Taking Profits - A Problem Most People Would Love to Have
I have been involved in the #Cryptogame of #Splinterlands since before it was an actual game and in all that time I've never once taken profits. For the longest time this was just because I prefer to HODL but more recently it's because I don't know where to start.
Back in April I decided to start taking profits following the lead of #nealmcspadden who, if I remember rightly, was taking 50% of his profits out of the game - 25% out to Fiat and 25% to reinvest elsewhere in Splinterlands.
I started keeping records at that time and, fortunately for me (I have a warped way of looking at things) I'd only made a profit in one month since then.
When I did the calculations I faffed about so much that before I knew it the next month had arrived with no profits taken out. Since that next month made a loss I felt that I'd dodged a bullet. (I told you I have a warped way of looking at things).
However, I can't keep avoiding it. I need to learn how to tackle profit taking. Especially since, fast forward to this month where, due to land finally going live (woo hoo) I have again made a profit.
Now I need to work out how to take it out. There are so many options. I don't really know where to start.
- Do I sell assets and take the earnings out? If so
- Which assets do I sell? And
- What do I sell them for?
- Do I change #DEC / #SPS to #Hive and sell Hive? And, if so
- What is the best way to trade DEC/SPS to Hive? And
- What is the best way to move Hive out of Splinterlands?
- Do I use the bridge and swap DEC/SPS to another token and, if so
- Which token do I swap to?
These are just some of the #questions going through my head and, as if that wasn't enough, I'm UK based so need to take that into account.
I feel like I'm lacking first principles and need a crash course in profit taking. Although, it seems to me that Splinterlands takes the subject to a whole 'nother level of complication.
Can you help? What is your approach to profit taking?
If anyone has any suggestions about how to tackle this, either with specifics or general approaches, advice etc. I would be most grateful for your comments.
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I remember when Splinterlands was a game, but it's all got too complex now. I just use it to earn a little now. I am not investing anything in it and will use the profits elsewhere.
Yeah. It's hellishly complicated now. Way too much at once I feel. And the DOA is forever tinkering. Although it's not really the DOA. Just the vocal few.
How do you take your profits out though? That would be super useful to know.
I just withdraw DEC and SPS to Hive Engine and sell there. I still stake some SPS to get the interest as another income stream. I bought a couple of land ages ago, but am not doing anything with them. I wonder whether to sell them, but I expect prices are down.
Then do you withdraw the Hive? To where?
Land prices have been going up since 1.5 was released but, as long as it doesn't shoot itself in the foot by being so complicated, I will imagine they will rise more since they are a limited resource.
I tend to invest in Rising Star as that is more fun for me to collect unique cards. I don't plan to sell those, so the value is not too relevant. I'm not really taking anything totally out of the Hive ecosystem.
Rising Star is a really entertaining game, and the coins are so cheap that you don't have any pressure, just collect cards and do missions. Fun stuff!
Yours are both common, but one is 'Occupied', meaning any SPS mining done there gets a 100% boost. Floor on those is $288 at the moment.
The unoccupied one would likely go for $35 if you chose to sell.
sadly i too have never taken any profits (except every now and then Ive sold some sps but only to buy more splinterlands assets. ) Sorry. Im stuck in the system! :p
Ah well. Thanks for responding anyway. I'm just going to have to knuckle down and learn. I've been putting it off long enough.
On a completely different tack . . . if you look at this post on Hive can you see the image. I spent way too long on it and am now more than a little miffed that's it not showing here.
no sorry. no image : (
Boo1 That's disappointing. I spent ages on the image. :-(
I'm tempted to edit the post but I'm concerned if I do it will cock up the image on Leo.
When I feel the next bull has peaked, I'll be moving a heap into HBD. That's the best way to ride out the following bear.
Do you regularly move out some of your profit though? Or, like me, have you just let it ride? Apart from buying flesh golems of course. :-D
The plan is, that they'll look after me in retirement. Turn down the bed, make me cups of tea, etc.
But no, I've yet to take profits. I keep planning to, but then I just re-invest.
Yeah. That's exactly what I've done so far too. :-D
There are no direct trading pairs for DEC/SPS to Hive, that I am aware of.
On hive-engine, you can trade DEC/SPS for SWAP.Hive
Best frontend for that is probably tribaldex.
Then you need to 'convert' swap.hive to hive
That's an easy answer, once you got swap.hive:
https://beeswap.dcity.io/convert
I would recommend that.
Maybe wait for a good price, first, but what a 'good price' is, I don't know...
I think it could be a good idea to sell your Splinterlands assets now, or soon.
I think, the ideal moment would have been a long time ago, probably before CHAOS packs release.
That is the million dollar question, isn't it?
I made a prediction exactly 1 year ago:
https://peakd.com/price/@felixxx/hive-price-prediction
So far I have made 3 predictions, 2 came true, the third is still hanging there and it looks like, I was right again.
What to actually buy or sell and when, is your decision.
The above are my 2 cents and only because you asked.
I think HBD is a safe haven and BTC feels like a pretty safe bet in the long run.
