To those who bought Png for 15+ $

So guys, I am a Pangoliner myself and I am delighted that I can share my remorse somewhere to people who could understand.

So, I was an early joiner to the Pangolin environment. I started my journey with a great mistake. I swapped my 80 BNBs with a rate of (1 AVAX= 0.26 BNB) to AVAX (this rate decreased to 0.12 in a single day and is currently 0.11). So this can give you an idea of how this terrible story started. I then swapped my 3,700 ADAs to AVAX (which was 0.86$ when AVAX was 38.5$) and 4,000 TOMOs (which was 2.05$ when AVAX was 38.5$).

My AVAXes totaled 644 and I was very excited to join my first DEX and earn “interest”. Then I tried many different liquidities to earn good amount of PNG because just after I provided liquidity the rates dropped significantly so I had to spend some serious transaction fees each time. Also during my initial two days PNG price was going up like nothing else. It was initially USD 5, then 7, then 12 etc. Having witnessed its crazy increase, I decided “wtf. Why don’t I go all the way in and pair my then very valuable (40$) AVAX’es with PNG”. Because the other coins weren’t increasing just like PNG. Then I swapped my 40$ Avax’es to 15$ PNGs. My stupidest mistake as a 27 year older.

I quickly realized what a stupid mistake I made. PNG price dipped to 3$ and is currently close to 5$. So this is my tribute to this system. If you made any profits from Pangolin, please know that it is thanks to stupid me :slight_smile: I lost more than half of my capital right at the beginning having swapped my BNBs for Avax and the other half by believing in PNG. So my possible 30-ish thousand is now 11 thousand (and going further down).

Having lost this fortune (considering my economic position), I find myself in position to have some comments and suggestions. This system is somehow corrupt, in that it does not reward me for having believed in PNG and I still get the same amount someone gets having paired AVAX with reputable coins such as LINK, ETH, AAVE and UNI. This is outright stupid. I deserve more respect for having trusted in a coin with no past. PNGs need better price balance mechanisms yet people still talk about airdropping more PNGs to people who have not lost a single dime to fund this system. Put yourself in my shoes and imagine buying a coin for 15$ and seeing other people receiving it for free then burning it using AVAX-PNG liquidity that I provided.

I loved the idea of Pangolin. I still hold my PNGs and AVAX. But this was a story of one-sided love and big regrets. Still, I believe in this Pangolin’s potential. I was a martryr to this cause but I still have vested interest in its future success. I know there are some people out there who have had similar experiences. I wanted you to know you were not the only ones.

For every PNG you buy for a price below 5$, remember that there was a guy who bought the same stuff for 15$. You can see each of my mistakes perusing my sad wallet and take lessons from it:

0x2b92f278ab4E7af63f0799002227DeF528821F56

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shoric, the system do reward people who trusted PNG, but this reward is not instant, as opposite to what you’re looking for. Yes, your current asset evaluation maybe half of what it was couple months ago, but have you considered the possibility that the assets that you had at that time could have been on their peak, and AVAX+PNG is just starting?

Have you considered AVAX and PNG prospects for a year? None of those things are guaranteed though, in the end, it’s all about how much the community trusts those initiatives and give back to it, and believing you are funding other peoples profit is just bad for the community, I’d prefer to think that you bought AVAX really cheap(37USD unit), given it’s possible price in the next 2 years.

Now don’t let this experience to stop you from learning from your mistakes, could it been better? Yes it could, you could dollar cost average it, you could spread all your investments in many LP to be less vulnerable to rewards shifting, and you could just be patient overall.

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I don’t understand the point of this thread at all.

Cryptos are volatile, I think the media, regulators and nay-sayers are doing a good job making sure everybody knows this. I find it hard to believe that you as a BNB and various other tokens holder, didn’t know this.

What exactly was the objective for you in purchasing PNG ? From your messages above, it doesn’t sound like the goal was to take part in the governance mechanism, to further the platform or doing anything related. When you are in the game to make a quick buck at the expense of others, it’s normal to get burned yourself occasionally, no offense.

On the bright side, and funny enough in your case, the jury is still out, so the verdict may end up being favorable still. Hang in there!

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Dear Danilo, thanks for your kind reply. My tone was a bit dark maybe, but I genuinely thank you for your consolation and valuable thoughts. I absolutely believe in AVAX’s and Pangolin’s potential just like you do. First and foremost, this system feels truly democratic and honest. That’s why I also wanted to demonstrate that someone can write this kind of a story in Pangolin’s own forum :slight_smile: The only rug that can be pulled here is our own rug. I rugpulled myself artistically.

Please also note how perfectly unlucky I have been, it is sort of poetic. Some people could empathize if they had similar experiences. It somehow meant to happen:) Seeing other people like you in this community gives me great hope and the project itself is a great indicator of future success. I am sure that I will be rewarded for my trust and initial sacrifice at some point. I do not support this system solely for monetary purposes but also for what it represents.

