Dumping most of my GLX!
I don't know much about Genesis League Football (to use the CORRECT terminology), the new game under development by Splinterlands, but I have perused the WhitePaper and it looks A LOT like Splinterlands but just with football players for cards rather than monsters.
Oh, and the hope of getting sponsorship deals with football clubs and players I guess.
And with a two billion supply, the GLX token looks A LOT like the SPS supply, and the release schedule is pretty similar too.
I am getting a pretty decnet GLX drop based on my SPS stake - something like 3000 a week a think, and I've been dumping 85% of it, and mostly powering up the Hive, but selling some for stables.
My reasoning for dumping is as follows...
(1) Cleary ATW very few people not already Vested in Splinterlands gives a toss about anything Splinterlands produces, so literally all of the GLX staking going on is massive SL whales hedging into it.
(2) SL just sacked a load of people - SL comes first, any further strees this game gets put on the back burner, if it already hasn't been.
(3) The chances of it taking off are slim.
(4) Probably even if it does take off, Splinerlands is going to get some love anyway.
(5) I'm not interested in either Football or another card game.
(6) GLX is basically SPS with lower demand and look at the SPS price trend from last year...
I put the cross where I estimate we are the in price trend - we're probably going down to below $0.01
I mean I might be wrong so I am staking 15% of my drop, but mostly I'm just enjoying building my Hive stake and stacking some stables, this was all unexpected funds so I'm happy enough!
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Nice move 3K a week is a nice bounty!!!
I'm happy enough for sure!
3K a week it's a lot!
Enjoy the profits!
Cheers I am - a little bit less each week but still nice!
I look at the diluted market cap, it isn’t making sense even at the current price. A lot of hope and patience are needed.
Yeah down down down!
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I'm wondering what reason there would be to keep it. The price plummeted. I won't make as much as you, but I'll still sell some for things I can use.
I mean there cld be a crazy sponsership deal but it's unlikely!
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hmm.. maybe stupid question, but how ar u getting airdrop of GMX? im staking sps to, but cant see any airdrop..
..thanks..
No such thing as a stupid question, I hope he tells you because I was wondering the same thing. lol
I'm also keen to know that answer. I have just started on Splinterlands game so know very little.
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Im on Splinterlands over year, my guild is dead, so im not playing, just staking sps, holding packs a renting cards..
if u got some spare cash, ITS PERFECT TIME to buy some cards and build some of your deck.
Thank you, that's good advice. I'm currently buying some cards at Atomichub with some WAX tokens I have there. Then I move them to my game account and use them, while renting a summoner and a few other cards for two days at a time.
It's Galaxy League Soccer - you need to log in there and link accounts to claim yr drop
Dumpling Donuts!
Yup!
I'm holding and restaking until game comes out
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Personally I'd dump.and buy back in Spring - GLX will be 10 times cheaper then
I've been doing the same thing. I have been staking some and then converting the rest to hive. It's been rough watching the price drop from 1 hive to .1 hive, but it was to be expected. I have a feeling you are right about it heading to .01. maybe we will get lucky and it will moon. Doubt it though.
1 to 1 Hive feels like a short term abberation! 99.9% sure dumping is the right move - sooner the better too
Yeah, it's on the fast train to oblivion at this point. Even the hype around the World Cub doesn't seem to have helped it!
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How many committed players have bought the packs so far, do you know?
I'm not 100% sure I can't imagine sales going too well though
Wow if I was able to earn passive income like that I would be very happy. Well done mate. You make some good observations there about GLX and SPS. I have just started on Splinterlands game so not very clued up on how to maximize profits in the game. Any advice is much appreciated.
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The Splinterlands Discord is a good place to start - personally I don't play I just rent!
Good idea, I will check out the Discord.
Unless you think GLX is going to actual 0, you're likely to make more from staking it given its high yield based on the 1-year dilution cycle. It's a very high distribution rate (exhausted in 1 year), which is probably confusing most people who are used to slower dilution rates like SPS (5 years). But to each their own. One should expect a strong dip in price & then accumulation again after the distribution is completed. But by then the inflation will be very very very low.
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I dunno I've learned those Defi return rates are largely nonsense! In the context of rapidly declining value of the staked asset I think I'm better off selling!