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Hunkering down: but not for the reason you might think! by bengy

View this thread on: hive.blog |  peakd.com |  ecency.com
hive-167922 · @bengy · (edited)
$10.53
Hunkering down: but not for the reason you might think!
<div class="text-justify">

<center>![](https://images.unsplash.com/photo-1574634765437-146d08367fa6?ixid=MnwxMjA3fDB8MHxwaG90by1wYWdlfHx8fGVufDB8fHx8&ixlib=rb-1.2.1&auto=format&fit=crop&w=888&q=80)</center>

<center>[Unsplash](https://unsplash.com/photos/x2hVd6drsrs)</center>

Well well... what a morning to wake up to! I hope you had taken [some advice from just last week](https://peakd.com/hive-167922/@bengy/3-crypto-tips-no-one-will-listen-to) and had set targets for taking profits gradually on the way up. I have been steadily chomping away as target after target was knocked over in the past few months... and although I was starting to wonder if that was a good idea as everything kept going up and up, I stayed disciplined. So, today, I find that we are almost around the spot (as I'm writing... these things keep moving!) where my first target was! 

So, it appears that a top of sorts (local or not?) happened last week when I was away in Prague doing a concert. During that time, another target was hit... but I didn't have all the stuff I needed with me to do a proper disciplined sell, and so I only did a handful of things. Plus, I'm not really keen to do that on mobile internet or even worse, hotel WiFi! So, I waited until I got home... of course, by the time that I got home, everything had fallen under the trigger point and so I just left it as it was. 

Fast forward to today... and seeing as I hadn't moved the partial sales into the bank account and onwards to the superannuation or stock market, I just bought back the crypto that I had sold and then decided to spend the rest on Kusama (KSM) and Polkadot (DOT), seeing as the para-chains were starting up on Kusama and I wanted to keep building up the DOT side of things as an Ethereum hedge. Plus, I already have some stake in the Equilibrium (EQ) launch on Polkadot and their Genshiro equivalent on Kusama. 

I had set spreads this morning going down pretty far down for all the crypto that I was buying or buying back... I hadn't really expected them to trigger, and if there was a recovery I could still buy in at much lower than I had sold for. This afternoon, I settled in for a little nap (my youngest daughter was a pain in the arse last night...)... and now that I've woken up... I see EVERYTHING triggered! In fact, I could have set the buys for ETH even lower... almost down to 1900! I hadn't thought it would drop lower than 2250!

Stupid luck is stupid luck! 


<center>![Screenshot 2021-05-19 16.01.22.png](https://files.peakd.com/file/peakd-hive/bengy/23yxCXJatM8fEMiDGFKDwXF8yUHNbWRKF5DE3GDe6D9LLR152bZNe2XVpE4V4SW8WZRTr.png)</center>



No, the thing that gave me a moment's fright was the overnight (for Europe) incident with Venus, which is the largest lender on BSC. To put it briefly, there appears to have been some manipulation of the XVS price (and feeds?) and the two attackers made off with a significant amount of money in BSC and ETH, leaving users with liquidations and uncovered debt for the protocol. You can read more in the following tweet by FrankResearcher on Twitter (reliable analyst):


<blockquote class="twitter-tweet"><p lang="en" dir="ltr">1/9<br><br>Today we have witnessed the manipulation of XVS priceโ€Šโ€”โ€Š the governance token of Venus Protocol on BSC.<br><br>This incident resulted in $200M+ DeFi liquidations and a $100M+ of protocol bad debt.<br><br>As usual, letโ€™s analyze this situation below๐Ÿ‘‡ <a href="https://t.co/pAnjqHI25T">pic.twitter.com/pAnjqHI25T</a></p>&mdash; Igor Igamberdiev (@FrankResearcher) <a href="https://twitter.com/FrankResearcher/status/1394900186435096578?ref_src=twsrc%5Etfw">May 19, 2021</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>


Well, Venus says that there is no problem... 

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Please read our Venus XVS Liquidation Incident report. All funds are safe and the protocol is safe. Thank you<a href="https://t.co/27x75gc3q8">https://t.co/27x75gc3q8</a></p>&mdash; Venus (@VenusProtocol) <a href="https://twitter.com/VenusProtocol/status/1394892979190513664?ref_src=twsrc%5Etfw">May 19, 2021</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

... quite possibly there is little problem. But just for good measure, I repaid all the VAI loans that I had outstanding. I'm cautious, so I was still within my borrowing limits despite the market drop and the weird overnight situation. I also withdrew all my collateral on the supply side... just in case. Needless to say, but the Ethereum and BSC chains are under a bit of pressure at the moment, so after my transactions were stuck pending after using Trust wallet, I jumped on the laptop and hammered them through with higher gas fees (in the manner of [cancelling](https://peakd.com/hive-167922/@bengy/how-to-cancel-or-unblock-transactions-on-bsc-or-ethereum), but instead of sending a zero token transfer just repeating the transaction instead with the same nonce). 

<center>![Screenshot 2021-05-19 15.38.51.png](https://files.peakd.com/file/peakd-hive/bengy/23wXNve2wHJjVF5sQuw1Qd3VK1SZiFqHb2ULBh4njjxhqcBPxkYgY6VUx9VaZPHydDAzQ.png)</center>

Thankfully, I don't have to unwind any debt on Ethereum! These fees are insane... so it looks like there are a lot of people running around like headless chickens over there trying to unwind positions! All my activity on Ethereum is on the supply side, so I can just sit and do nothing... 

However, I do have stake on Synthetix that is minting sUSD which does need to be 1000% collateralised with staked SNX. Thankfully, I had migrated all of that over to the Optimistic Ethereum L2 as soon as that had launched, where transactions cost a fraction of a cent... meaning that it is no problem to update that side of things several times a day if I want! 