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Welcome to Crypto! :slight_smile:

The good news is that you have analysed the mistakes. That’s the first good step. It won’t stop you making more mistakes in future but at some point, you become really shrewd and ruthless and stop trading on emotion. The bad news is that sometimes it can take more mistakes and more losses before the hard lessons are learnt.

Some basic tips:

  1. Don’t chase pumps - if you missed one train, in this market, there’s sure to be another - do some research, try and find a gem with a strong team and good story to tell. And bide your time. In this market, that can often be enough.

  2. Have a plan before you enter a trade - are you holding or day-trading? What is your exit strategy? If you don’t have an answer to those questions, you will lose every time as your “strategy” will change as the emotions kick in.

  3. Be careful with penny stocks - cheap cryptos can do 10X but often go to zero as quick as they went 10X. Check the order books - that can tell you whether there is healthy trading to sustain the price or not. A lot of those cheap cryptos look attractive but are actually lots of small orders or wash trading.

  4. Don’t go “all in”. That’s only for blackjack or roulette. Come up with your plan for crypto investment.

  5. Don’t forget the tax implications. More trading = more tax. And keep notes of your trades somewhere - Pangolin doesn’t have transaction exporting yet.

  6. Don’t get salty with a project - it’s bad juju and clouds your judgement. Time to move to another project or investment fast.

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This is a weird post, I accept it. Since this forum is a newly-born baby I wanted to give it some personal flavor with my stupid experience on Pangolin. You are absolutely right noting that every move you make, we take our own risk. I was a bit too excited to buy PNG but I did not want to make a quick buck. I wanted to genuinely become a true contributor to AVAX Environment after having researched on what it represents. I also fell in love with PNG because no developer was allowed to hold any. My stubbornness caused me trouble so far, but I am extremely supportive of AVAX and I will hold until I get liquidated.

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That’s some great advice Pablo. I felt greedy the moment I entered the PNG space. Every time I had that feeling in my gut as if I was stealing something, I lost significantly. That was a very teaching experience for me. I now focus more on what projects represent and whether they have any uses in real life scenarios. AVAX is making great progress on that end and I will be happy to have contributed in its success no matter how much I lose in total. Please do know that I am one of the people who will support the AVAX ecosystem no matter what. Better lose than earn in cooperation with the devil :slight_smile:

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Shoric,Bro I am in the same train with you. I did the exact things. Don’t worry. If you wanna hug I am here. But we should hold I think.I am holding mine. Lets see if this train is going to up or down.
Cheers.
A guy like you.

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I knew there was someone out there who did the same stuff:) Let this be our worst day, and let the future reward us for having trusted in the right project and the right coin. PNG to the MOON!!!

Its called Bagholding bro and if your hands are strong enough to hodl you will maybe break even soon.
always remember the losses are only real if you actually sell.
godspeed.

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You arent unlucky you are just a bad trader extremely susceptible to fomo. Be honest with yourself about this or you’re always gonna be a bad trader.

This summary sure shows how badly I traded. But, I did not do it for the sake of FOMOing. Maybe my PNG move can be interpreted like that, but I was extremely excited right after I realized how good Pangolin worked. It was quite unlucky that I did not try Pancakeswap first, because if I did so I would have realized that there is a strong competitor to Pangolin and it was cheaper and less risky (considering their high liquidity and Binance backing). I did not make enough research and committed my full investment to a new project. This is a good lesson to all, and I paid for this lesson.

But, on the bright side this was the first time I was not in it for gains but for supporting a project I believed in. Yes, I lost significantly, but I still feel proud that I lost this amount for supporting a promising decentralized project. Only time will tell whether this project becomes successful but I am still hopeful :slight_smile:

Pancake swap runs on BSC which is a group of 20-30 permissioned servers, there’s nothing decentralized about it. There would be two reasons to buy PNG, use it as a liquidity pairing or because you think it’s going to moon. So which one are you? This is an embarrassing post to make bro, nobody buys the top because they want to “support the project”, they buy the top because they think its taking off into the atmosphere.

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Well, BSC is definitely not decentralized, but it performed considerably better than my investment to Pangolin in the short term. I did not compare Pangolin with BSC, and I was stupid to do so. If I had made my research and checked out Pancakeswap and BSC in general first , I would have realized Pancakeswap is cheaper and as fast as Pangolin with better backed currencies (Pancake vs. Pangolin). This would show me that Pangolin is not one of a kind and already has fierce competitors in BSC.

