Splinterlands: Double Trouble

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Whelp, I done did it!

Sorry guys, I pulled the trigger, and now crypto is doomed to crash from here. I have officially more than doubled my SPS position and powered it all up.

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Hmmmm, yep...

Yesterday my stack was 24k SPS, today it is 53k. Now, clearly this is not a very make or break position. It's actually a pretty small position when considering my other bags. But still I think it's important to give some recognition and support when the bill comes due.

I'm not exactly sure how much money I've lost putting money into SPS, but it's at least $1000. Of course this assumes that I would have held that value within stable coins during the entire bear market, which is obviously not the case, so perhaps my net worth is exactly the same or even better than it would have been otherwise. Too be honest I haven't really been keeping track of this investment and I've just been logging in to claim my small yields every so often.

I actually don't know the ins and outs of Splinterlands very well. There's always a lot of development going down that I remain unaware of. Land Rewards and Nightmare Reward? No idea.

But I do know that Splinterlands has a good team behind it, that the game is built on Hive, and that the popularity of it puts it in the upper echelon of options within the cryptosphere. We should be so lucky to have other games as good as this one built within this ecosystem.

And so I've been waiting for a good opportunity to double down as they say, and now was as good a time as any. Many times I thought about doing it at 5 cents, and then 7 cents, and then 5 cents again. Considering that I was willing to buy at these levels, the current 2.7 cents is a massive discount that made it very easy to double my stack. To be exact this cost me exactly 2000 Hive (that I was storing as HBD yesterday).

Perhaps it is even more accurate to say that this SPS was bought with Bitcoin that I sold at the bottom due to the constantly escalating Binance FUD we had only a few short weeks ago. Binance is still here and Bitcoin is up 50%, who could have guessed? Well... I guessed that's exactly how it was going to play out but I didn't want to take anymore chances so here we are. Still have 3k HBD in the savings account that will hopefully be enough to cover my bills for the next 3 months. Low maintenance American living under the poverty line for life!

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I still believe we are on the precipice of a massive bull trap when it comes to crypto. Current price action is signaling that it may be coming a bit earlier than it did in 2019, four years ago in the summer of Bakkt institutional FOMO that never materialized. Hoping to see some kind of local top somewhere around May.

Of course the economic forecasts for 2023 are abysmal, and I'll talk about that more in another post, but if we are lucky: markets have already moved into the recovery phase while the lumbering beast of the physical world continues to drag its feet behind us. More likely we are heading into an epic bull trap of exponential proportions, but that can wait until April as these things always take around 3 months to materialize and even longer to dissipate.

Getting back to the topic at hand, Splinterlands is an extremely long term hold for me. My position is so small compared to my other positions that I don't even have to worry about its performance. It's an extremely stress-free gamble. I won't even think about selling a single penny for another year, and even then I'll want it to be around all time highs (80 cents) before I even consider it. More likely I'm willing to wait 3 whole years until we get into the meat of another rampaging irrational bull FOMO cycle. Then I can think about hedging to the downside and buying the subsequent dip.

One of these days I'm also going to build up a decent deck and actually play the game more, but thus far I haven't gotten into the actual game of it all. Funny how in WEB3 we can simply invest in the thing and not actually use it. This has led to many a scam and lack of utility on other products, but Splinterlands has been around long enough to prove it has staying-power and innovation ready to be pulled out of the back pockets of the devs.

I really do need to be doing more research when it comes to this game and exactly how it works. I really have no excuses as I have direct access to some of the biggest players in the industry. @yabapmatt is a busy guy but we do have a rapport of sorts and he is a lead dev and a top 20 witness (what a resource!). And then there's Neal Mc'Spreadsheet (@nealmcspadden) who's a massive whale and seems to know everything about the project. No excuses really I really should get on this and learn the ropes of this project more intimately.

Conclusion

Until such times I'll be trickling my money in and hoping for the best just like everyone else. Splinterlands is a great project that's been hit with hard times just like everything else in crypto during these crushing bear markets. However, we've definitely seen worse bear markets than this. It would take a lot more than $15.5k Bitcoin to crush our spirits, and by all accounts this appears to be the bottom, 2023 recession be damned.

Posted Using LeoFinance Beta



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I have lost similar amounts buying SPS and I have been waiting to pull the trigger on more. I think it’s a good time now.

Posted Using LeoFinance Beta

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!PGM
!PIZZA

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Sent 0.1 PGM - 0.1 LVL- 1 STARBITS - 0.05 DEC - 1 SBT - 0.1 THG - 0.000001 SQM - 0.1 BUDS tokens to @torran

remaining commands 5

BUY AND STAKE THE PGM TO SEND A LOT OF TOKENS!

