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Hi everyone and sorry for not posting an update for so long. I was really shocked by the Updates from YieldNodes, they took my quite by surprise. After the Luna collapse in Mai, now the FTX collapse (which I luckily avoided completely) I am still a bit shocked by the instability of the crypto world.
I didn’t belive my first bearmarket would arrive so quickly after everyone was expecting the super cycle by the end of last year.
First of all, I am really sorry for everyone that invested into YieldNodes through my guides & content. I tried to be very transparent about the risk, but the sudden collapse of the system really surprised me.
What happened?
YieldNodes announced pausing withdrawals on the 11th of October. The full announcement can be found here: https://yieldnodes.com/ if you scroll to the bottom.
Now, the plan is to start the Decenomy plan faster, which means to bring real assets onto the blockchain and therefore increasing the value of the masternoded coins.
All the masternoded coins plummeted extremely in value, that’s why I think it makes sense to pause withdrawals and try to turn the ship around by turning into Decenomy faster than planned. I don’t like when I can’t withdraw my deposits but if the alternative is to pay out 10% of my value (or less) I rather have them work on a solution.
Selling your balance is possible
Steve & Urs announced a platform to sell your existing balance to other investors and implemented it quite quickly:
https://claim-sales.yieldnodes.com/
They added some FAQ to explain the move and the process, it seems to work quite well. Right now you can still see some offers for 80% discount which are not bought yet, but there where quite a few more — it seems there are some hungry buyers believing in this project in the long run.
You set the price yourself but the minimum is raised every two weeks now by 10% until I believe 75%.
That means right now you can sell your 100% balance for a minimum of 30%. 1000€ balance would net you 300€. If you don’t believe in the restructuring plans, this is your way to get out.
My intermediate plan
I decided to not rush in either direction and stay with YieldNodes for now. I will not sell any balance for less than 50% and probably not more than half of my balance.
Nevertheless, due to really good returns during the last year and numerous affiliates, I am a bit overexposed in YieldNodes. I will watch from the sidelines and wait how the marketplace develops.
I am focussing my crypto efforts on Dollar Cost Averaging (DCA) into coins I still believe in (stuff for an extra article) and looking into Thorchain as I believe the future will definitely be cross-chain and why not be ready for it.
What about you?
Are you still in YieldNodes? Did you avoid the project altogether? Have you sold your balance? What are you up to in the crypto/investing world?
Let me know here in the comments or on twitter: https://twitter.com/0xn1ce
