I was driving to a little gathering at a friend’s house this past Friday evening when out of nowhere I got the feeling that it was time to sell my mxcFee shares. At the time I was thinking about how distracting it was to be wanting to check on how much of each crypto I got every six hours. Perhaps I really don’t need that distraction in my life right now…
I didn’t do anything about it all through the weekend, and figured I probably wouldn’t until this morning. Then I got the same feeling again, that I really should sell all my mcxFees.
I recently learned about yet another mcxNOW feature, the pay ban. For the right price, anyone, even a moderator, can be banned from the chat window for a limited amount of time. It starts with four or five minutes at a cost of 0.01 BTC. Apparently for those who have Bitcoin to throw around, using the pay ban can become quite addictive. There’s just no substitute for being able to shut someone up for five minutes, especially when that someone has been bugging you. Not only that, when people get pay banned, they often retaliate.
One day I was watching what amounted to an all out pay ban war in the mcxNOW chat window. Every other line was a request to pay ban someone and a few people spent a lot of Bitcoin to get several people banned.
Later on that day, after the dust had settled, the Bitcoin dispense from the mcxFee share faucet was higher than usual. I didn’t make the connection at first and instead thought that there had been a higher than usual volume of trades. Then I happened to come across the blog mcx Pump and noticed a post about the pay ban feature. The article actually bragged about how much the users loved the feature because it also generated fees on the exchange which got paid back to users through the mcxFee share dividends. The article went on to say that a good pay ban war generates a noticeable increase in fees for all the shareholders.
The pay ban feature is a great idea. When I was describing it to my husband, he said he thought that was a brilliant fundraiser. But discovering that a significant portion of the Bitcoin dividend payments came from pay ban wars made me uneasy. I had purchased the shares assuming the dividend payments were coming from one source, but then found out they came from an altogether different source. A fairly steady flow of trades on a crypto exchange is certainly reasonable to expect. However, pay ban wars are random events. They could flare up for no apparent reason, or days could go by without anyone using the pay ban feature. I realized that a dividend that depends on users getting into a pay ban war within the previous six hours is not exactly the sort of dividend you can count on, unless you were intending to stir the pot yourself, which then calls into question the status of that income as passive. It’s always a good idea to consider selling when you find that the reason you are making money is not what you’d originally thought.
I also read a review of mcxNOW by someone who said flat out that the exchange is dominated by pumpers and dumpers speculating on the currency exchange rate. Mining Bitcoin directly has become cost prohibited for many. So rather than mine Bitcoin, people are opting to mine for the alternative cryptos instead, such as Primecoin, and then sell them on the exchange at the highest possible price. Many who are following this strategy often do wind up doing quite well.
But basically, mcxNOW is home to the crypto speculators. They are all playing this cat and mouse game where they can buy certain cryptos at a low price and then sell them at a higher price. in the chat window they talk about which crypto they will pump next. No intrinsic value for any alt crypto is ever mentioned; its only value is in terms of how much someone is willing to pay for it when they are ready to dump it.
Both these things, plus the fact that the mcxFees seemed to have topped off right around one Bitcoin, caused me to decide I should sell them, at some point.
Then the entire weekend went by and I didn’t even check my account on mcxNOW. The feeling of wanting to sell faded into the background.
Then on Monday morning it came back even stronger. When I checked the status of mcxFee shares, I noticed that someone was trying to sell off over 1800 of them, and I started to wonder why. I also remembered the mantra from the radio program Real Money Talk by Jim Cramer. The mantra is “Bulls make money; Bears make money; Pigs get slaughtered.” The point was that when your stocks gain in value, you should always sell some because you don’t really make any money until you’ve cashed out. If you hold out too long, you could lose it all in the next crash.
I pulled the trigger and sold all my mcxFees at 1.03 BTC or higher each. Had I been patient enough to wait out my sell orders I could have sold as high as 1.05. Anyway, when it was all said and done, I made over 0.8 BTC on my shares. That is the best I’ve ever done with three shares on a stock exchange.
It was a bit sad to lose my magical rainbow faucet, but I know that I could buy again during the next dip. Also, most of the alts I have sitting on mcxNOW are actually still earning me a bit of a return just because I now have small balances. So in a way, I still do have my faucet; it just dispenses in much smaller amounts.
It wasn’t until today that I really started to feel glad that I’d sold my shares. For whatever reason, probably because someone is still trying to sell almost two thousand of them off, the price has started to fall today. It’s down to 0.92 BTC right now. I was told by someone else in the chat window that a good buy would be between 0.75 and 0.85 BTC. I’m still pondering whether or not I want to tie up some Bitcoins in buy orders at that level. I also noticed that last night my CoinLenders account, made fatter by over three Bitcoins, earned me around 0.0031 BTC and will continue to do so every day as long as I leave them there, and as long as TradeFortress doesn’t majorly change the fee rebate terms. It’s that daily return of 0.0031, so much higher than anything I ever got from mcxFees payouts, which makes me reluctant to put those Bitcoins back on the exchange to tie up in buy orders. I do have a lot of Devcoins I could sell for that purpose, but right now the price of Devcoins is nothing to be excited about, unless you’re looking to buy them.
I’ll be watching the price closely, and maybe if it drops some more, I’ll buy my mcxFee shares back. Maybe I’ll sell them again once they climb to a Bitcoin each. Maybe by then I’ll be more excited about holding on to them. At this point what I need in an investment is regular, even boring, payouts, and one that preserves the principal. mcxNOW feeshares could become that kind of investment, but they aren’t right now. On the other hand, when they do become that kind of investment, they will also be more expensive and harder to get into. The advice is to buy and hold now while they are cheap. However, if the trading platform fails, or even doesn’t see the growth it was hoping for, then investors holding onto mcxFee shares could loose a lot too. It’s just the way it is with those high risk but potentially high reward investments.
Read A successful trade on the Devtome!