Some of the reasons why I started this challenge

Some of the reasons why I started this challenge
Photo by Joshua Earle / Unsplash

Yesterday Bram tweeted something which reminded me about some of the thoughts I had when starting this challenge.

I'm not sure who was freaking out - the current situation was completely predictable.

Nobody knows what anything is worth

Since we are in the very early days of CATs there is nothing in place to provide an accurate price.

The closest we have to price discovery is offerbin and but the volume is really low.

Here is a screenshot of the OKRA discord where we can see wildly different prices being suggested in a matter of minutes - OKRA is already listed on Hashgreen.

Nobody has any idea what anything is worth.

Most of these people are trying to flip the CAT they just picked up for a quick buck.

Not long after this screenshot was taken my offer of 2,000 OKRA for 0.1 XCH was accepted

We are early which means most projects are quick and easy to launch

Most of the recent activity started up when Chia Network held the AMA with the demo of offer files. That was less than 2 weeks ago.

The projects that have been created since then are things that can be thrown together quickly; pick a logo, spin up a discord server, maybe even a website, done!

It takes time and money to build something good.

We are arguably in a crypto bear market

The wider cryptocurrency market is down. This further reduces volume and can lead to greater volatility.

For developers it's the perfect time to build things - especially on Chia with things like the Clovyr developer challenge coming up where you can win cash prizes for 24 hours hacking around with Chialisp!

Things to look out for

Expect to see teams of developers with experience shipping products on other blockchains coming over to Chia.

We already have two examples of this;

  • Flexpool - Pivoted from Ethereum mining pool to Chia farming pool
  • Stably - Has released stablecoins on multiple chains

Pay extra attention to any CATs or NFTs that come from teams with this kind of background.

My strategy

  • Pick up a bit of everything
  • Pick up more of something if it shows some amount of potential
  • Don't completely sell out of anything
  • Look for crazy arbitrage opportunities - this is the wild west and they exist everywhere
  • Expect 99% of the portfolio to be worthless in 6 months. Out of the remaining 1% there might be some winners that 1,000x
  • Diversify into NFTs, DAOs, or anything that other people might expect to have some kind of utility value
  • Treat this situation as time limited - eventually people will catch on and the opportunity will be reduced - the time to act is now!

Current portfolio breakdown (gross)

CAT Amount Description
SBX 717 Meme coin that promises to be galactic internet money
LKY8 8,300 Meme coin with a lower supply than Spacebucks
MJV 200 Provably fair betting game built on the Chia Blockchain
ROSE 20 Platform token developed by Chives
XIP 1,750,000 A coin that "has absolutely no monetary value"
CSH 10,000 The first CAT in the CryptoShibe collection
CSHP 579 The more exclusive cousin of CryptoShibe Gold
BAKL 2,746 Part of the future PecanRolls ecosystem.
BUNS 20,000 Part of the future PecanRolls ecosystem.
CKC 2,510 A coin for lovers of classical jazz and smoke-filled bars
SPTN 0.1 A reward for those who promote other tokens with the greatest conviction
XSHIB 17,262 SHIBgreen fork CAT.
TTT 50 Can be used for discounts on Tiny Tardigrade NFTs
FU 1 Wake up sheeple! It's not just a flat earth, it's a Flat Universe!
XIPM 10.255 Limited supply coin for fools gold community members
GTH 1,000,000 I don't even know
XCH 0.10011111111 The rails for the internet of markets
SM1 1 Space Marmot Premium which can one day be used to mint an NFT
MMT 1 A golden ticket, issued by the Marvelous Marmot King
XCH -0.023 Collateral pledged to borrow USDS
USDS -230 Borrowed and used to buy Space Marmot Premium

I have sourced another CAT related to a (non-marmot) NFT but am leaving that until the next blog post to cool down from the recent NFT mania that has taken over this blog.

As always, I'm open to any trade offers sent to or on twitter!

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