CAT CRASH on the Marketplace
A Shockwave on the CAT Market.
A cat-whale is dumping their CATs for cheap!
One of the first things I do when I get to my desk in the morning is to check what's been happening on the CAT-market. Up until today things have been going pretty steadily, dare I say quite unexciting, so far. Well, so far. Not so anymore this morning when I was greeted with:
CAT being dumped all the way down to 0.002 STEEMP.
I'll be honest here, I was actually more surprised it took so long for this to happen than I was now that it actually did. The initial airdrop was very generous to some and the first flash-sale of 100k CAT at 0.001 STEEMP did go quite quickly. It was really just a matter of time before some weak hands would want to start taking profits.
Arguably, holding thousands of CATs just to get some dusty cuddles from the kitten-bots every now and then doesn't really sound all that exciting now, does it? Well, probably not.
Ultimately the goal of this @catnet tokenization project is to make these cuddles less dusty and the kitten interactions more fun and rewarding for everyone. The prize of the token isn't really of too much concern to me but at this point I guess it's safe to say that we're way off track to reaching the native STAKING feature for the token on steem-engine.
The fundraising hasn't moved much since the last update and reaching 1000 STEEM/ENG to enable STAKING is getting a bit out of reach in the foreseeable future, so it's time to move ahead with plan B:
Enabling Auto-Staking
I've mentioned it a few times before, that I believe some kind of staking mechanism is a must-have before additional kitten-perks, like the CALL-A-KITTEN service, get enabled for CAT hodlers.
Having access to the full-fledged staking mechanism on steem-engine would have been great for the user experience, accessibility and economic function, but I think we can get most of the benefits without paying the hefty price-tag for it.
I contemplated creating a separate meta-token, CATNIP, pegged to CAT and exchangeable through @catnet or a separate exchange-bot at 1:1 with appropriate "power-down-delays". This would have had the exact same basic functionalities like proper staking, but user-experience would have suffered significantly without a designated wallet-frontend. I'm afraid most users wouldn't ever get to actually staking any CATs this way.
Instead, I'll move ahead with another idea, I call it "auto-staking". As the name suggests, this will happen automatically. All you'll have to do is keep hodling CATs and they will become CATNIP, attracting kitten-bots and unlocking additional features in the future, all by themselves, as long as they don't leave your wallet. This should make for a good compromise between economic function and accessibility/user-experience.
I'll explain this in more detail before the feature gets activated in the coming days.
Redirecting Funds for Bigger Cuddles
Moving ahead without the expensive staking feature provided by steem-engine does theoretically free up the funds raised through token sales for other purposes.
To provide the biggest benefit to all CAT hodlers and to increase the value of the token's symbolic utility itself, these funds should probably go to increase the STEEM POWER behind the kittens' cuddles next.
We've raised about 350 STEEM so far. This could be used in several ways:
- to power up the kittens directly
- to power up towards catnet and have catnet follow the kitten-votes
- delegate more SP to @dustbunny for better dust-protection
- rent an even higher amount of STEEM POWER for a limited time
I'm more than open to your thoughts about what would be best, long term or short term. Please leave your thoughts in the comments or come chat with me on discord.
and don't forget to cuddle some kittens!
meow!
Meow! I am hodling mine. Unfortunately I can't give the kittens an upvote that will pass the dust threshold so I think that would be the best thing for you to do: get bunny working after them
Yes, currently the bunny's help is crucial to the kittens' growth.
I was thinking it might actually work out to set up @catnet as a "dust-net" for the kittens exclusively, powered by a leased delegation to beat the threshold. With the available funds that might just work to get it set up for a few months.
I'll have to run some numbers, but maybe that could work while also leaving some for growing the kittens themselves a bit.
I noticed there was some red ink on the page... I suppose it's more or less inevitable that people will try to "take profit" from time to time. I used this development to up my own stake to 10,000 CAT... because I had some SteemP left over from buying CATS (confusing, eh?). Anyway, HODLing mine... unfortunately, my upvotes are below the dust threshold...
Something to consider from a fundraising perspective: If each of the kitten accounts made brief "status update" posts (with other cure stuff?) weekly, AND those posts were tagged with Neoxian and Palnet and perhaps Creativecoin (because this is definitely a creative endeavor!) not only would the pennies trickle in faster, but the tribal tokens wouldn't have the dust issue. Besides, right now my Steem upvote is about $.005 and (for example) my CreativeCoin upvote is about 13 tokens (about 4-5 cents); I think a LOT of people are staked in many tokens, and it all adds up!
=^..^=
The kittens are already slightly staked in PAL and CCC but I don't plan to go much further with the tribes.
I'm also not a fan of "status updates", while it's a nice way to get some posting rewards, they tend to become meaningless all too quickly and that's not something I'd want to keep doing. I'd really prefer to keep the kittens engaged in just their non-verbal cuddling exploration.
Most tribe tokens earned with the kittens are currently all flowing back to @catnet where they get turned into STEEMP mostly for real steem growth. In all honesty, all these tribes, how long will they be with us after native steem communities and SMTs become available?! I'm not very bullish about most of the side-chain-proof-of-brain tokens to be honest.
Thanks for the heads up - I went ahead and bought 75 more CATS with the pennies I had available in SteemPeg for now and will keep my eyes on the price! :)
Personally I prefer powering up rather than short term rentals, but that's just me.
I just noticed... there's actually
CATSon the steem-engine market, too. Good you bought the right CAT! Maybe I should actually write a PSA about that?!I'm actually also in preference for long term growth instead of shelling out money for a temporary gain. But, a temporary gain can bring new gains, too and maybe that could be stacked up?!
I'll probably try take the middle route and do a bit of both.
A PSA might be a good idea! The other CATS are currently way more expensive because they're more like miners and produce KITTENS, or at least that's how I understand it. :)
I wonder if anyone has ever done math - and especially since the hardfork - about if you get a better return on the SP leasing such that you come out ahead or not?
Yeah. I noticed the CATS, too. They mine KITTENS when you stake them, which in turn can be burnt to get more CATS. I think a PSA would be a good idea lest some people get the wrong token by mistake.
If it’s possible to do a combination of the mentioned options, that would be great.I think the best option would be to power up Catnet and have him trail the kittens. I can trail the kittens with a small upvote as well, and if enough of us trail the kittens, we can achieve a high enough vote value that the bunny can finish it off effortlessly.
My reasoning behind that is that 350 Steem Power doesn't really pack much of a punch vote-wise. You'd need about 3000 SP for each kitten in order for them to cross the dust threshold on their own with no help from the bunny.
Yeap, and I'm thinking that with a leased delegation to actually dustproof the cuddles might just be in scope.
The dustlimit is just slightly above 2k as of now, so that does sound possible to be financed for several weeks to come while also leaving a healthy snack for the kittens themselves. I'll run some more numbers, but ultimately it will probably be a mix of options.
I was very glad to see my filled orders for 8K CAT tokens! Best wishes to you and the CATs!
=^.^=
It was an exciting day on the market for once :D
Thanks for all the engagement!