IOTA: Profit Taking 101

Time to Take Some Profits:

After IOTA's recent surge from less than 0.40 cents to now over $3.50 USD, anyone holding the coin is unanimously astonished and ecstatic. I say astonished in the sense that this has been a parabolic move up, not in that the project's success should surprise.

So as an investor in IOTA I now have an opportunity to take a little profit on what will be for me, more than 6x in value. I think it is important to cash out when you see such a move so you can remove any worry of a major correction. Once I sell these profits the rest is gravy.

So, I just logged into Bitfinex to sell off a little IOTA profits. Bought in at 0.56 and selling for over $3.50!

Im still very bullish on this project but come on...

How and Where to Sell IOTA:

I have an account with the much maligned Bitfinex, and believe you mean, I don't trust them or their Tether as far as I could throw them but nevertheless its the only exchange I am registered with that I can trade my IOTA, so they've got my business for now.

Bitfinex Website Warnings:

As I was in the process of moving my coins into Bitfinex to sell them off, I found out a couple things I thought I would share for anyone looking to sell their IOTA profits, check out the following quotes from the Bitfinex website, these are warnings that directly apply to save and secure transfer of your MIOTA into or out of the site.

If you have IOTA you should read these warnings carefully. It could save you from losing money.

The following are quotes from the Bitfinex website, due to the severity of the warning I thought I would share with you all in case you have IOTA and are planning to take some profits.

"Golden Rule:
In IOTA the security of a transaction decreases when you send tokens more than once from the same address. To ensure that you are safe, you should always generate a new address (by going into the "Receive" section of the GUI and attaching the new address to the Tangle) for each transfer that is made."

"Sticky Sessions:
IP address is used to serve the wallet with the same server, whenever possible. This means that you can log in/log out of the wallet and see the balance, history, and addresses as usual. However, if your IP changes it is likely that the load balancing server will direct you to a different server (to keep work balance between all servers). As it is the nature of the Tangle that any node sees it from a different perspective, your balance and history might not be displayed completely. To resolve this, go to the "Receive"-section of your wallet and generate addresses until everything gets displayed correctly."

"Snapshots:
After a snapshot, the Database of every full node (and with that the database on every light wallet server) gets deleted. Therefore, your history and balance disappeared. You can get your balance back by simply going into the "Receive"-section of your wallet and generate addresses until you see your correct balance again (your wallet will re-generate every address that you used pre-snapshot again)."

"New Releases:
After a new release, it might be required by the foundation to delete the database of each full node. The same issue with the same solution as seen in point #2 will occur."

"Status Reports:
Follow @IOTASupport on Twitter for status reports of the service."

Conclusion:

I hope the IOTA hodlers won't take my profit selling as doubt in the project, and I wish you all prosperity in this amazing market place. Good luck, God bless.

As always, if you enjoy my content I appreciate followers, up-votes and any comments. Thanks.