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Post by chalsie on Mar 16, 2018 21:45:07 GMT
I understand some of the negativity surrounding the whole transition to XNK from credits. But what I don't understand is why people think switching to it devalued all their funds. Here's why:
Pre-XNK credit value:
100,000 credits = $1.00 (I believe this number to be a good average for $1. I still use this value and I think a lot of others do too on average.)
Post-XNK credit value: 100,000 credits = $1.29 (Calculated by taking 100,000/3850 = 25.97 XNK x $0.05USD = $1.29)
People are selling $1 amazon gift cards currently for 19.99 XNK. So 20 XNK is approximately and currently worth $1. The marketplace is flooded with them and people aren't even buying them because better deals can be found on gift cards of higher dollar amounts. On the crypto market we've been keeping a pretty good average of 5 cents per XNK. So basically, for me, the change to XNK has been a very good thing. Now, if you were holding on to lots of credits and watching inflation consistently take away the value of your credits since day one and hoping XNK would make them go up a lot in value then I can understand the disappointment. But they did go up in value by quite a lot. A 30% increase is nothing to be disappointed about. And anyone who actually traded credits for XNK and then traded their XNK for 11 or 10 or even 9 cents each? They made a killing.
The really negative part of this XNK transition was how Listia pulled that 14 cent value from I don't know what logic. Maybe that's what the value should have been if tons of scammers hadn't walked away with cheating buyers who Listia had to refund (causing the rapid inflation). The people who believed in that 14 cent value and started listing a lot of expensive things with that value in mind would have lost the most in a short amount of time depending on much XNK they wanted to accumulate.
This transition to XNK though? I believe it will help Listia stay relevant. It helped some of us get a lot more for our credits than before the transition. It gave Listia lots of press and we have a lot more users registered recently which means more potential buyers and sellers. It also divided some of the currency risk (including inflation) with more people carrying the currency now than before.
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Post by cbrownfield on Mar 17, 2018 4:56:53 GMT
Chalsie, I do love reading your posts as they can be pretty encouraging. But I just can't seem to wrap my head around much of what has happened. Maybe it all changed too fast and I'm a little out of my comfort zone. But there are issues and that is not new which is why I'm the most down. From day one I converted several million credits to INK. At that time INK was supposedly worth 0.14. Almost immediately it "dropped in value". Within days it was at 0.05. (We all know the story). I lost about 62% of what I had in a matter of days if my math is correct. And that's only IF..INK was ever worth .14. (Which it wasn't). So, how much did I really lose? I have no idea. Credits were grossly inflated & INK is now deflated. I do know for sure this has not been good for me. Not yet anyway. But I won't walk away empty handed. I do think XNK will be good in the long run but that all depends on management. I have little faith in them right now. It's the small sellers who are taking the biggest hit. And there are plenty of us. It doesn't pay to sell much of anything unless it's GIN. Yesterday I watched a $100 Amazon gift card go for the equivalent of about $8.30 and a new Victoria's Secret lotion go for about $2.30. (Shipping will be $3.75) These are the auctions we see now. It's fantastic if you happen to be the kind of person who sees no harm in accepting someone else's loss. But I can't do it. I can't bid on auctions that were listed when INK was supposedly worth .14. The small sellers are suffering the most. Something positive needs to happen. We're treated differently than bigger sellers. Listia has specific rules set in place but they don't apply to everyone. The unfairness is very obvious & rampant. I'm glad this has been good for you and I hope for many others. I love your optimism and I'm going to hope some of it rubs off onto me. I have XNK outside of Listia and you never know, it could become something great. People were pretty leary of Bitcoin way back when.
