Kicked off another exchange! So long Kucoin. It has been fun and you will be missed!
I should write a few words about my absence and what I've been up to. I'll get into my trading dilemma after that. Real quick, I needed a break. Over the last 10 years, since I got into crypto, I've spent close to every waking minute online. Social media, trading, and then starting an eBay resell biz had me sitting in front of a computer close to all day. It was time for a break and that unfortunately included Peakd. I'll write more about this in the next few days, but I'm feeling good and refreshed, it's time to get back to work.
With that said, I even took a break from trading. I've been relegated to two American exchanges due mainly to our government bullying all the exchanges outside their jurisdiction, well at least they should be outside their jurisdiction. Unfortunately, the US has a lot of pull outside it's own country. Most of the exchanges outside the US have decided to drop US customers because they don't want to deal with all the BS that comes with dealing with US customers and their government. Personally, can't blame them!
So, I took advantage of this sideways market and paused most of my trading over the summer. It was the first real break I took in about 10 years. That actually felt pretty good. I really needed the break and it also allowed me to focus mainly on my eBay reselling business.
When I finally returned to my Kucoin account, however, I discovered, I had several shitcoins I couldn't trade anymore because the exchange wanted all US citizens gone! Fortunately, I was able to liquidate them but at a considerable loss. I guess that will be good for tax time.
I'm currently down to 2 US exchanges, and one exchange overseas. This getting stuck holding the bag after exchanges kick out US customers is becoming a recurring theme in my life. Today, I decided to just accept it. Sure I can still trade DeFi but I have a huge problem with ETH fees as well. I'll stick with what's available to US customers on exchange :(
I had one last bag, that I can't trade on a US exchange. It really hurt me, but I let fate decide. I busted out the scrying tablet. 🤣
It was time to sell :( I'm pretty bummed, I've been a strong supporter of that project for a really long time. I'm tired of being stuck trading on small illiquid exchanges with low trade volume. Not to mention security issues. So, I'm officially only trading on US exchanges as of today.
For me, this is 2018 all over again. I've got diamond hands when it comes to shitcoins but when you don't have an exchange to trade on, you're left with no choice but to sell at a loss.
The last coin I can't exit EASILY is HIVE. I absolutely love it here though and I have a couple ways to exit my HIVE position. Still, I think as part of risk management, I may downsize my HIVE and HBD stakes. I'm not really happy about that at all. It is what it is though.
Considering how much I enjoy the community here and the few friends I've made, I'm definitely keeping a small bag and staying active here. That will be regardless of if I can cash out or not. It's never been about the money with HIVE, but it was an added bonus! That really didn't have anything to do with my disappearance though, but this fact has been weighing on me heavily. The only other time I cashed out was during the STEEM takeover. There's just to much there, to not be concerned about losing it.
On a more positive note, my eBay reselling is starting to take off.
Under $1400 in 90 days, but it's steadily growing. I'll be posting a lot more here about reselling. I'm learning a lot and having a lot of fun in the meantime. Expect some resell posts coming soon.
I think I'm going to leave things here for now. I feel bittersweet about this post. For me, closing that last position on the foreign exchange is the end of an era. I had a lot of fun trading internationally, learned a lot, and met a lot of great people along the way. Not to mention the money was pretty good. Even trading through a VPN service is impossible now with everyone insisting on KYC enforcement. I'll still earn on American exchanges, but the selections and opportunities are limited now.
Frankly, I've known this for a while now. It's one of the reasons I decided to start a resell business to supplement my income.
So with that said, expect some resell posts. I'm going to try to get back to daily Peakd activity. I'll keep you all updated on what's going on. I've still got some guitar posts I want to get up soon too. If you read to the bottom, thanks for reading!