The tokens that the command sends are: 0.1 PGM-0.1 LVL-0.1 THGAMING-0.05 DEC-15 SBT-1 STARBITS-[0.00000001 BTC (SWAP.BTC) only if you have 2500 PGM in stake or more ]

5000 PGM IN STAKE = 2x rewards!

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Get potential votes from @ pgm-curator by paying in PGM, here is a guide

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Land Rewards and Nightmare Reward? No idea.

The Nightmare reward is funny!

53K staked SPS is an awesome amount considering the staking rewards the will be generated and the GLX tokens airdropd you will be getting as well. I still think Splinterlands has a lot to give.

You are going to have fun when you do finally build a deck and start playing the game.

Posted Using LeoFinance Beta

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Why stake and not pool? APY paid in SPS is nearly double the SPS Staking rewards right now. SPS-BNB 45%, SPS-DEC 47%, SPS-Swap.Hive 48%

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Sounds like a pretty good deal, but where are they?
When I check things like Tribal Dex and Diesel Pools it's quite unclear what the yields are.

It's also worth noting that I'm not necessarily looking to comingle my SPS with another asset.
If SPS moons I don't want to be like, "oops it would be 10x more if I wasn't in the LP".
I don't want to be selling at the price goes up.
Although the BNB and Hive pairs are tempting because I don't mind holding those assets anyway.

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(Edited)

You can use this url
https://splinterlands.com/?p=sps_management&tab=pools
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by clicking on the manage liquidity buttons you get to the pools. Those might have rewards by themselves, but these rewards are separated and work via the SPS DAO and a Pool Incentivisation Program that was launched about 3 months ago. I'm talking out of my memory but I think those high APRs will end 1 year after their inception, autumn 2023.(edit: will not, checked source)

I chose to pool rather than stake for now. DEC is below "peg" and SPS is in the gutter as well, making the DEC:SPS juicy. HIVE.SWAP:SPS has a good return and is on a trajectory to return an additional 4% in the swapping fee so far, which could put it beyond 50%. Risk on as far as I'm concerned.

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Ah see that's embarrassing all the info I need is just sitting right there on the Splinterlands website lol. Seems to be a theme.

ONE QUESTION THOUGH

Any idea why there is an SPS-DEC & DEC-SPS LP?
Both have almost identical liquidity but completely different yields.
They must exist on different platforms?
Why would anyone put money into the low-yield one?
Very weird.

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(Edited)

Ah yeah, it's the exact same pool. The lower one used to pay DEC as a reward, but DEC got voted out as a Pool Reward by the community. You get rewards on both for the same diesel pool liquidity. Maybe they'll try to reverse that in Bull Market times. Aggy said in a townhall that it looks strange but that system is designed to pay only one type of reward per reward pool so they had to setup two reward pools for the same lp. That DEC was swapped for SPS afterward makes it just perfectly confusing.

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ok I found it,

SPS LP Rewards
As most of you know, the SPS whitepaper has set aside 7.5M SPS tokens per month (~$375k USD at current prices) for liquidity provider rewards. We plan to initially launch with the rewards split between the following pools:

1.5M SPS / Month - SPS-BNB Pool on PancakeSwap (BSC)
1.5M SPS / Month - SPS-ETH Pool on SushiSwap (Ethereum)
1.5M SPS / Month - SPS-HIVE Pool on Hive Engine (Hive)
750k SPS / Month - SPS-DEC Pool on Hive Engine (Hive)
375k SPS / Month - VOUCHER-HIVE Pool on Hive Engine (Hive)
This leaves 1.875M SPS tokens per month from the pool still available to allocate to more pools in the future, for example if SPS is launched on Polygon or other chains and external markets.

For some context, right now SPS is being minted at a rate of 51,145,833 tokens per month. When the airdrop ends in approximately one week, that rate will drop by 33,333,333 tokens per month and the following new pools are planned to begin shortly thereafter:

source: https://peakd.com/splinterlands/@splinterlands/sps-and-dec-liquidity-provider-rewards--one-more-ranked-rewards-update

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Yesterday my stack was 24k SPS, today it is 53k...It's actually a pretty small position when considering my other bags.

Though your position is small in your eyes, still it is beyond my reach. I started with less than 1k and I am now close to 4k. My new goal is 10k.

!PIZZA

!CTP

Posted Using LeoFinance Beta

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Certainly a good time to buy compared to those crazy prices a while back, are you considering the validator licenses too, they spit out VOUCHER and SPS like there's no (chance of their prices ever going up) tomorrow.

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Thanks for bumping the price up. It was fun to profit (in Hive) on my small SPS liquid stack, at the same time that Hive was also going up. :)

Posted Using LeoFinance Beta

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