By mistake, I am staking Sovryn SOV. Moving from SmartBCH to RSK was not a good idea.

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Avatar for francis105d1
2 years ago

I was trying to stake my SOV for testing purposes, and I was only going to stake them until Feb 29, 2022, but I didn't read what I was doing, and I ended up prolonging my stake way beyond my original intended date. Now I am forced to stake my coins until July 29, 2022, which is over six months from now. I guess the moral of the story will be that you must always pay attention when you are using the blockchain. Regardless of how well you can use the blockchain, always pay attention and make sure and, if possible double check when you are about to hit confirm.

I am not losing any money, or I should rewrite that I am not losing any tokens as long as I keep my stake until the last day; otherwise, if I want to stop it, I will have to pay a 12% penalty and the only reason I would like to remove my coins from the stake is so that I can go and sell my assets because I am panicking with the current downtrend. Here it goes, my money is stuck on a stake that I didn't intend for, and while I am doing that, the price of almost all crypto assets is going down.

I am the kind of person that I accept my destiny as it comes, especially when there is nothing I can do to change it, so to me, locking down my coins even when it was by mistake is because I will have to learn something new down the line. It is just part of my destiny to get and swallow that pill and take whatever is coming my way.

Pretty much moving from SmartBCH to RSK, Mist to Sovryn hasn't been a smart move on my part, and even when Sovryn is DeFi on Bitcoin BTC, I have not seen any rewards for that fact, at least not for my money at this point on my journey. And even with the current Mist collapse in price below $0.013, my money would have been just fine or better off just farming with Mist. In other words, my move to Sovryn hasn't paid off at all. Not to mention that I have to pay high fees for using the RSK network, payments that I have been paying off by utilizing my tips from read and noise cash.

I am not complaining; I am just writing my experiences so that people in the Bitcoin Cash community as a whole can learn from my experience and think twice before moving to Bitcoin or any other Bitcoin-related products.

I don't know if I will decide in the future to eat my losses and move back to SmartBCH, or if I will wait until July 29 to move my money and get back into SmartBCH because, at this point, I am just observing my numbers go down and down not only against Bitcoin but also against dollars.

Now Sovryn could go up in price in the future, and my current situation could worsen if the price continues to go down, but the current level is the lowest that it has been in the open market. Still, presale people got the asset cheaper than any other previous low in the open market. I am unwilling to take an early unstake fee, so I will take it whatever downside it comes. Still, my situation could also signal that as the price of Bitcoin comes down, other assets will get attractive and that opportunities to buy cheap will come around.

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2 years ago

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Every new mistake have some lesson and if you think about it then we understand and because on daily basis we do some mistake and then understand it and promise to ourselves we don't repeat it in my life that the great things

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2 years ago