My first month of crypto
How addicting is this crypto trading guys?! I started my crypto journy exactly on Aug 7th, with a small buy of a little known company Bitquence after reading a random article on the idea of this 19 year old kid from Brown university. As a complete rookie his idea resonated with me as he tries to solve the biggest problem anyone has when it comes to buying these wonderful string of numbers. How do we buy and store this stuff? His vision of a all in one wallet where you can buy baskets (think something like mutual fund or etf) and the technology behind it solves this problem.
After choosing to dip my feet into this world, I did what I always do. I dove in! I researched day and night for coins that looked promising long term. After researching all of these coins, the thing that struck me the most was how many of these coins were straight trash! The sexiness of the market swings really drew me to this, but at the same time I couldnt believe how easily coins could be pumped (manipulated by big buyers to go up) and dumped (manipulated by big buyers to go down) This led me to my final investing strategy.
- Buy coins that solve a real world problem
- Make sure the coin has an avid community following
- Research the team and tech behind the coin
- Can their coin attract the soon to come influx of new investors
Now obviously there is a lot more to investing than this. Things like what price the coin is at compared to its all time high, and news on what is upcoming for the coin. Look at Neo. A great project but right now China banning new ICO (initial coin offerings) has driven the price down. This though does not affect my stratagy as I feel that we are all at the very beginning of this crypto journy
$175,797,897,613
Huge number right? That is the size of the entire crypto market. The same size of Pepsi right now! As you can see there is plenty of room to grow. A whole market that has doubled in the last few months that is only the size of one big company? Wow! This room to grow can really make your imagination run wild in what Bitcoin, Ethereum, and other strong coins can go up to as new people like me come into the market.
Here is my main holdings as of now
- Tenx - A debit card where you can spend your crypto.
- Omisgo- Along the lines of tenx, a company that wants to make spending crypto easier
- Civic- A company that will make it easier and more secure for proof of identity
- Lisk- Makes blockchain easy to develop on by using javescript
- Litecoin- A currency along the lines of bitcoin but faster transactions and less drama
- Bitquence- My favorite coin as explained at the beginning of this blog
What are some of your favorite coins guys?
Do you have a different investing strategy then me?
Did this help any of you form a investing strategy?
Thanks for reading guys. Down below you will find a link to genesis mining where you can have someone else mine coins for you without the hardware or high electricity bill. If you ever wanted to mne this is a coo little start into learning about it. You can even pay in crypto!
Good luck everyone!
https://www.genesis-mining.com/a/1486678 code ZUng8B at checkout for an extra 3%!
I'm a fan of the Augur (REP) project but I also hold bitcoin, bitcoin cash, ether, and steem (of course). My first purchases were in 2013 and I doubled down earlier this year. My objective is to get into the cryptocurrencies enough so that I can enjoy the wild ride up and sleep well on the other side of the peak.
Things are going crazy. Don't lose your head and forget that the rising market is covering up the mistakes that you are probably making right now. Which investments are wise and which ones are mistakes won't be clear until the next serious downturn.
I've got a copy of Benjamin Graham's "The Intelligent Investor" that I bought in 1998. After the Dotcom bubble burst I went back to look at it and found my bookmark stuck in Chapter 4: The Defensive Investor. That is where I quit reading and decided to just buy some tech stocks that later vaporized when the bubble burst. True story.
I would have been better off if I had finished the book and spent more time skiing.
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