A long way to go again… Became acquainted with the risk of crypto and stake for a period of time.
Somewhere on the long way to achieving my financial goal, I made the choice to strike at crypto.com with CRO… and how nice it looked when I started! The CRO seemed to be going up nicely and I saw my stake grow a bit every day. Of course that made me super positive… but somewhere a turning point has come.
My CRO was stuck, it was released today… but in the three months that my CRO has been stuck, that same CRO has fallen by more than 50%. Oops… that was quite a setback that I had not expected, nor hoped for, of course. Because where it looked like I would already collect more than 1/3 of the 1000 euros by stopping the CRO, it has now become a completely different story.
Risk of crypto, volatility, don't invest what you cannot afford to miss ...
What I could have put in has fallen more than half in value. Yes of course, it is a risk that you always run with crypto in general. Of course, you shouldn't put anything into crypto that you can't afford to miss. Yes I know it all… but it was a gamble I had to take. To make more of what I had I had to try something. Am I sorry? No! I could not have foreseen this, and yes the value has decreased by more than 50%, and even though I ended up with more CRO, it doesn't made up for the lost value at all.
However my year is not over yet, and I assume that CRO is not stuck at this low point. So I think I shouldn't sell it now.
Supercharger!
Recently, Crypto.com also has the “Supercharger”. This is a kind of DeFi as far as I can estimate it. You place your CRO in a pool for 30 days. During these days you can always pull it out or add more. At the end of the 30 day period, your average CRO per day is calculated and a reward pool is divided accordingly.
Everything is better than nothing, right?
The first I could put in some CRO is the pool for Polkadot. So my CRO, which is decreasing in value, earned at this point or Polkadot again. I have no idea how much that will be, but in this case everything is better than nothing, right? After all I get a crypto in my portfolio that I can use for trading maybe, and something I would have bought myself. For the simple reason that I can't buy now. Lol.
Selling is not the smartest thing I can think of right now, or maybe it is? Staking for another 3 months, and earning CRO again could be an option … Hopefully it will eventually go up again. But that's the risk… If it goes down even further, I can't do anything with it if I stake it again for 3 months. And that is simply the term with the highest interest. Staking for one month, or a flexible stake is much less lucrative.
Supercharger is not a predefined term
In the Supercharger I can take the CRO out anytime I want. That would therefore be a good opportunity to earn some extra during the time when CRO is low. No I no longer earn extra CRO with it, but I do earn another crypto. So at the moment Polkadot.
Polkadot is not bad ...
And as I mentioned a while ago, Polkadot isn't that bad yet. I still get a happy feeling from the name alone. It still immediately reminds me of summer beaches with the “Itsy-bitsy-teeny-weenie-yellow-polkadot bikini”.
It's up to me to up my game again
Well, long story short … what it does mean is that in my journey to 1000 euros next July… I still have a long way to go! And really will have to shift up a gear or more. Look for other roads and… make an early prayer that CRO will go up again.
But how did the massive CRO dump happen?
And yes, now comes an important point in the well-known “Do Your Own Research”. As it turns out, many people felt that Crypto.com has made only bad decisions this year, especially the last six months. And as a result, many people, including major MCO / CRO Whales, have lost faith in Crypto.com. And that is now reflected in the ever-decreasing CRO. Because the big whales have seen their stake released… and are dumping the CRO en masse.
And as I can understand it now, there is no one expecting an immediate end to this dump. Which for me will become a little doubt again. Do I have to sell now and take over 50% loss? Or should I hope that in the coming period the CRO will stabilize and then slowly rise again?
Is Crypto.com going to do anything to stop their CRO from this downfall? Maybe it will go down even further?
I still haven't been able to experience the benefits of a card, because although I've been staking for three months now, I still haven't received a Crypto.com card. When I recently contacted them about this I was told that there is a big backlog within Europe, and that it could not be long. That is already 3 weeks ago. Now I don't think that card is that important at all, that's not what it's about for me. But I do find the strongly decreased value of my crypto a problem. And reading that this dump could in fact be due to bad Crypto.com business operations… that doesn't give much hope for recovery from that either.
I really just don't know right now, full of doubts … because WHAT is the right decision?
I would of course also like to hear from you!
Sell and take the loss?
Hoping for a rise and staking again for 3 months to earn CRO?
Hope on the rise and meanwhile put the CRO in Supercharger to earn other crypto (currently Polkadot) with the CRO.
What is your advice? What is the best way to follow to end up with my personal treasure chest?
