Question: Can anyone update this thread with info valid for 2023? I have some CRO and would like to know what to do with it. I read the first few posts and nothing seems to work .
You should swap the CRO‘s for something different. I currently do some yield farming at Parallel Finance (in the DOT universe) nice UI and the yield is okish. But really swap to a coin that has a little bit more future than CRO or just swap to a stablecoin and cash out
I’m atm around -80% but I believe CRO might still go up, as long as the other junk coin keep dieing.
So I won’t cash out, but swapping I’m not sure.
I have never really looked into CRO to be honest, but what are the use-cases of CRO? From my high-level overview it seems that CRO was great as long as the card made sense. To the best of my knowledge the exchange is not great, the DeFi solution is not competitive etc. so what makes you feel that CRO will pump again? There are other coins which are also 80-90% down but have a better use case or at least being somehow unique.
Not saying that DOT is really better but you could also swap to ETH or BTC which have a lower risk. If you just look for a moonshot with some play money in CRO I think there are other coins more likely to moon.
What are you currently doing with your CRO?
I am staking them in CRO Defi wallet (earn function with about 12%)
For me, I am also staying with CRO because if you swap them right now for something else you will realise 80% losses immediately which doesn’t make sense for me…
Either you wait until it gets a little bit up (and earning in parallel) and then sell it for ETH or BTC or you can just leave them forever and just wait to see ….
That would only be the case if you swap to Fiat. If you swap to other coins most likely they are also 80% down and hence you would be at the same situation from a chart but with a higher possibility to moon. (Please quote me if CRO does sky rock and my coins goes flat or down).
It’s true that you would technically realize the loss but sometimes it’s better to get of a dead horse. It of course depends on the amount of Fiat that you have in CRO but if it’s a significant amount I would really considering the swap.
Prove me that I have higher chances to get back from another coin compared to CRO and I am totally with you…
The other day we had a similar discussion and it was suggested to better swap to a stablecoin and we all know what happened to TERRA… it’s just a jungle the situation in crypto
For me it’s just swapping a black box with another black box (for neither one you know what future brings)
Plus you have to consider the swapping costs, plus the time to spent to study and invest to something new etc… and for me the only “safe” swapping would be to ETH and BTC but very challenging to recover - if ever - from 80% loss
I guess you’re aware about the sunken cost fallacy, right?
My problem is that I don’t have another strategy or plan currently that it’s more beneficial.
Plus I neither have the time to research nor to execute potential changes in my strategy at this stage
Furthermore it always depends on the amount of money you have invested and how important this amount is for you…
I feel sometimes that the people providing answers think we are all traders or pros and we can invest a ton of time every day to change and adapt to new strategies continuously. For me personally that’s not the case, I do my research and effort once, I take a decision and make an action (for long term) and that’s it (whatever it’s it)
I agree with your comment but I think that it also depends on the investment strategies you are applying. Here it’s about cryptos, which is acknowledged as a “risky” asset so imo either one follows this market intensively and adapts or treats it as fun money and digests the losses or stays away and sticks to less risky investments
I’m interested int this, but I didn’t find anything clear.
At the moment I have them stacked in the CRO credit card, which I don’t use anymore, and plan to leave them undefinitely. The problem is that it’s not clear to me what happens with the changing rules for the card. I don’t want to pay 50 eur for a new card or whatever.
If I move them to a DeFi, it’s not clear how much it will cost to leave them, how much to move around, how to change back to fiat etc.
So right now I’m just seeing the ~33cts coming in weekly and wait.
If you don’t plan to swap them and mostly think to stay with CRO I would definitely recommend to check the defi wallet from CRO out. It’s an other app from CRO so the transactions between CRO apps are almost instantaneous, easy and user-friendly and with very minor costs. (For me a much clearer and easier earning approach compared to supercharger and others…)
Just keep in mind as long as you hold them stacked with a validator in (the CRO defi app), you need to wait for 21 days for your CRO to become actually available to you for transactions upon deciding to withdraw them up…
For me it’s obvious that I have to digest the losses (although I could have sold CRO at 0.9 and have realized about 4x profits - it’s not a coin or crypto market problem if I was greedy… )
It’s also obvious that I entered in crypto with mostly fun money and with the appreciation that it’s an extremely high risk market, accepting all the risks associated with that already beforehand
Nobody will be able to do that because you are right with the follow sentence as well:
However, it’s about to understand the blackbox and take conclusions whether the project could be successful or not. But in the end (it doesn’t even matter, Chester RIP) no body will know if any project is successful. I personally think that there are way better project out than BTC and ETH but as Mr. Market does not belief in them they are not getting the pace on the ground.