<center>![Screenshot 2021-05-19 15.39.06.png](https://files.peakd.com/file/peakd-hive/bengy/23tHbkj8B54ktMCtcGqE95W1s2LRGA4nXQHkzVZtsjWx5gQ1KWUhHZCtqrXvKjoZBdtLk.png)</center>

... and I have found that ethgasstation might not be the most reliable place for Eth gas prices... they are a little bit off!



https://steemitimages.com/0x0/https://cdn.steemitimages.com/DQmQgdKBYt2WqqK4iNvDmFsZHUJfu9t62Hz1JxHAwJ7SyoB/thealliance_pagebreak.png

# <center>Handy Crypto Tools</center>

[Ledger Nano S/X](https://www.ledger.com?r=7db72b914099): Keep your crypto safe and offline with the leading hardware wallet provider. Not your keys, not your crypto! 
[Binance](https://www.binance.com/?ref=18699956): My first choice of centralised exchange, featuring a wide variety of crypto and savings products. 
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[Coinbase](https://www.coinbase.com/join/58034401fb82d963dcd35ef4): If you need a regulated and safe environment to trade, this is the first exchange for most newcomers!
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[CoinList](https://coinlist.co/clt?referral_code=4CA9XD): Access to early investor and crowdsale of vetted and reserached projects.
[Cointracking](https://cointracking.info?ref=S596141): Automated or manual tracking of crypto for accounting and taxation reports. 


<a href="https://www.ledger.com?r=7db72b914099"><img width=728 height=90 alt="Ledger Nano S - The secure hardware wallet" src="https://www.ledgerwallet.com/images/promo/nano-s/ledger_nano-s_7-2-8x9-0.jpg"></a>


</div>



<center><a href="https://peakd.com/@bengy"><img src=https://images.hive.blog/0x0/https://steemitimages.com/0x0/https://images.hive.blog/0x0/https://files.peakd.com/file/peakd-hive/bengy/IxCcXN5m-upgoats-bengy-gen-1.png><br/></a></center>


<center><sub>Upgoats by ryivhnn
Account banner by jimramones</sub></center>






<center><a href="https://peakd.com/@classical-radio"><img src=https://steemitimages.com/DQmeoERDzqJXs2uwJ3BQjuKvTEQf4jjhCxuAr6pt87qkGr5/Classical_Music_smaller.png><br/></a></center>


<center><sub>The classical music community (Subscribe at [Steempeak](https://steempeak.com/c/hive-193961/created) and [Peakd](https://steempeak.com/c/hive-193961/created)) at #classical-music and [Discord](https://discord.gg/ppVmmgt). Follow our community accounts @classical-music and @classical-radio. Community Logo by ivan.atman</sub></center>


</div>


Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@bengy/hunkering-down-but-not-for-the-reason-you-might-think)
๐Ÿ‘  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 130 others
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vote details (194)
@beerlover · 
<div class='pull-right'>https://files.peakd.com/file/peakd-hive/beerlover/yiuU6bdf-beerlover20gives20BEER.gif<p><sup><a href='https://hive-engine.com/?p=market&t=BEER'>View or trade </a> <code>BEER</code>.</sup></p></div><center><br> <p>Hey @bengy, here is a little bit of <code>BEER</code> from @joanstewart for you. Enjoy it!</p> <p>Learn how to <a href='https://peakd.com/beer/@beerlover/what-is-proof-of-stake-with-beer'>earn <b>FREE BEER</b> each day </a> by staking your <code>BEER</code>.</p> </center><div></div>
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@bengy · 
Tweet embeds don't seem to work:

https://twitter.com/FrankResearcher/status/1394900186435096578?s=20

https://twitter.com/VenusProtocol/status/1394892979190513664

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@bengy/re-bengy-hgwct)
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@hivebuzz · 
Congratulations @bengy! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

<table><tr><td><img src="https://images.hive.blog/60x60/http://hivebuzz.me/badges/postallweek.png"></td><td>You have been a buzzy bee and published a post every day of the week</td></tr>
</table>

<sub>_You can view your badges on [your board](https://hivebuzz.me/@bengy) and compare yourself to others in the [Ranking](https://hivebuzz.me/ranking)_</sub>
<sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub>


To support your work, I also upvoted your post!


**Check out the last post from @hivebuzz:**
<table><tr><td><a href="/hivebuzz/@hivebuzz/tour-update6"><img src="https://images.hive.blog/64x128/https://i.imgur.com/xecznXF.png"></a></td><td><a href="/hivebuzz/@hivebuzz/tour-update6">Hive Tour Update - Account creation and Account Recovery steps</a></td></tr></table>

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@joanstewart ·
$0.03
Err to caution always, you have got a good system in place by what you explained here to avoid these massive pitfalls happening everywhere. One thing I don't believe is one basket fits all.

!BEER
๐Ÿ‘  ,
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vote details (2)
@bengy · 
Yep, I'm a big scaredy cat in comparison to some of those investing heroes out there! Slow and steady...
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@joanstewart ·
$0.03
Very cautious on playing field, not one to jump in without looking long and hard... Pumps and dumps serving some big players, really rocking the boat of late.
๐Ÿ‘  ,
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vote details (2)
@pixresteemer · 
<center>![pixresteemer_incognito_angel_mini.png](https://files.peakd.com/file/peakd-hive/pixresteemer/8h7BBw1w-pixresteemer_incognito_angel_mini.png)</center><center>Bang, I did it again... I just rehived your post!</center><center>Week 57 of my [contest](/hive-179017/@pixresteemer/the-re-hive-contest-results-week-56-and-start-week-57) just started...you can now check the winners of the previous week!</center><center><sub>14</sub></center>
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