales out there waiting, I hope I’m wrong but that’s why I’m making this post.
-Price would have to crash to early April 2020 levels so my HEX is in red.
My personal opinion of HEX:
**FYI, I’m not involve in the community, bought some HEX, stake it and have never use it**
I think is a finish product, it is what it is a means of transaction with staking features that may force investors to hold, it would be up to the people holding HEX to make it something else like a store of value and the community to develop apps around HEX most of the based on the very basics of the project, I really don’t see anything else, the true colors of the project and its community will come out after Big Pay Day, November 20, 2020. Just because the price went up like crazy for certain amount of time doesn’t many a project is necessary any good or better than others, although it says a lot about the conviction of the community to hold up the price and keep staking, after Big Pay Day we will see how greedy and fearful are the majority of the stakers.
Here the HEX chart until today
It will all depend on the USD price for me
I will probably wait for 1 week after Big Pay Day, see where the price goes, I haven’t receive that much rewards and the amount of HEX I have is not that much neither, also consider my stake period is for 365 days, still have until April to go. Price would have to crash by more than 75% for me to be in the red, with current price action I really really really think that’s going to happen to be honest, I believe on certain projects and I will start to believe in HEX after Big Pay Day if price stays up float and community stays together, so if price doesn’t crash by 75% over my initial buy price after 1 week I think it will be fine and continue staking, if by April my stake ends in profit or at least at the current price of $705.09 Ill probably cash out. On the other hand if by April 2021 the price have manage to stay above $0.005 and crypto still booming Ill take 50% out and put back the rest for another 1 year stake.
As usual this is just my honest opinion based on my experience with the project and my understanding of it, hope this helps you in some way mainly to understand how crypto projects work, every project is a new lesson.
I should start holding more projects for longer time frames, $CEL :…(
Good Luck, Thanks
👇🏻Consider Supporting the channel by using my affiliate links👇🏻
More of my content
FREE COPYRIGHT MUSIC
DISCLAIMER: The information Cryptoxicate.com or its media channels not limited to Twitter, Telegram, Discord, Instagram, Facebook, or any upcoming social media platform or internet search engine results is not financial advice. This information is for informational and entertainment purposes only. Any information provided are only and simple thoughts and opinions, you must not follow any of this thoughts and look for a professional financial advisor since we are not any type of advisors. Dont not get into crypto currencies since its a high risk investment if you do not have the proper guidance and any investment that you made is your own responsibility and no one else.