What I did with XCN

Key Concepts

• XYN (XCN): A cryptocurrency project discussed in the transcript.
• Investment Strategy: The speaker's approach to investing in XYN, including entry points, scaling in, and taking profits.
• Transparency and Doxing: The importance of project teams revealing their identities in the cryptocurrency space.
• Justin Sun Accusation: A significant event where Justin Sun accused the XYN team of fraud.
• Exchange Delisting/Partnerships: The impact of exchange decisions and partnerships on cryptocurrency prices.
• Market Cycles: The recurring patterns of price increases and decreases in the cryptocurrency market.
• Community Sentiment: The reactions of the crypto community to the speaker's advice and project developments.

Investment Journey with XYN

The speaker details their personal investment journey with XYN, highlighting specific price points and their decision-making process.

• Initial Investment: The speaker first invested in XYN when it was priced at a quarter of a penny ($0.00025). This information was shared with their newsletter subscribers.
• Downturn and Re-evaluation: After the initial investment, the price dropped to $0.002 cents. The speaker then advised their audience to consider looking at XYN at this lower price.
• Scaling In: When the price rose to $0.003 cents, the speaker "loaded up," indicating a significant purchase. They emphasized their commitment to honesty and integrity by disclosing their purchases to their audience.
• Market Reaction and Skepticism: Some individuals misinterpreted the speaker's disclosures as an attempt to "pump their bags" (artificially inflate the price to sell at a profit), which the speaker dismisses as a lack of understanding.
• Significant Price Surge: Following the loading up phase, XYN experienced a substantial percentage increase to $0.0003 cents. The speaker then "loaded up" again.
• Traction and News: After a period of waiting, traction began to pick up, evidenced by increasing volume. Subsequently, positive news stories emerged, leading to a significant price run.

The Justin Sun Controversy and its Impact

A pivotal moment in the XYN narrative was an accusation of fraud by Justin Sun, which had a dramatic effect on the project.

• "Bad News for XCN" Video: In early March or late February, the speaker released a video titled "This is bad news for XCN." By this time, investors had already seen a 2,200% return, with the price reaching just over $0.045 cents.
• Justin Sun's Deal and Accusation: The speaker notes that XYN had made a deal with Justin Sun. However, Justin Sun subsequently accused the XYN team of being "frauds."
• HTX Exchange Involvement: Within 24 hours of Justin Sun's accusation, HTX, a major exchange, announced a deal with Justin Sun. The speaker found this development "disgusting."
• Community Backlash: The speaker's "bad news" video was met with strong negative reactions from the community, with people calling them an "idiot" and cursing at them.
• Lack of Doxing and Speaker's Concerns: The speaker expresses concern over the XYN team not doxing themselves (revealing their identities). They had been in direct messaging contact with the team, seeking interviews and news, but were denied an interview. This lack of transparency, coupled with the Justin Sun situation, led the speaker to "see the writing on the wall."
• Profit Taking Strategy: Due to the unfolding events and the lack of transparency, the speaker announced to their audience that they were taking "50% off the table" (selling half of their holdings). This announcement was made in a free video and reached approximately 80,000 views.
• Price Decline: Following the speaker's profit-taking announcement, the price of XYN held above $0.04 cents for a few days but then entered a "slow downward spiral."

Subsequent Market Cycles and Investment Strategy

Despite the significant downturn, XYN experienced another cycle of growth, and the speaker adapted their strategy.

• Price Drop to Under a Penny: The price of XYN eventually fell to under a penny.
• Re-entry Strategy: The speaker advised their trading group to start buying XYN again when it reached these low price points (a penny and under).
• New Growth Cycle: A new cycle began with news about "Goliath" and other "incredible stuff," causing the price to take off again. The speaker's traders profited from this resurgence.
• Holding Remaining Position: The speaker held onto the remaining 50% of their XYN stack until just two weeks prior to the recording of the video.

Key Arguments and Perspectives

• Importance of Transparency: The speaker strongly advocates for cryptocurrency projects to be transparent and for their teams to "dox" themselves. The lack of doxing in XYN was a significant red flag for the speaker.
• Integrity in Disclosure: The speaker emphasizes their commitment to honesty and integrity by openly sharing their investment decisions, including both purchases and profit-taking.
• Market Volatility and Opportunity: The transcript illustrates the inherent volatility of the cryptocurrency market, where significant gains can be followed by sharp declines, and new opportunities can emerge from seemingly low points.
• Community Misunderstanding: The speaker highlights how their transparent approach was misunderstood by some in the community, who accused them of manipulative practices.

Notable Quotes

• "I wanted to do everything uh honestly and and with integrity. So I told everyone I bought a little bit."
• "Some people thought I was trying to pump my bags. They're clueless."
• "And then all of a sudden the news stories came out and this project started really running."
• "This is bad news for XCN."
• "And Justin Sun accused them of being frauds, and no joke, within 24 hours, guys..."
• "And I said, 'That is the most disgusting thing I've ever heard.'"
• "Look, I'm taking 50% off the table."
• "And then it started a slow downward spiral just slowly slowly slowly."
• "Look, when it gets to these prices at a penny and under, let's start buying it up."

Technical Terms and Concepts

• Penny: A unit of currency, often used colloquially in crypto to refer to prices below $1.
• Pump my bags: A slang term in cryptocurrency referring to artificially inflating the price of an asset to sell it at a higher price.
• Doxing: The act of revealing the identity of an individual or group, often online. In crypto, it refers to project teams revealing their real-world identities.
• Volume: The total amount of a cryptocurrency traded over a specific period. Increasing volume can indicate growing interest and activity.
• Exchange: A platform where cryptocurrencies can be bought and sold.
• Fraud: Deception intended to result in financial or personal gain.

Logical Connections

The narrative flows logically from the speaker's initial investment and transparent disclosure, through the project's rise and the subsequent controversy with Justin Sun, to the price decline and eventual recovery, demonstrating a complete investment cycle and the speaker's adaptive strategy. The lack of transparency from the XYN team is presented as a recurring concern that influences the speaker's decisions.

Data and Statistics

• Initial investment price: $0.00025 (one quarter of a penny)
• Price drop: $0.002 cents
• Price increase for loading up: $0.003 cents
• Price at "bad news" video: Almost a little over $0.045 cents
• Percentage gain by that point: 2,200%
• Price held over 4 cents for a few days after profit-taking announcement.
• Price drop to under a penny.
• Video view count mentioned: Approximately 80,000 views.

Synthesis/Conclusion

The transcript provides a detailed account of a cryptocurrency investment, emphasizing the speaker's commitment to transparency and integrity. It highlights the volatile nature of the crypto market, the impact of external events like accusations from prominent figures, and the importance of a well-defined investment strategy that includes scaling in, taking profits, and identifying re-entry points. The speaker's experience with XYN underscores the risks associated with projects lacking transparency and the potential for significant gains and losses within short timeframes. The narrative concludes with the speaker having successfully navigated multiple market cycles of XYN, demonstrating resilience and adaptability in their investment approach.