Can we Treat DEC like a Stable Coin...?
The price of DEC recently dropped below $0.80 for 1000 despite the fact that it has a soft-peg to Chaos Legion Packs because you can buy the later for either $4 or 4000 DEC.
The only problem is that the current value of Chaos Packs, determined by the current resale value of the contents of an average pack, is only around the $2.50 mark which actually makes DEC Overpriced!
HOWEVER, we are currently going through a brutal dip, and Splinterlands assets overall have held up remarkably well in this crypto-recession.
And looking at the prices of earlier packs - they have held their value remarkably well too:
Granted, there were several times fewer Untamed and Dice packs minted compared to Chaos Legion, but if this trend holds true over the next year, then Chaos Legion packs SHOULD also be above $4 a pack.
It's an interesting one with Splinterlands - obviously the assets are correlated with the price of Bitcoin and Hive, but they do seem to have benefitted from having this Chaos-pack peg, and also maybe the Node-peg, although these are quite loose.
And it is also a game you can actually play, with some nice collectibles (the cards are nice to look at) and with the next signficant phase - LAND - yet to come, so it just has this feel that it's not ENTIRELY linked to the broader crypto markets, much less so than many other projects out there - it's about more than play to earn it feels.
Personally I want more Chaos Legion cards anyway, I don't want to buy ATM because of the declining DEC price, on the open market that makes it more pricey (I think?) and also DEC still yields me SPS which I want more of (I think that's going up long term) - and so I think it's a reasonable time to hold DEC.
And because of the Chaos Legion soft PEG and the historic performance of other cards, I'm just feeling like buying DEC now is a sensible move - even if it goes down, I can redeem it for cards which is something that I want more of anyway.
And I'm sure DEC is going to have plenty of utility with land going forwards....
So DEC is a cautions buy for me ATM...
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The market price is $2.5 for the CL pack but w/o the airdrop rights. And we've got 6 legendary summoners coming. Not sure if that makes up for the difference to 4$, but it surely reduces it.
when the summoner is there, the price will surely be maintained or slightly increased by the demand, over or above 4$ it can be momentarily
The pain is temporary, of that I am certain!
Those summoners will hopefully speed things up to the end Chaos!
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I know.
I'm not in a hurry for this set to be sold out. I need more time to max my cards. :)
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in fact buying DEC and holding it while the sps airdrop is over would be the best move for me in the long run.
Although TBH I don't think it matters that much what you hold - DEC/ SPS/ Cards, they all go up and down in tandem... Personally I prefer SPS and cards.
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the options are on the table 😊. sps will be a strong point in activating nodes and opening lands.
CL packs have two major strikes against them right now. One is that we're in the middle of the run so there's no fomo to get the cards early and there's no worry about them selling out.
Two is that with the recent price rout, it's hard to get even $2.50 worth of cards from the packs. Of course if the alternative is buying the cards with dec on the open market, with dec at these levels you get ripped off there too. Eventually both dec and the cards will go back up and it won't really matter what you did now.
More than anything, pricing packs in DEC gives the market a way to price packs more than it does a way to price dec. Packs now float.
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Yes it's a slow wait for those packs to go! But as you say, they will... I just hope they don't flood us with too many more when Rift Watchers comes out and that LAND soaks up most of the current supply.
My brain-thing reasons that LAND is going to be designed to soak up probably about five times as many cards as already exist (because they'll be thinking ahead) which will hopefully give an uplift to demand for cards.
I wish lol but there's way too many factors that go into the price of that token. In a way it could hold at least a $0.001 because of pack buys with them at that stable price however rentals, air drop and whatever else might be thrown at it beg to differ. I have a feeling we might be in for a super hard dump of the token in about a month or month in a half. I know I'll be dumping mine for packs close to the end of the airdrop if not the day of. I suspect those packs to then pretty much have a huge chunk taken out of the supply.
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I think it will dump a lot sooner maybe
Also even if all the DEC available were spent on packs it would only mean another 500K packs bought!
For me it is sell now and I purchased DEC till March (or may be April I guess). But my target sell price is 2 Hive per 1000 DEC, look like I am little late in selling as it is now 1.88 Hive per 1000 DEC.
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I guess if yer trading it for other crypto it doesn't make too much difference!
I sell and buy back at little margin, generating some swap.hive for me. So do not take bet at lower price because may be buy back is not feasible with profit.
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That's the way to go I think!
Most of the packs don't give you an immediate return and it's hard to get back the money and cycle through them. So you will be sitting on your packs until it sells out and increases in price. Also, with the new focus rewards, I think we will see fewer people even aiming for things like potions.
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It will take time before we can see chaos legion pack above 4$ but it is definitely worth investing in
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