On my PNG investment, btw., I used it to pair it with my AVAX having totally believed in this ecosystem and I did not think PNG would decrease this significantly, since in its first days Pangolin DEX performed superbly and attracted nearly 200M+ in liquidity which was absurd. It was all looking optimistic. Then the market started fluctuating and the liquidity levels in Pangolin DEX started dropping and PNG price melted drastically to 1/5 of its initial rate. It went from $19 to $3 in such a short period. Since this is not a CEX but a DEX and is hence a smaller environment, I could not foresee such a big drop in price in such short notice. It is not comparable to buying XRP or Dogecoin after speculative market trends. That’s why I think you are being unfair to my choices. But, anyway I lost dramatically, so I deserve such hostile comments…

For the record, I don’t think you deserve hostile comments for your choices. Crypto is a very volatile space, and If someone thinks he has figured it out, than he most probably hasn’t at all. For avax to drop that much in one day is not so much avax losing value, but bnb gaining due to the rush into defi protocols over there I guess. For PNG to fall from 15 to currently 4 or whatever is more or less bad luck I would say. No one knows how a new token will perform in the very beginning. And it is still to early to tell how the avax-network will perform overall. BSC was the first ecosystem besides ETH to implement defi protocolls, which was very easy to get into and use (and also very cheap and fast). Avax is behind in that regards, but the potential for a similar ecosystem is there, at least if you ask me (not a financial adviser though) - we will see in the future.

But what I think is important to consider is the position size of investments. The crypto space is risky, but adopting early projects is risk squared, so investment size should be adjusted accordingly and I would never go all in on a new project.

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Ijoschek, thank you very much for your very friendly advice and comments. This space is relatively new and no one can always foresee what might happen here. I have done some personal mistakes, as I am sure many others also have. No system can allow everyone to win, there should always be some that lose so that others win. I fully support your view that no investor should commit all of his fortune in one asset. I made that mistake, and saw for myself how risky that might be.

Your summaries on BSC, Avax and ETH are also very educational. I am, as many others are, critical of BSC’s centralized structure, but if we only condemn it for its nature and not take lessons from it, we will lose significantly. They have built a quite user-friendly ecosystem with very low fees (from my experience yield farming on Pancakeswap costs $1-2, whereas the same costs $15 on Pangolin). Also, each time you withdraw, you pay significant amounts on Pangolin, so the overall experience feels a lot more expensive than BSC. I hope that developers here are aware of this problem and are working to solve it so that we as Pangolin can compete with BSC and Pancakeswap.

@dasconnor has mentioned this in his previous posts, and I think the fees will be lowered once Avax receives some updates. Maybe he can also inform us if he can spare us his valuable time (many thanks for your efforts to develop this space btw.). The other major problem here is that PNG holders do not get more rewards than others who only pair there AVAX with other major currencies. Any inflation to PNG’s price will work in favor of this space and PNG holders deserve some credit for backing up its value IMO. It is great to be a Pangoliner and I hope we will make this place the most advanced, user-friendly and attractive crypto space.

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Stop being shortsighted. It’s like if you invested in Avax at 5$ at the beginning. It tanked to 2.8$ before going to 59$ and then consolidating at 25+. It’s still 5x in like 5 months if you held since the launch. I know the multiples aren’t a perfect comparison, but you really just bought the hype and you got burned. PNG started around 3-7$.

Pangolin is going to follow Avax in the long run. Think long term, keep mining PNG and you’ll make profit at some point because it’s one of the best DEX.

We are gonna have TrueUSD added to pair with soon, governance will be enabled, then other ARC20 tokens are going to happen and who can predict the price then?

If you were that bullish at the beginning, you should still be and re-invest if possible at lower prices. Also, PNG to AVAX ratio always was between 0.1 and 0.3 PNG/AVAX. You need to stop comparing to USDT that much. If AVAX goes does, so does PNG. Who thinks Avax is gonna be lower than 30$ at the end of the year? Not me at least…

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hi my friend, @shoric
first of all i come to you with a big hug,there is no one who understands you better than me.
I’m with you as an idiot of the same age as you and who made the same mistake as you.
we loved the same girl and it ruined us both. :sweat_smile:

I want you to know that you are not alone. I came here spending BNB like you.
I hope the avax will make a nice increase and we get out of here hand in hand.

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  1. Don’t go all in in stuff you don’t understand.
  2. Stop trying to get rich quick, hodl and chill.
  3. You losing money, made you stop loving the idea of pangolin? what kind of strategy do you have?
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I am also Avax/PNG lover. Fall in love with platform the day I started to use. I also bought Avax when it was 40 and PNG 15. Then it was free fall but I keep buying as it goes down:) I bought png yesterday from 3.70…

I think investing in coin for quick gains does not work. You have to believe in it and you have to keep investing but you also have to act actively in governance. We all have to be active in governance. The beauty of this project is that NO coins issued for investor, for team, for developers. It is 100% owned by community. Total supply is capped in 530 mln and 50% of it will be distributed in next 4 years. it is 1/4 of uniswap total supply. So it is all good signs that it will rocket in next couple of years…may be months…We need to hold!

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