Blindly followed a "friend's" lead into buying $WISE tokens
After missing out on the Hex wealth we've seen up close when an old colleague of my boyfriend went all-in on Hex and became a millionaire, we were then chilled Wise. And yes we of course had a bit of "should've could've would've" FOMO going on. This guy didn't mention Wise until the first sale was over, but nevertheless, we decided to free up some funds and this time not miss out. After all, he did well with HEX and we also said that was a scam. So maybe we should just do what he does. Minus the fact that he can drop 50k in a project compared to our few hundred bucks, lol.
Wise was going to be the next Hex
He was quite convinced this was going to be it, and if you missed Hex, get all-in on this one now. I'm honestly very very happy that I provided a decent piece of backbone and said hell no we're going all-in on that. He only chilled it because actually had questions about it, he could never answer. He's seriously the WORST project chiller I've ever met. I think my daughter can convince me faster than he does. Therefore, to me, he's not the person we should follow advice from he's already become one of these snobs that don't even want to hear a critical question anymore, he just wants you to listen and follow his advice, without questions being asked.
We eventually staked two bags of Wise
There are a few people that I could follow blindly with these shills of projects, he certainly isn't one of them. But either way, we ended up buying some Wise tokens at 16 and 18 cents so still very low. The thing is that I locked it in 2 stakes as at the time fees were high but not as high as they are now. I was annoyed by the high staking fees but I truly hoped that locking stuff up for 1 and 1,5 years would show us some wealth this year. Honestly, I regretted following his tip not long after the first stake lol. The price of Wise came close to a dollar and since then it went down.
Fast Forward
A little more than a year from creating this stake and add some days to it as I totally forgot to check it on the day that the sake was unlocked. I'm sure I put it in my calendar but somehow I missed it in between my other notifications. It's fine though, as I wasn't really counting on ETH fees being low enough to unlock the stake immediately anyway, but still, it's an event that you wish to follow closely. We've been looking at the stake many times, wondering if, in the end, it would be worth it. Today I realized that this date had passed and quickly opened the Wise dashboard to see what I could do.
Oh well, receiving 275.91 WISE interest seemed appealing at the time, but now it doesn't seem so appealing anymore knowing that this is $82,77 and not even close to covering the un-staking costs. We were hoping for wise to get closer to the dollar again around the time the first stake was released but at least we're not in the loss because we bought this one at $0.16. But what does it matter if you can't even take it out without losing most of the value?
Scraping Interest
I had no idea how the unstaking and scraping process works exactly until I tried it today but I was disappointed to see that there are not one but two transactions waiting for me if I want to have my stake back. The first one was a shock though:
Scraping the 275,91 WISE ( currently at $0.30 a pop) interest would have cost me $237,84 earlier today. Not worth the 82 bucks. But after that, another transaction would be waiting to unlock the stake. I remember that transaction being expensive the other way around (when staking it). This was not what I envisioned last year when we staked these two bags.
How many headaches have the fees on Ethereum cost you?
Conclusion
We will just wait until (hopefully) the price of Wise goes up a lot and ETH fees dip a bit. For now it's not worth it, so it remains staked. I will never ever stake anything on Ethereum ever again, unless the bag I can stake is well-worth it even with a few hundred bucks on fees. Mind you, I highly doubt that I will ever be able to justify going for an option Ethereum with what I've experienced so far, especially when having plenty other options with much higher returns on our beloved Hive ecosystem where we can invest those 100s of dollars in the actual coin instead of filling the miner's bags.
Credits
- Header Image
- The text divider is my own design, where I sometimes use images from Canva Pro or in other cases, my own images.
Let's Connect
If you want to connect, you can give me a follow on my socials. For inquiries, you can send me a direct message on Discord.