I would like to start out by saying any investment is risky. Cryptocurrency just seems to be a bigger risk because of the ease of accessibility to the common man. Sometimes, in our research we find that gem, that makes us feel like a superstar. And sometimes, no matter the extent of the research done, the bottom drops out from under you. Pancake Bunny did exactly this to me and many others this week. Then while doing my weekly email check, I run across an email from BetFury, stating that the BFG Token is going to be listed on Exchanges. Talk about a week of ups and downs.
Let's start with the good news first. Betfury is listing their BFG token soon, making it a liquid asset. Wow! Just wow! I've been pretty happy with the staking income I've received so far, but the opportunity to liquidate if I want, definitely opens a few more doors for me personally. They haven't announced where it will be listed yet, but one door always leads to several more opening very soon afterwards.
In true BetFury fashion, they are kicking off this news with a bunch of extra offerings. 50% more earned tokens from mining. A spin on the BFG wheel for every $100 played. Boxes have been added with up to 100% returns. From personal experience boxes like that go fast. For more info click here.
Sign up for BetFury here. (Affiliate Link)
Or here. (Non Affiliate Link) I'm all about receiving passive income, but I think it should be someone's choice to sign up as a referral.
On to the bad news of the week for me. Pancake Bunny, on the BINANCE Smart Chain, had someone exploit a weakness that caused the value of Bunny token to drop to almost $0. Bunny has recovered back to around $50 a token, but still has a long way to go to reach its original $250 a token prior. No Bunny was stolen and no vaults were compromised.
I will give Pancake Bunny's team some credit though. Within 24 hours they had identified the threat, chased transactions causing manipulation to Etherum bridge, and posted a complete report for community along with a compensation plan for funds lost to Original Bunny hodlers. Even if you don't own Bunny the report is worth a read. All details can be found on their Medium. Another quick read is their response to securing against any further exploits, Code Security: The Past, Present and Future.
If I was a regular HODL, the Pancake Bunny exploit wouldn't be much of a big deal. I would just continue to HODL and wait for everything to recover. Unfortunately, I'm a jump in earn a bit, and jump out when price increases, earning me a nice profit. I have no worries though, because of the dedication of the Pancake Bunny team, I will recoup and probably profit from their compensation plan.
This was a very valuable lesson learned for me. That no matter what happens, as long as you do your research, pick a project with a good team, you might not lose everything. Considering everything I invested was pure profit, I think I'm good.
I'm not a financial advisor and should not be taken as one. I make a lot of decisions based on my gut and do get burned from time to time. Do Your Own Research goes a long way. Never spend more than you are willing to lose. And, for crying out loud, buy the dips!
I have a lot of projects I'm in with more referral links than I know what to do with. I just don't think anyone wants to scroll through all them to get to the comments. Ask If you're curious, I'm sure if I don't know, someone else will.