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Post by chalsie on Mar 17, 2018 6:24:53 GMT
Hiya! I agree with a lot of your points. Many of you are right about the management of the Listia marketplace. They misled many Listians to believe that XNK was worth 14 cents on day one. I believe XNK was worth 3.85 cents on day one. They gave us a conversion rate of 3850 per XNK and I took that to mean that it was worth 3.85 cents. I was very confused as to why they were stating it would be worth 14 cents on the market open. But I thought well, maybe they're being optimistic and if investors pay that much it would be great for the currency and trading business on Listia. Unfortunately this had the negative effect of sellers accepting, without question, a value dictated by Listia. This is one of the exact very ways a centralized marketplace like Listia with a centralized currency can be dangerous. It's very sad because in actuality, and to Listia's credit, we all gained value in what credits we had accumulated. But the negativity of a seeming "loss" of value as seen in the XNK on the market is affecting everyone's perception of the situation. It looks like XNK tanked. But it was never worth 14 cents to begin with. Also as far as items being sold with poor ending prices, that was always seen before the transition to XNK. There will always be strange flukes where an amazon $100 gift card goes for $8.30? Man I must have missed that one. lol These variances in pricing can also have other causes such as bad or new seller reputation, bad listing ending time, poor pictures or the item just not being a very popular or trending thing. Also, everyone still values their credits or XNK differently. Within the marketplace, you might think someone did not get a fair price but maybe they had their eye on something really cheap that they wanted that no one else wanted and they just needed a bit of credits and would rather get rid of things in their home that they didn't need rather than post a gift card for easy XNK. Honestly I should really sell the things in my apartment that are crowding me out instead of listing gift cards. But I want my XNK now and Listia keeps holding my payments pending until my stuff is received, darn it. Haha So it is really hard to tell if something is worth more than what is being bid. If it was and someone wanted it then it would have gotten the bids it deserved. I will admit idk what happened with that $100 gift card you mentioned. That sounds like a fabulous deal I missed somehow, and I've been scouring the gift cards for dayzzzz!
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Post by chalsie on Mar 17, 2018 6:46:03 GMT
OOOH! One more thing. The new pricing structure for USPS first class mail packages is really cutting into everyone's profit margins. Whew! This is why I've only been listing flat items. It's barely worth the postage for a lot of things these days. Same goes for buying as well. Shipping costs are so expensive I feel like I need to buy in bulk to get any sort of deal. Sheesh! And btw, thank you for your kind words. I have my moments of disappointment and "today sucks!" outbursts the same as the next person. But then I take a step back, give myself a little time and find that most of the mountains in front of me were molehills. Life is mostly unpredictable and unexpected. At the end of the day I'd be bored if I knew what was coming. I believe every day presents us with a grand multitude of problems. Some problems are worse than others. Some people have better upgraded problems than I do and some people have much more terrible problems than I do. I just need to sort through mine and decide which ones are the /most/ important and move past the rest. Although at some point I'll need clean clothes so I guess I'll "have" to wash a load right? lol
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Post by dan on Mar 18, 2018 7:30:31 GMT
Chalsie, I do love reading your posts as they can be pretty encouraging. But I just can't seem to wrap my head around much of what has happened. Maybe it all changed too fast and I'm a little out of my comfort zone. But there are issues and that is not new which is why I'm the most down. From day one I converted several million credits to INK. At that time INK was supposedly worth 0.14. Almost immediately it "dropped in value". Within days it was at 0.05. (We all know the story). I lost about 62% of what I had in a matter of days if my math is correct. And that's only IF..INK was ever worth .14. (Which it wasn't). So, how much did I really lose? I have no idea. Credits were grossly inflated & INK is now deflated. I do know for sure this has not been good for me. Not yet anyway. But I won't walk away empty handed. I do think XNK will be good in the long run but that all depends on management. I have little faith in them right now. It's the small sellers who are taking the biggest hit. And there are plenty of us. It doesn't pay to sell much of anything unless it's GIN. Yesterday I watched a $100 Amazon gift card go for the equivalent of about $8.30 and a new Victoria's Secret lotion go for about $2.30. (Shipping will be $3.75) These are the auctions we see now. It's fantastic if you happen to be the kind of person who sees no harm in accepting someone else's loss. But I can't do it. I can't bid on auctions that were listed when INK was supposedly worth .14. The small sellers are suffering the most. Something positive needs to happen. We're treated differently than bigger sellers. Listia has specific rules set in place but they don't apply to everyone. The unfairness is very obvious & rampant. I'm glad this has been good for you and I hope for many others. I love your optimism and I'm going to hope some of it rubs off onto me. I have XNK outside of Listia and you never know, it could become something great. People were pretty leary of Bitcoin way back when. It was tiered at .03 for every 1 xnk - winner won less than a $5 amazon
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Post by chalsie on Mar 18, 2018 9:25:04 GMT
Ohhh! Now I remember that gift card. That's right, there was a tiered one that was listed with $100 in the title but was actually tiered when you clicked to read about it. Good catch Dan!
