Bitcoin Forum

Hi Guys,

I have been staking my USDT coins in Phala network for 48 hours and it was a huge amount worth of $50000 and i have lost around $200 in last night. It's the first time i lost this much in a such period of time.


Is there anyone who is aware about PHA network and why its suddenly plunging?

Ref: https://coinmarketcap.com/currencies/phala-network/



Regards,
Playwithntc,
www(.)thricebtc(.)com

It's a very big bet, but if in two days you only lose $200, I think you still have plenty of time to recover it with the remaining capital, because the amount lost is still not much compared to the capital you used, although I myself really wonder why you dare to use that much capital on the PHA network.

It was showing high yield in binance so has a risk but i think my luck is not so good. Is there any other network you trust on? In last 2 hours it went upto -$270.

More like a pump and dump scheme. If you look at the price chart for the last month. You should be able to get a clue on what's happening and where the price is headed soon. If I were you, I would have opted out of the network a while back. It's not worth staking on a network that threatens to become worthless at any time.

https://talkimg.com/images/2023/05/14/blobc876174b817c2d3c.png

To bet with 50k $ (despite the statut of the coin itself), i think it's normal to have a loss of 200$ by a small price decrease. If you have won 200$ in 48 hours, would you get the same doubts after you loss?
Don't expect veteran members to give you investment advice about which coin you should give it a try, unless for bitcoin or ethereum. Personally, i don't advice you to invest money that you can't afford to lose and not to trust almost all the ERC20 tokens, they are all hyped.
I support the opinion of Jerome that you are getting a high risk by investing big money in unknown projects followed by hype.

I think you did't see the chart and you put your all egg in one basket, its very risky trade,  always invest what you can afford to loss.
I don't know why you invest a huge ammount in this type of coin why you not invest in bitcoin or ETH, BNB, ADA etc.
Always invest in trusted coin.

That's true through! Any suggestions for any altcoins?

Regards,
playwithbtc,
thricebtc.com

This list contains the top 100 altcoins in the market by marketcap: https://coinmarketcap.com/ I think you have already see some of them (btc usdt ...).
Choose some of them and dyor about its growth potential in a determined period of time. Estimate the price + potential benefits. Buy and hold. Unless you are looking for other methods of investment, the top 100 altcoins are almost honest projects with products.

The token value goes down, and that means your $50,000 goes down. $200 is a pretty low drop and don't worry too much because maybe next week your amount will increase. That is the fluctuation of the token value of the project. You will still profit from placing your coins in the protocol.

What do you mean by 'placing coins in the protocol'? Do you refer to phala network?
The issue with Op isn't that he lost 200$ value, but that he placed a big money in project who is in risk to lose all his value in a tin of air. He is here to ask about which project to invest in and seems not taking too much care about where he will put his money. My advice for him was only betting on one of the top 100 alts cmc with big money or he can split the budget into several projects to cover the loss that may happen in one of them.