I randomly clicked on Keychain and saw this:
Oh, but it was right.
Hive had doubled in value in under 10 minutes.
I sold liquid Hive because these quick pumps have dumped 100% of the time so far. It was only my last powerdown which was a little over 1000 coins, but I ended up getting $1410 out of it, which was nice, because I need to pay bills and was planning on selling it anyway. Now I won't have to cash out for a while... I thought.
LEO was still trading at the 0.33 ratio on HiveEngine and no one had arbitraged the market yet. Not only that, there was a massive buy wall at that level for over 25k LEO. Around 8500 Hive were just sitting on HiveEngine, waiting to be bought for just three LEO each.
I couldn't believe that no one had taken advantage of this yet. There must have been some kind of problem with the bLEO unwrapping bot, so I made a few test transactions to make sure. Unwrapping bot was working just fine... How had no one scooped up this Hive and sold it for an instant profit? We'll if you guys aren't going to pull the trigger I guess I'll just pick up the gold off the ground myself!
In the end it looks like I dumped over 23k LEO onto HiveEngine at the 0.33 ratio, picking up at least 7800 Hive. At an average bLEO price of 23 cents, that's 69 cents per Hive. Pretty good considering I dumped them all for like $1.20.
This is by far the most arbitrage I've ever done. I literally made $4000 for less than half an hour's "work" while everyone else was just dumbstruck by the Hive spike. Again, I couldn't believe that no one else jumped in on this. $4000? Seriously? Wow.
Now that Binance has a withdrawal limitation of 0.06 BTC per 24 hours, I hit that cap quite quickly (I had forgotten about it). This forced me to pull out 3500 CUB at the end for the final wave.
Everything said and done I went from 0 Tether in my Account that day to 8000 USDT. It was insane. Sold 1050 Hive, closed out my long position with Bitcoin margin trading, sold 3500 CUB from the kingdom and another 830 CUB from farm yield, on top of an arbitrage gain of $4000 worth of Hive just chilling on HiveEngine. Mindblowing.
At this point I'm just waiting for the 24 hour window to come around tonight so I can get this money off of Binance before my account gets frozen. Rumor has it that October 19th is as far as I can get before they'll force me to KYC. RIP Binance.
On that note I've been looking for another way to get funds in and out of BSC. The Binance Bridge seems to know I'm in the USA even though I'm using a VPN, so that's fun. The only way other than that that I know if is the LEO Bridge, so I may have some more stories to tell on that front as well.
All in all, yesterday's pump was wildly insane for obvious reasons. Funny because everyone is freaking out about this pump but honestly $1 Hive is still quite bottom-of-the-barrel prices as far as I'm concerned. It's gonna take a lot more than that to convince me to turn bearish, especially so close to a potential Q4 mega-bubble. Still, it was insane to watch Hive climb 100 ranks on the market cap in ten minutes. Feels good to finally be breaking away from Steem as fate intended.
Expect the madness to continue. Already Bitcoin has broken slightly above $55k, and even though we are heading into a bearish 2-week period, it looks like it could be sideways in the $55k-$60k range instead of in the downward direction. The market looks strikingly similar to where it was on August 8th during the new moon. We didn't go up, but we didn't go down either. Being this close to Christmas and getting past the worst month of September are only going to push us even farther along.
Send it.