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natahoa
Junior Member
Long time LIstia user. Ink investor.
Posts: 73
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Post by natahoa on Mar 18, 2018 13:32:56 GMT
If anyone is interested I've starting listing my beads and findings on Etsy. I am listing everything in bulk ... one listing for all I have. So far I've slogged through the process of listing all of my silver-plated spacer beads, 3mm, 4mm and 6mm ... more than 2,000 in all. Buyer takes all. I'm pretty sure this is the link to my shop and listings: www.etsy.com/shop/natahoaI find Etsy difficult to use but have not really invested a lot of time learning to use it. At this point I just want to sell off my inventory there, if I can. If you are an etsy user and have any tips or ideas for me, let me know!
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Post by cbrownfield on Mar 19, 2018 4:12:17 GMT
I do see now where the $100 card was tiered. I feel so much better!
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Post by cbrownfield on Mar 19, 2018 4:34:55 GMT
Natahoa, Thanks for the info on your etsy auctions! I will check it later on Monday. I couldn't do a single thing the whole weekend because we were swamped like never before at work. UGH!! But I'm home now and in my comfort zone. Good luck too!!
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natahoa
Junior Member
Long time LIstia user. Ink investor.
Posts: 73
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Post by natahoa on Mar 19, 2018 14:06:41 GMT
Natahoa, Thanks for the info on your etsy auctions! I will check it later on Monday. I couldn't do a single thing the whole weekend because we were swamped like never before at work. UGH!! But I'm home now and in my comfort zone. Good luck too!! Thanks! I'm using the new thread I started on the Trading Post discussion re: my Etsy listings. So far I've got about 10 items listed there, but let's use that "trading post" thread for that. I saw Lisaburk's really great jewelry listing and noticed a lot of questions on there about Ink. She is answering those comments but doesn't realize people can't use the app to either convert to Ink OR cash out credits. And she wasn't aware of the changing "market rate" for Ink ... so I posted a few comments and she didn't like it. It is so pointless. That's the last of my efforts on Listia. Ink dipped BELOW 4 cents over the weekend ... "market rate" is supposedly around 9 cents on Listia but LIstia makes NO effort to communicate or explain. The chatter on Telegram is more and more about how difficult LIstia is to use, but the admins there won't address it. it's impossible to realistically sell on Listia using it, for me. I wish everyone using LIstia the BEST of luck. I hope they are not losing their shirts out of ignorance. I'm done with all of that and just trying to empty out my inventory on Etsy. See ya on the "trading post" thread!
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Post by cbrownfield on Mar 20, 2018 1:29:20 GMT
Natahoa,
That's too bad Lisaburk doesn't realize how helpful & kind you really are! I TOTALLY appreciate everything you've done for me. Currently I am locked out of Coinbase because of some 2 step verification thing that I don't recall setting up & was never asked for until yesterday. I have no access to my ETH until I get this reset. Having a new phone doesn't help matters either. I guess I'll head out to buy a webcam to try & prove I'm me!
I still have 7 auctions up for GIN on Listia. They'll probably just run the course & I'll keep them as gifts as I'm not going to lose them in regular auctions or lower gins. Such a waste of time & money with that.
I saw yesterday on BitUniverse that XNK was super close to being below 3 cents and I wondered what happens if it goes to zero. Or can it? I don't understand enough to know. Would we still have the XNK but it would just be worthless until if & when it went up again?
