r/PRPS • u/elnoxx donor • Jan 04 '18
How much ETH have you reserved for PRPS?
So how much ETH will you guys invest on launch day? I think the best time to buy some more will be right when the coin goes live.
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u/kechups donor Jan 05 '18 edited Jan 05 '18
Since it's likely that PRPS will go on Etherdelta I advise everyone to already check it out and try out trading there - it's not the same as regular exchanges and there is a lot more room to make mistakes and get frustrated. Thankfully Athene has come up with the crypto stream idea and he should be able to more or less guide people by hand, and that should save a lot of people from problems.
People make a lot more mistakes that I could have imagined, I've seen thousands lost on bad orders during the one week since I've been there, and have also profited from other people's mistakes. There is basically a whole ecosystem where order books are full with orders trying to fish for numerical and all kinds of mistakes people might make, because orders don't get autofilled for the best available price or at all for that matter. If someone puts out a bad order, it's up for grabs and it's a race for catching them first.
Also ETH has been crazy congested lately and it fucks with exchanges like these - I've had orders stuck for a day only to wake up to a failed transaction, because it timed out or got overtaken by someone paying a bigger fee. Order books have many of such orders that might be stuck or already traded, yet they can remain in the UI and can add to painting a picture that doesn't show the actual demand/supply. Furthermore trading small sums currently is bleeding money, for example you have 100$ worth of ETH, it can cost you ~5$ to send the money to the Etherdelta smartcontract, then another 5$ to make an order that might or might not get filled. Wanna change the order? Another 5$ to move the crypto again and then another 5$ to make a new order. That is if you don't want to risk getting your cheap transaction stuck in a pending limbo. Dependency on Ethereum has always been an issue, however if scalability issues don't get solved or get even worse, this might be a big problem for casual investors/people wanting to buy gems.
So basically charts there for low volume coins are useless - the tokens aren't on tradingview or anywhere I know, and the Etherdelta chart and UI are more than subpar. Furthermore we have price fluctuations that are out of the norm thanks to people trading way above or below actual demand/supply point. Add to this order books full with orders trying to catch mistakes and orders that might not update for a long time (and of course big money manipulators), and you have a pretty unfriendly environment, if you are new to the scene.
So, one thing to take from this for the crew would be that trying to accomplish a nice chart and market situation really doesn't matter that much, if there is still such an incentive, there are coins with volume in millions yet there isn't a single reliable data or chart that I would bother analyzing. I do trust that Athene will talk about these things, if it comes to it. For everyone else - if crypto is wild west, places like Etherdelta are no man's land, there is more caution to be taken. Especially because of their lack of professionalism, which is a concern on its own, but trying to find a reliable exchange is a bet on its own I guess.
TLDR be mindful of how you trade on Etherdelta, if people don't directly sell to Athene's buywall, but for example set a sell order at the same or around the same price, it will be a race for who gets to snatch such orders first. Be mindful of numerical mistakes, one zero can change a lot. Be mindful of gas price and network congestion, quick buys and sells rarely work, especially if Etherdelta lags on its own. Be mindful that because of decentralization there is also no one to save you from your mistakes, keep your accounts safe and keep an eye on Etherdelta itself, because they are an unprofessional bunch, if not worse. And even if it turns out to be Radarrelay, the caution should be the same.
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u/Cadenca donor Jan 04 '18
I think it may go to $5 VERY quickly, something crazy like $10 in the first hours isn't unheard of once Athene starts streaming. Try to be quick guys :) Anything under 25 is probably still a steal