SURGE or PURGED: What could have been

SURGE or PURGED

The screenshot above is of the current SURGE market located on TribalDex. What is the SURGE Token? It was suppose to be a token that had a soft peg to the $1.00 USD. The more it pulled from the peg the higher the yield someone can earn. That yield was paid weekly in the form of HBD and SURGE. The trading pair on TribalDex is the HIVE Token (SWAP.HIVE). That means the screenshot in this OP shows the Buy and Ask price per SURGE in the HIVE currency. The BID (Buy Orders) show 0.051900 HIVE per SURGE. The ASK (Sell Orders) show 0.549900 per SURGE. Hive tokens current USD trade value is $0.03890 per Hive token. That would mean the BID price of one SURGE is $0.0020 USD (two-tenths of a cent). The ASK price if one SURGE (0.549900 Hive Tokens) is worth about $0.021 USD. That's far off from its peg. What about its Yield. Well - that is also no more. The creator of this token is non other than @leostrategy. The same account that attempted to bring RWA (Real World Assets) to the Hive Blockchain. One such RWA token name is TNVDA. There are other RWA tokens under the same umbrella but I will refrain from mentioning them. None of them are "pegged" to the price they should be or even near their Real World trading value. Seems as the Sythentic RWA experiment didn't work out. These RWA tokens created by @leostrategy had different mechanics as to SURGE. Upon failure of the leostrategy model SURGE holders were the first to be taken care of using backed assets. That didn't happen. It's been 30 days since a comment from the leostrategy account and somewhere around five months since they last created a post.

4777.398 SURGE

That is the amount of SURGE that I hold. Others have allot more in their accounts. Others less than. Yesterday I got to wondering if SURGE didn't tank and reached/ maintained its inteded $1.00 per 1 SURGE soft peg how much hive would that be using today's Hive Token price. Since I might have or almost certainly did mention SURGE in a post or two; the responsible thing to do is create an update post on the SURGE token. Now for the fun part. The part that prompted me to think on this post creation. How much Hive Tokens could I have if SURGE maintained $1.00 per token. The math equation is an easy one. At $0.0390 USD per token 4777.398 SURGE (Or USD) would equal to 122,497.38 HIVE Tokens. That's allot of Hive Tokens. Where did it all go wrong? Early on when investing in SURGE I thought to myself, sell this 5 months in after collecting five months of HBD yield. Reasoning: I asked myself this simple question; where are they getting the currency to pay the yield at? Each new SURGE that someone gets dropped in yield payment also collects yield. The funds used for payments had to come from somewhere. The banked amount they did have was from the presale. The yield funds was always and eventually going to dry up. The only way to sustain -> new revenue would be needed to sustain such a model. Did I sell at the 5 month mark? I did not - not because my thoughts changed but because I was widely inattentive of my online assets during that time. I still hold a glimmer of hope for SURGE but I'm like that with most things. Looking for a silver lining when sometimes there isn't one. Possibly if the LEO Token itself surges the millions of LEO that leostrategy holds might give them (lets say) confidence to try and amend things. Not your keys not your crypto. While not fully applicable to this situation there is an underline truth in that widely excepted notion that lands true in all aspects of this cryptocurrency journey that we are all in together. SURGE, RWA (failure attempt) or did we all get PURGED?

SURGE Candlestick graph TribalDex

The first image in this post is property of Coin Market Cap. All other images are property of TribalDex (Powered by Hive-Engine). This post contains no financial advice. Never spend or invest what you can't afford to lose. That's it for this post. We hope to see you at our next. Upcoming content: WEB2 and WEB3 gaming content is on the way.