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bid1
Junior Member
I feel more like I do now, than I did when I first got here.
Posts: 67
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Post by bid1 on Mar 20, 2018 1:40:39 GMT
cbrownfield, who is complaining about natahoa? Why, I'll, I'll... I'll open up a six pack of whoop arse on 'em, and I'm just the guy who can do it, too. You can use webcams to prove your ID, really? And as to those 7 auctions, I searched "cbrownfield" and it comes up zero. Speaking of zero, I think when that happens, it's all over, even the song of the fat lady won't save it. Come to think of it, that IS the fat lady's song. "U LOSE...lalalalaaaaa". From what I read though, it's doubtful it'll go to zero, there was some kind of funding up front, I think. And I think these things do that, they cycle up and down, thus creating a kind of market cycle for investment. If you want a challenge, look up bitcoin mining and then come back here and try to explain that in 4 sentences.
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Post by cbrownfield on Mar 20, 2018 5:38:38 GMT
Hello bid1. You and I must be the only night owls here. The person I was talking about was someone Natahoa mentioned in her post. I was replying to that. But I like your solution! You can find my auctions by going to bottom of Listia page in the grey area & click on "Find a member". Then type in my name as it is here. OR just go here: www.listia.com/profile/8740641I just ran to Walmart & bought the webcam. UGH. Yes, I can supposedly retrieve the authentication info by taking a webcam pic of myself and drivers license. Then wait 24-48 hours. I hope it works as I'll then be super proud of myself for doing it without help. BUT, I really hate zapping my D.L. to gosh knows where. I couldn't explain Bitcoin in 4 lifetimes let alone 4 sentences. But it is interesting!! I just wish my brain was 23 years old because that seems to be a necessary part of the fraction.
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natahoa
Junior Member
Long time LIstia user. Ink investor.
Posts: 73
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Post by natahoa on Mar 20, 2018 11:23:33 GMT
Natahoa, That's too bad Lisaburk doesn't realize how helpful & kind you really are! I TOTALLY appreciate everything you've done for me. Currently I am locked out of Coinbase because of some 2 step verification thing that I don't recall setting up & was never asked for until yesterday. I have no access to my ETH until I get this reset. Having a new phone doesn't help matters either. I guess I'll head out to buy a webcam to try & prove I'm me! I still have 7 auctions up for GIN on Listia. They'll probably just run the course & I'll keep them as gifts as I'm not going to lose them in regular auctions or lower gins. Such a waste of time & money with that. I saw yesterday on BitUniverse that XNK was super close to being below 3 cents and I wondered what happens if it goes to zero. Or can it? I don't understand enough to know. Would we still have the XNK but it would just be worthless until if & when it went up again? Two step verification means you must verify your transaction on another device. I use my phone with an app called Authenticator. When you use coinbase you also must open authenticator and put in the code. The authenticator code changes every 10 seconds so it is always fresh. So try that.
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natahoa
Junior Member
Long time LIstia user. Ink investor.
Posts: 73
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Post by natahoa on Mar 20, 2018 11:30:15 GMT
Hello bid1. You and I must be the only night owls here. The person I was talking about was someone Natahoa mentioned in her post. I was replying to that. But I like your solution! You can find my auctions by going to bottom of Listia page in the grey area & click on "Find a member". Then type in my name as it is here. OR just go here: www.listia.com/profile/8740641I just ran to Walmart & bought the webcam. UGH. Yes, I can supposedly retrieve the authentication info by taking a webcam pic of myself and drivers license. Then wait 24-48 hours. I hope it works as I'll then be super proud of myself for doing it without help. BUT, I really hate zapping my D.L. to gosh knows where. I couldn't explain Bitcoin in 4 lifetimes let alone 4 sentences. But it is interesting!! I just wish my brain was 23 years old because that seems to be a necessary part of the fraction. Take the webcam back and don’t use it. Those are terribly insecure. If you have a laptop or tablet with a webcam you should put a piece of tape over it. Hackers can use it to see what you are doing in your home. Carole please use the authenticator app I described. NOT a webcam!
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