If BTC does not break down entirely, eventually it will be become more and more valuable - the remaining question would be: when.
If you want to move out of crypto entirely, I could tell you where I would invest, but that also depends on how much you got and your character.
Thanks Felixxx. I'm not planning on moving out of crypto or out of Splinterlands for now, just wanting to take profits along the way.
I appreciate you taking the time to answer. I'll have a look at your post about Hive.
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Thank you kind sir!
So . . . it's crypto-winter. You've heard "buy low, sell high"? Profit-taking now is NOT a good idea unless you expect Splinterlands to crash and burn (and, if you do, please sell me your assets at fire sale prices :D ).
Swapping assets, however, is never a bad idea. The Splinterlands liquidity pools are a relatively straight-forward and easy way to get a regular income. The question is whether you believe that SPS + profits is going to go up more than the assets you sell (my guess would be yes but I'm not a financial advisor, blah, blah, blah).
When SPS was high, I took profits by moving it to Binance Smart Chain via the Splinterlands interface, converted it to USDT with PancakeSwap and shipped it off to my exchange (Kraken) where I sold the USDT for $USD fiat and sent it to my bank.
When you sell assets, you'll be receiving DEC. Buying most assets require DEC (sometimes with Vouchers to get a discount). It is easy to swap between DEC/SPS/SWAP.HIVE/SWAP. with TribalDex and withdrawing SWAP.whatever to it's native blockchain is straight-forward. Again, these days, you'd probably be best off buying more assets that you expect to go up in price or converting the DEC to SPS for liquidity pool action.
One thing I never recommend is to speculate on coins. You should only be swapping coins to buy things or to take money out. Betting that most of them will go up over the next year is a pretty safe bet -- but guessing which ones will go up is a crap shoot. I think that SPS is likely to be as profitable as most other crypto (which, of course, is vulnerable to all sorts of things like SBF and exchange collapses -- and, again, I'm not a financial advisor, blah, blah, blah). DEC is pretty much a stable coin, unless something goes wrong -- so it is definitely NOT a profit-play.
A more complicated way to make an income is with Land -- particularly if you are not battling and have idle cards. Occupied Lands will generate SPS until some time in the indefinite future and eventually people with Land will be able to sell spells and items. Be warned, though, Land is really complicated and only getting more so! Of course, it's probably already complicated enough that you could probably pay someone to set it up for you . . . (if you're sure they're competent :-P )
Card rental and SPS rental will also make money -- but not a ton.
Anyways, I've blathered on enough . . . .
Thanks for your help. The route you used to take out your profits is a good start for me to investigate.
I'm not looking at taking profits now as a one time thing or to time the markets. I'm looking for a strategy where I take some profit regularly otherwise I just stay in the position I'm in, holding through both highs and lows and never taking anything out.
I have "lost" a ton of "on paper" profit by doing that over the years. Now it's time to learn to regulalry take some out whilst leaving enough in to keep working for me. I'm talking about SL specifically here and not ctypto in general.
At the moment I'm thinking I might sell CL cards. I know they are the least valuable but they are also the least valuable to me (mostly), just sitting around.
I could sell land but I'm hoping that will become more valuable when land surfing comes in.
I could sell DEC (once I've finished putting the decent cards I have on land) since it's close to $1 anyway.
I'm not keen on selling SPS since getting the timing "right" on that is more difficult.
Too many options. 😵💫
I thought I was your route to take profits? :p
Personally I don't think you should take any profits from SL this year and wait until the bull arrives, then take a lot of profits!
You were my route to take profits but I want to take some regularly and I didn't feel I could keep asking you to do it for me. :-D
I spent another day trying to work it out on Saturday and still no success. But, at least I learned a couple of things which explained why I kept failing.
I might try the swap.ltc route today. Either that or I need to bite the bullet and go through all the KYC crap to get a Kraken account. Or maybe I should just do my tax return instead. Oh joy!
If it's HIVE, I'll go direct to Binance. If it's SL related, I'll move to SPS and go via Metamask to Pankcake swap -> USDT and then move the USDT to Binance on the Binance Smart Chain.
Of course, my taxes are all rigged to Koinly.io, including these routes from Hive/SL.
Perhaps this guy can help -I didn't watch the whole vid but the title describes what I think you need :)
I did the latter but I can no longer withdraw GBP from Binance thanks to the UK government cracking down. So the plan was to move it from Binance to Coinbase where I can withdraw to a UK bank account.
Problem I found was that, having gone via metamask my USDT was BEP20 and Coinbase only deal with ERC20. So I either have to get another wallet that can swap the BEP20 to ERC20 or go via another route, hence the mention of LTC, or sign up at Kraken where I can go from Binance.
It's a right royal pain in the ass these days.
Ah!
Initially I couldn't withdraw from Binance either and so my usdt became LTC in Binance and I moved that to Kraken to withdraw - you could use coinbase too.
It is a pain in the arse, but I wanted my money!
Bloody hell. After all this fart assing about with a small amount of SPS just to test things I no longer have enough USDT to test the trade to LTC and then onto Coinbase. Can you hear my screams?