Hey everyone meet kevin here. I got scammed by the shiva inu nft process, but in part it was my fault potentially all of it, but in this video i'm going to show you for educational purposes, how i got screwed and how you can avoid getting screwed. I want to be very clear, though, while the nft process for the shiboshis or the shiba inu, a first drop of 10 000 nfts, was a disaster. I still support sheba in you, okay, let's get into exactly what you got to know, and there are three very, very important pieces of this puzzle that you have to know, and all three of these will be a learning lesson when it comes to working with nfts.

This cost me about 13 hundred and seventy seven dollars, and only twenty five percent of that was related to what you might think it's related to, but watch this video and you'll learn it on. If you appreciate, by the way, the information that you're going to get here totally for free make sure to smash that prescribe button, it's a red button and it's right there next to the thumbs up button, all right. Let's get into this step number one you've got to be prepared if you're going to participate in a non-fungible token drop. Remember an nft.

An nft drop were first being able to pick up some new piece of artwork, whether that might be access to a digital music collection or something as simple as a png photo. That's created by either creator or sometimes even an algorithm. But you want to prepare - and it's very, very important that you prepare, because many different platforms use different types of currency. So, for example, if you use openc to buy your nfts, you usually have to deposit eth turn it over into the polygon network, and it can take up to an hour for that money to transfer which, if there's an nft drop, that you're excited about you're.

Going to miss out - and the last thing you want to do is be rushing to transfer to a token that you're supposed to have, but you don't have so you've got to be prepared. Take a look at this specifically, if you go to the shiboshi web site, where the shiba inus were dropped, where the shiba inu nfts were dropped. I should say: there's really no mention here that these are only purchasable in leash, however, and this is a totally unfairness to shiba inu, even though they don't mention anything about a leash being used for nfts here on their main website, sheba swap or on their shiboshi Dot shiba swap website, they did have a little temporary banner. That was up - and this was my fault - i missed it, and i have a recording of this.

They did have a small temporary banner up. That said, these were only quote mintable with the leash. For the first 24 hours, i didn't make the connection that they meant that i would need leash to be able to buy the nft. That was my failure.

I saw that banner. It makes sense now because clearly here it says, mint your shiboshis and you have to do it with leash. So i had to go through this process of converting my ethereum over to leash, but i couldn't directly convert from ethereum over to leash. I actually had to convert from ethereum with my metamask wallet to sheba inu and then from shiba enu to leash, which meant i was incurring gas fees twice.

Big f then, ultimately, when i did try to use my leash to mint my shiboshi's, none of my transactions ended up going through, which was extremely frustrating. I kept getting these sorts of errors over here that i could i'd have errors in trying to swap from aetherium to leash i'd have errors going from uh when i finally got from eat the sheep. I'd have errors in actually getting uh to any kind of minting. So once i had my leash over here, i had a leash balance.

I'd even try to just put one in i'd, hit, start minting and i'd get frozen on this minting process, and eventually i would just get this notice that my nft minting process had failed, and so, even though i was early enough - and this is a part where I have a little bit of a gripe with sheba in you, even though i was early enough. I failed to get any of the nfts and that to me was a bummer. In fact, you could see my transactions here. Four failed nft transactions all within the first 20 minutes of this drop and they did sell out within 35 minutes.

So if i have any complaint with shiba inu, it's that they should have really in the minting process reserved coins for people who said okay, i'm in the minting process, they should have automatically reserved those nfts for those folks during the minting process, because my suspicion is You had 10 000 available nfts, but they essentially probably led, let's say 30 000 people mint nfts, and then a bunch of people say 20 000, including me just had failed transactions, which is really frustrating because you pay for failed transactions. Now we'll talk more about failed transactions and ethereum fees in just a moment, but the next thing that you have to be aware of is remember how i mentioned i took my ethereum transferred it to shiba inu. These are both coins that people huddle, but i also transferred my shiba inu over to leash. Leash is not something that a lot of people huddle now there are people who do so no offense to those folks, but it's not something as popular, obviously of shiba inu.

So you're going to have more hodlers in chiba in you, which means right before an nft drop, you're, probably going to expect massive volatility of this price going way up and then plummeting after the drop well. This is where i failed twice. First, i should have prepared for this drop much more than i did, and i didn't because if i zoom out back to somewhere around the beginning of october, just about two weeks ago, leash was trading for somewhere around 928 dollars. It was really trading between 700 to a thousand dollars here, pretty consistently for a long period of time.

We knew this drop was coming and i should have converted some of my money to leash. Unfortunately, i did not convert my money to leash until the nft drop, which the nft drop was the 14th, which is when these leashes were trading for somewhere up to 2 800 intraday. It was crazy. Look at this 28 2900 and as soon as the drop was over, i made another mistake so, rather than preparing properly, i bought leash high because i wanted to buy the nft.

I didn't think i was going to keep leash. I didn't care about leash. I wanted the nft, but when my transaction failed, i should have immediately converted my leash back to sheba enu. But i didn't do that because i was frustrated that i didn't get one of the nfts.