I really hope that you will get back into green territory with CRO because if that is the case most likely the entire market will be pumped up again.
I was checking their page and all I got is this:
- there is an app but you can use your browser
- 12 word passwords etc
- it costs to move CRO in and out (and swap)
and nothing else. Am I missing something?
I am using their app as for me it’s sort of handy to be able to manage my earnings directly from my phone (kind of once a month I am withdrawing my earnings and put them back for restaking)
Yes I believe you have to create a secret phrase etc… and to do a bit of research I guess to which validator it’s more advantageous to stake your CRO… (I have selected Jerry‘s pool I believe but please DYOR)
There are also plenty of youtube videos I believe and as the processes and steps and interfaces are changing very often I would really recommend to have a check at the most recent and up to date ones
Considering all previous comments and feedback (and especially the “sunk costs fallacy”) I am coming back to that topic.
So, I am currently investigating what are my potential future crypto strategies / alternatives considering my current portfolio and situation.
For the sake of the discussion / example we have currently the following case AS IS:
3K investment in CRO → currently at about 75% down (having them stacked in CRO Defi wallet, approx. 11% APR in CRO)
3K investment in Swissborg (CHSB) → currently at about 60% down (having them stacked in Swissborg app approx. 10% APR in CHSB); disclaimer here I like the simplicity and user friendliness of Swissborg far better than the others.
3K investment in MultiverseX (previously EGLD) → currently at about 80% down (having them locked and stacked in MultiverseX wallet, not quite clear the APR% received in various new coins, but mainly rewards received in MEX - which are also locked)
3K investment in DefiChain → currently at about 70% down (having them in Liquidity Mining, Staking & Freezer in CakeDefi app, rewards received in DFI, approximation about 5% APR; not clear either)
3K in various coins such as Doge, Shiba, Chainlink, ICP, Loopring, PancakeSwap, VET, Chiliz at an average about 80% down as well. All of them in Binance (with locked stacking - if any available). To my perspective I don’t put all of them into exactly the same bucket, others are sort of more promising compared to other, just for the sake of the example…
In total and average assuming we are at about 75% down for all the above (approx. 3.5K current value out of 15K)
Potential strategies going forward:
Stay AS IS, hold and wait - Staking would be still slowly accumulating and in case the market goes up again maybe there could be a recovery sometime… (Also a plus here the very diversified portfolio of coins, so in case Crypto bulls comes out again, very strong chance maybe for few of those coins for 10x in the future?). Also very high risk of a total breakdown for few of those coins and/or exchanges…
Withdraw everything out now (realize losses of 75%) and invest everything back in one “better” crypto (BTC, ETH or ADA) - In this case you would need a 4x to 5x for this crypto in order to get back to your investment amount. If in favor of this option, which coin would you choose and why?
Withdraw everything out (when and if ever…) you will be down about 50% (realize losses of 50%) and invest everything back in one “better” crypto (BTC, ETH or ADA) - In this case you would need a 2x for this crypto in order to get back to your investment amount
Withdraw everything out and keep them in cash, don’t ever bother again with Crypto
Please if possible provide reasoning for or against the options above… or other alternatives possible
As usual, ignore your current investment situation to make those decisions.
If you receive a 3.5k cash bonus from your job, what would you do with it?
Yes, that’s a good point… probably if I had 3.5k now as a bonus I wouldn’t invest them into Crypto
However as that investment is already allocated into Cryptos for my portfolio, I am emotionally tempted to keep that part there whatever it takes
…at the current state also the risk of not losing completely another 3.5k I would say is a bit minor for me - even for the total 15k - as since I got into Crypto at first place I considered those money as “fun money” and I am totally okay with the risks involved
Another point is that if I get them now completely out of Crypto …and let’s say as an example invest them into shares/ETFs (or into something else) the possibility to reach ever 4x would be non-existent
With the reasoning, maybe buy 3.5k worth of lottery tickets? Might not be a bad idea
Ops, looking the whole? or only the CRO value.
I mean I had stack 350 that now it is worth 50
but with the cash back and spotify cashback generate more than that so total case positive but moving out when they will cancel it, so I guess next month.