The Current Crypto Bloodbath Highlight’s a Need for Cryptos Like HODLit
Good morning to all my fellow Cryptonians, did I say good? And did I say morning? I’m sorry, what I meant to say was bad bloodbath to all my fellow Cryptonians!
As I am sure you are all aware, the entire cryptocurrency market is currently going through one hell of an intense dip and bleeding out faster than a chicken in a halal slaughter house. While many of the cryptoverse’s more seasoned investors will automatically go into HODL mode, where they summon the grip of a five year who refuses to relinquish their new toy, many of the industry’s newer members will, no doubt, be running off to the nearest exchange to sell off their holdings in an attempt to cut their losses and stem the flow of claret, so to speak.
There’s the problem, weak hands. I want to start by saying I am not having a go at people for selling their assets. Some of us have different outlooks, and I understand that, people are also autonomous and entirely within their rights to do whatever it is they see fit with their finances, I also understand that. The problem is the fact that people are entering the crypto industry hoping to get rich quick and are exiting the industry as quickly as they entered it at the sign of a dip.
The Solution? HODLit!
Those of you who are regular readers of this website will, no doubt, be aware of the recent airdrop campaign from crypto startup HODLit who are aiming to stem the bleed outs of Ethereum by rewarding users who hold their Eth.
The way in which the HODLit airdrop was conducted was by asking anybody who held at least 0.21 Ethereum tokens in a personal wallet to interact with their contract, which logged the amount of Eth they held and the public address they held it in.
Participants were then required to prove they had the same amount of Ethereum when the airdrop closed at 8PM GMT on Wednesday the 7th March 2018 to then begin the HODL phase of the drop. This is where I believe the HODLit coin get’s its value.
Once they had been accepted onto the airdrop program users entered what the HODLit team call a Proof Of Hodl (POH) period and required users to essentially stake their Ethereum for 7 days before they receive their payout. To add even more incentive for users to continue holding onto their Eth the HODLit team will continue to reward holders on a weekly basis with their HODLit token.
Stop the FUD, Stop the Blood
As we all know, the reason these bloodbaths happen is FUD (Fear Uncertainty or Doubt). The reason for the FUD changes every time but the certainty is that it is always FUD, and it is through this users create what is pretty much a chain reaction.
The reason I say it is a chain reaction is the fact that when one user sells a large chunk of any currency below the current market value it drives the price down and then, paradoxically, other users see the large trade, and think the world is about to end, so they also sell, creating a knock on effect.
The way in which the HODLit POH method could well assist with stemming the Ethereum bleed-outs is by gaining a substantial value itself. If users are seeing FUD about Ethereum, which causes the price to drop slightly, they will be less inclined to dump their Eth if they know they are going to be getting paid for holding onto it and the payment they are going to get is going to be greater than what they stand to lose from the value of their Eth.
While the initial HODLit airdrop registration has ended you can still visit their website for more information about the project. PErsonally I am unaware if they will be conducting registration again soon, in an attempt to get more signups, but I would imagine so. Anway, info is on the link below.
Click here to go to the HODLit website
Please remember that this article is not to be taken as any form of investment advice and that you should do your own research before investing your hard earned cash into anything. We would also like to remind you that Something Decent is not in anyway responsible for the distribution of airdrops, bounties or giveaways unless it is stated that we are personally conducting them