Hey everyone so in this tutorial I go over buying and selling on-chain Minds tokens on ForkDelta. The main motivations for doing this are being able to securely sell tokens and buying cheap on-chain tokens. We are mostly focused on the buy process for the video, but it works pretty much the same for selling too.
Two things to note:
1. On ForkDelta if you search for Minds you won't find it, you will however find "Mind" tokens which are not the correct token
2. The only way to find Minds tokens is via this currently unlisted URL: https://forkdelta.app/#!/trade/0xb26631c6dda06ad89b93c71400d25692de89c068-ETH
Also because of this I have left this link in my bio for future reference. I also have the epic resource guide which will link to this as well. You can watch the video below or go through the blog:
Now let's dive in.
So if you were to buy an on-chain Minds token from Minds it will run you about $0.15 each
When you click through the link I gave you and go to ForkDelta you will see this
You need a wallet that supports ERC20 tokens and you would likely use Metamask for that. If you don't have Metamask or know what that is go to this link first
Now if you have Metamask setup and have withdrawn your tokens from off-chain to on-chain via "Withdraw" in your wallet
Then assuming you have connected your Metamask wallet you can type in the amount you want to withdraw and you're good to go
Then when you are on ForkDelta if you are buying you would deposit ETH from your Metmask wallet into ForkDelta to acquire Minds tokens and if you were selling you would deposit your Minds tokens.
Then you would setup a new order depending on if you were buying or selling. What you want to do is look at the other orders to get an idea of what people are buying and selling it at. One thing to always keep in mind is that you can buy Minds tokens for $0.15 from Minds meaning that you will never see tokens here go for more than $0.14 and I doubt they will ever get that high. Unfortunately for sellers it means there isn't going to be a longer term value game here aside from making money off of what you earn at more or less a set rate. For you to buy Minds tokens and it be viable and actually worth doing so when incorporating gas fees, you want to buy tokens for $0.06 or less. This is because when you incorporate a $0.17 gas fee that would mean that you would need to spend 5 tokens on boosts to be able to spend less money than if you were to buy off-chain tokens from other users at $0.10 each and have no fees to spend. I'll explain the math more further down.
For the order example of buying you would set how many tokens you want to buy and then at what price and how long until the order expires. I like to have a low-ball order in case someone ever decides to just get rid of some tokens and goes for it. You can play the crypto trading game all you like at this point and at your own risk. Given you can get on-chain right now for more or less 2 cents though, it seems like a great opportunity.
So if I go to boost using these off-chain tokens I bought at $0.10 each then it will cost me $0.50 every time I do a 5 token boost.
If you decide to spend on-chain tokens it will look like this. First you want to edit your gas fee to save money.
Assuming you don't want to wait the 11 and a half minutes we will choose the 24 second transaction at a fee of $0.17. If we bought 5 tokens for $0.06 then it will come to $0.30 plus $0.17 totaling $0.47 which means you will save $0.03 every time ONLY if you are boosting 5 tokens worth. Now if you got tokens at $0.02 then you will save $0.33 for 5 token boosts and you can still save money doing 3+ token boosts. So it still depends on what you ended up buying the token for.
Then when your order goes through you will withdraw either the ETH to your wallet to spend freely or your Minds tokens to link back to your Minds account. When you withdraw them you should see your tokens update on Minds almost instantly (depending on the gas fee and processing).
Well that's it. You can see all of this in the video at the beginning too. Let me know if I missed anything or if you want me to add something to this to ensure it covers everything.
Feel free to reach out if you need help!
You can support me via:
Minds Help Center: https://www.minds.com/help/