Trading and mining KOIN via WKOIN!

in LeoFinance3 years ago

Hi All,
remember that ERC-20 Token KOIN created by some former Steem devs that flooded the news some days ago with the promise to mine on CPUs but then a GPU mining protocol was found and since then both the price and the amount of posts went down?

There is still a low-volume Uniswap pair available so you can still trade KOIN against ETH.
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https://info.uniswap.org/pair/0x3E9B04C0A11FC801335b0c436a3AE3Dea0dc2188

Recently @harpagon introduced WKOIN, a wrapped KOIN which is tradable on Hive-Engine. Additionally he created a tool to wrap (KOIN to WKOIN) and unwrap (WKOIN to KOIN). In other words, it allows you to move KOIN from your Metamask account as WKOIN directly to your HE-wallet. Read all about it in @harpagon´s original post.

Here is the tool:
https://app.wkoin.buzz/

With that you can trade now KOIN not only against ETH, but also - as WKOIN - against Swap.Hive!

And it works! I have tried it out and wrapped some leftover KOIN from my failed KOIN LP experiment to WKOIN and sold them on Leodex

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https://leodex.io/market/WKOIN

The limitation is that the market for WKOIN on Leodex is still small - very small. In fact so far I am the only one who is having reasonable (?) sell orders out there. But there are a few buyers at levels of 0,2 Swap.Hive. By the way, what is a reasonable price for KOIN?
The KOIN token on Uniswap is fluctuating quite a lot, probably due to the low volume of the liquidity pool. Currently you can buy 10000 KOIN for 0,362 ETH (around 136$). That should result, with the Hive at 0,115$ (OMG!), in a theoretical price of 0,12 WKOIN per Hive. But don´t forget the gas fees and the wrapping fee of 1%, and some other influencers like Hive dropping like a stone, so that next week this calculation might look quite different.

The earned Hive from the WKOIN selling you can change to LEO and then change back to ETH (from the Leofinance LEO wallet, called "Claim LEO Token Rewards") and so the circle closes.

ETH -> KOIN -> WKOIN -> SWAP.HIVE -> LEO -> ETH, repeat

Or you just accumulate WKOIN, as nobody can tell how much they will be worth after the Koinos mainnet airdrop and some exchange lsitings, less than 2 cent seams a steal to me! By the way, @harpagon promised that any WKOINS not changed back to KOIN in time, will be as well considered for the airdrop. Nice!

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Mining WKOIN

Mining with your CPU isn´t effective anymore, according to what most people wrote about it, e.g. here a recent post by @lordbutterfly.
But is there a smarter way to mine? Maybe! Since a few days there is the option to delegate some staked Hive to @miner.wkoin and for the next 6 months every 15 min. app. 0,53 WKOIN are distributed to the Delegators (by random selection of one, according to the %age of stake delegated). More details here.
Is it worth the opportunity costs? So far I "mined" with my 500 HP delegation 11 WKOIN within 3 days, but it is impossible to extrapolate from this, because initially I had a 20% chance to mine (my delegation was at that time 20% of the total delegation) and now it decreased to app. 5%, as more people found out about it (look up the current situation here, app. 10K already delegated). So actually I am stupid in writing about it, because the more people join the party, the smaller the share gets. So best if you forget about it immediately, for sure it is not worth it! Probably nobody is reading until here anyway :)

In summary, @harpagon did an awesome job in enriching the KOIN ecosystem and connecting it to the Hive ecosystem! A classical win-win thing, isn´t it?

Please note that the wrapping tool is not decentralized (but so is the Hive-Engine anyway), so do your own research and at your own risk, like any financial transactions.

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but then a GPU mining protocol was found and since then both the price and the amount of posts went down

Small but important correction. The KOINOS team executed a deep research on this topic and concluded, no GPU miners active. It all started with someone stating in the KOINOS discord, a GPU miner should be active due to the large amount of KOIN being sold at Uniswap. Though no GPU miner active, a few large miners were/are active (I counted three after the first week). Not sure if all are active today, since they have expenses for the servers they rent/rented, while KOIN was dropping in value quicly on Uniswap. I think at least one was/is using AWS. Someone else was going for Privex (interestingly, when the word got out about the GPU miner possibility), Privex server order were cancelled, Privex stating, those who cancelled order for KOIN mining, will have to pay for some cancellation costs. I have no idea if these users eventually went with their original plan after it became clear, no GPU miner was/is active.

In summary, @harpagon did an awesome job in enriching the KOIN ecosystem and connecting it to the Hive ecosystem! A classical win-win thing, isn´t it?

Absolutely! KOIN is just so young, and great to see all the possibilities we have with HIVE (and LEO) being turned into services. For KOIN all very low liquidity, but still, when we would not have all these possibilities, KOIN would only go to those who mine.

ETH -> KOIN -> WKOIN -> SWAP.HIVE -> LEO -> ETH, repeat

LOL... best way to loose money, unless the markets are not in sync (which they may not be) :) One thing I like of the LEO integration with ETH that it provides another way to get from HIVE (or LEO) to Ether, which is to be used when either mining KOIN or when providing liquidity to the KOIN pool at Uniswap. Did setup the LEO/ETH, but didnt use it yet. Soon I'll run a test so I can up my liquidity in the KOIN pool.

Mining with your CPU isn´t effective anymore

I stopped mining after 5 days into the whole mining project. That said, I only had about 4MH/s power on two machines. I've seen others on a Mac laptop (a more modern one then mine) reaching like 10MH/s on a single machine. When setting the Proof frequency at linger periods, maybe Mining is still effective. Well, its what one counts as costs and what these are in the end (Eth costs, they are low int he weekends, and high in the week, especially early in the week, at least last two weeks or so); Energy is for some expensive and for others less). That said, buying KOIN through Uniswap or LEODEX (Hive.Engine) is quicker and makes sure we can have quietness in our house since no fans are going crazy :)

My earnings on the wKOIN mining setup by Harpagon is far less than what you got. Not sure of I setup less delegation then you. I did enter that way of 'mining' three days ago, only, I guess a day later than you :) I just did some calculations on HIVE curation rewards I missing by my delegation... Used current market pricing for HIVE and KOIN... I think the delegation for KOIN mining is less 'profitable'... But who cares: Its just fun to use all these methods :) The result is that we can blog about it, which is in the end some marketing for KOIN, and in the end also for HIVE.

Thanks so much for your insightful comments!!

Rather you than me.. I'm too attached to my ETH. I wish you the best though.

Sometimes you have to open up and detach yourself from something you got too attached to :) KOIN is super inexpensive and has potential and for all the new coins around, some lower risk (see also my other comments below/above).

wrapped or not it's still a shitKoin

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Like so many others. Besides, only future will tell which coins are shitcoins.

Shitcoin or not... KOINOS has an experienced team; Therefore I'm pretty sure they can deliver something to the market in terms of technology. With current market pricing for KOIN (around 1,4$ct) and the limit of 100M KOIN, this is a total market cap of just 1.4M$. Thats nothing in the crypto universe. I'm pretty sure whatever the KOINOS team will deliver, it can easily be valued more than the 1,4M$... That said, in crypto space its always possible a coin gets valued absolute ZERO... But I give that a low chance :) Therefore KOIN maybe classified as a shitcoin, but its a shitcoin with interesting potential :)

Sounds too complicated to try :)

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Only at the first glance :)

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Nope not at all... I'm not a handson tech guy, but just follow the steps and after a few clicks all set and done :)

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