So i let my frustration and emotion take over and i let my leash sit there like a dum-dum and then, of course, the value of leash plummeted, as everybody else actually transferred their money from out of leash. They either got their nft or they transferred back over to shiba, inu or ethereum or wherever they wanted to go. Now. I got out before just continue to plummet, but i still lost value on leash and my biggest learning lesson here was: don't get into a utility token right before it's needed and then get out after it's needed.

It's like it's the opposite of what you want to do. If anything you want to get in when it's not needed and get out when it's needed right. I flipped that, because i wanted to buy the nfts, i thought i was going to be in leash for like two minutes. Well that didn't happen.

Why? Again? Because all of my transactions literally failed, which is really really annoying because transactions - and this is the next gripe - i have - i mean look - i've got a few gripes number. One is the fact that we use the utility token very, very annoying. They, in my opinion, could have been a little bit more clear that you needed the leash to use it, but in fairness they did say only mintable in leash. That was just my fault for for not digging deeper into that uh, but it also bothers me that we didn't or weren't able to buy these nfts in shiba inu itself, because then i don't think we would have had this crazy, uh volatile move in in the Price of the actual underlying token, because shiba inu again has hodlers uh, and it's not just this utility token and again, i understand there are going to be people who had a leash, but there are more huddlers in chiba in you.

Just want to be respectful of all sides now uh. Okay, that's another gripe i have, but the the big one - and this is another big f - that you want to pay attention to. If you're getting into uh this sort of nft or crypto game is you've, got ta got ta got ta pay attention to ethereum gas fees. Okay.

So this is the third big problem when you're transacting, while things are really hypey like during an nft drop, you want to do everything in your power to minimize the amount of transactions you're doing because the more transactions you process, the more nft fees you're going to Pay, i'm sorry the more ethereum gas fees you're going to pay and look at this folks, i paid 485 dollars to swap two tokens of ethereum to shiba inu, but i also paid to approve the speed to the highest priority. Another 149 396. 110. 256.

For a failed minting of the nfts, i paid 1400 for literally a failed minting. I kid you not come over here to. I believe it was. My first failed minting, no that one was 79.

Ah, here this one mint nft, which ended up failing, look at this 1441, that's freaking insane. That is absolutely insane. Oh, i put 14 33 well. 14.

41. There we go it's even worse than expected, but anyway that's for a failed transaction, and i looked at you know: ethereum, failed transactions and look at what it says you are paying for the computation, regardless of whether your transaction succeeds or fails. Even if it fails, the miners must validate and execute your transaction, which takes computational power. You must pay for that computation.

Just like you would pay for a successful transaction. Well, dang it so anyway, uh. You know. When i first talked about this.

There were some folks who were like kevin: you didn't get screwed by shiva inu, you got screwed by the gas fees. Well, i did the math and i only lost point six. Nine percent of my thirteen thousand seven hundred seventy seven dollars from gas fees. I actually lost most of my value by getting screwed by using leash, and this is something that i have a gripe with shiba inu over.

I wish they didn't use just this utility token. But again i blame myself more so i'll, take all the blame. It's fine! I'm making this for educational purposes, but i will take the blame because i should have just known the game better and i didn't so. I lost money.

Not only, though, did i lose thirteen thousand seven hundred seventy seven dollars, of which three thousand five hundred thirty nine dollars were gas fees, so yeah, it's it's still a hit, but the majority of the loss was leash. Ten thousand two hundred thirty seven dollars was lost market value because i didn't transfer out a leash right away, because again i thought i was gon na get the nfts uh, but i also lost opportunity, see i assumed that i would have. I should have received about eight nfts for the amount of money i sent over and uh these sheba enews right now. You've got to be careful because there are a bunch of misleading listings on openc, but if you type in shibboshi you're looking for the one that has 10 000 items, which is this page right here, these right now are selling with a floor place price of about 1.25 ethereum so 1.25 ethereum times 8 times about 3 800, where we're sitting and that's actually 38 000 of opportunity.

I lost because for some reason four of my mintings just failed and i have no idea - and this is something else - that's frustrating is there's no customer service number to call there's nothing. You could do there's nobody. You can complain to there's nothing, you can do you just blame yourself, it's like, but i don't even know why i can blame myself. It's just the transactions failed.

I didn't get what i thought i was going to get so i didn't end up getting one of these, these nfts, which keep in mind if i had gotten one of the nfts, it's worth noting the uh open or sort of the forced appreciation they had. So if you jump over here here, you go look at the minting process. The first three thousand about to get minted were basically getting traded at point one ethereum, so these folks 12x their money. These folks would have about six x them their money, and these folks would have about four x their money.

I didn't care i just wanted to be in and i would have probably just held on to my shiboshi unless i didn't like it for some reason and traded it for something different, but the whole process left such a bad taste in my mouth. I've been pretty frustrated about it. I do blame myself and i understand the process a whole lot better now, but i'm really making this video as a psa for you. So that way you don't get screwed and if you want more psas of me losing money and where i effed up make sure to hit that red prescribe button down below.

Thank you so much for watching and folks see in the next one bye you.