Although we are still over a month away from Summer, it is safe to say that things are finally starting to come alive! I spent the weekend down in Ohio watching my niece play softball, I got to see my other niece for a couple of hours, I had some killer buffalo wings, and I got my first sunburn of the year (a pretty bad one too).
In addition to that, I also got some interesting news about a crypto project I have been talking about on here for a while now. More on that in a bit though...
I'll be doing a full recap of the games this weekend on my @bozz.sports account, so jump over there if you want to hear all about it. Even if you don't, I'd still check that account out. I hear the guy that runs it is pretty cool.
I'll also be doing a full recap of the buffalo wing place later this week from this account, so if you are a chicken wing fan, you might want to stay tuned for that. It's actually a pretty interesting story.
The real reason for this post today is to talk about Retik Finance again. Let's get the important stuff out of the way first. You should always do your own research when you are thinking about investing in something. You should also never invest more than you are willing to lose on any given asset. Finally, nothing I say should ever and I mean never ever be taken as financial advice.
Capisce?
In case you haven't been following along, I was tooling around on the Internet one day when I came across a very well written and persuasive article about the presale for a token called Retik. After my experience with NFTs last bull cycle, I've kind of taken the position that I have spent more money on stupider stuff, so I decided to throw some ETH I had sitting around at it.
It ended up being about $300 USD and it netted me 4370 tokens or so at the presale tier I bought in on (I think it was tier 5 or 6 at ~$.05 - $.06 per token). Here's the kicker, the tokens aren't available to claim yet, so right now it's just a promise of tokens. Apparently, I wasn't the only one who was excited about this token as all of the presale tiers sold out early to the tune of about 32 million dollars.
As I started doing more research, I realized there wasn't a lot of information about the project. Sure, they had a flashy web page that promises a lot of great stuff, but information on the team was quite scarce. Most folks on the Internet seem to think it is a scam. I have accepted the fact that I probably lost my funds but I am still curious about the project.
I jumped over to their Telegram and started following along. People are really drinking the koolaid on this one if you know what I mean. There are folks who have purchased tens of thousands of tokens (likely at a more expensive tier than me), with little to no information coming to light.
There are some mods in the Telegram channel along with a bot, but they basically just spew the same information over and over again. They also ban anyone who dares to question the project or the team behind it. I mentioned last week that I started my own Telegram channel where people can talk openly about Retik Finance without fear of getting banned.
Lo and behold, the team announced over the weekend that they have established May 21st as the launch date for the token. It also sounds like they are going to follow a "vesting" model for claiming the token. I am assuming this will be to keep people from dumping the token right away. At the very least it might minimize the impact. We should all know by now that people will absolutely dump the token. We've seen it happen a million times here on Hive. It won't be any different anywhere else.
The people who believe in this token have some lofty dreams of where it could end up. No surprise there. I've seen some people speculate that it will be bigger than Solana. I've seen other people mention a token price of $50 eventually. If the project turns out to be legit and the team can deliver on everything they promise, they could be right.
As for me, I'm not believing anything until the tokens are in my wallet and there is sufficient liquidity that an exit from the token is possible. It looks like there might be some kind of staking opportunity, so if it comes to fruition, I might take some immediate gains to cover my expense and then ride it out from there.
If it ever did reach $50 per token, I'd be tempted to take some gains at that point as well. Maybe half my stack an then wait to see if it goes higher.
Trust me, I'm not holding my breath!
I just wanted to share this little update that there have been some signs of life from Retik and it might not be as dead and rugged as we thought.
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