Hi guys and gals, I have been pondering this question and I would love to hear your thoughts. In your opinion how much of one coin is enough? Do you look at the sheer number of coins (ie if I had a thousand of “x” I would be happy) or do you look at potential future price and say I have a goal of making $100,000 so I would need to buy “x” amount of “x” coin? Personally I am struggling with the issue of not wanting to put too much in one coin and not putting enough in another coin I like. Talk about FOMO issues…sigh
FOMO is a real thing, but here my story. I got FOMO, cuase I was new here and everybody kept talking about these two three coins, so I bought in with most of my money and then they all dropped, due to the china FUD and all that jazz. So never mind, if there is a coin you want to get, look at the charts. They all go up and down, but they do have some common patterns. Retracements, fibonacci etc. It is normal for a coin to suddenly rise high, then stagger and slowly over a longer period come down to about a 50% retracement. And then go on a second wave. If you look at BTC, it did it several times.
For holding coins: Why not make a portfolio instead of a number or amount of coins in actual coins?
Lets say, you want 20% in BTC, 10 % in LTC etc. and then maybe 15% in little coins you’d love to invest. The number of coins doesnt matter that much unless you want to stake for nem.
wouldn’t it be cool to just have a few of the ones you really like?
Yes, I am struggling with the same. Problem is that there are too many coins and you’ll read about all of them going to the moon at some point. I don’t have the knowledge nor the time to investigate them all (my wife really hates the fact I spend so much time on the computer or my phone lately, reading about crypto’s).
I think btc is your best bet and should be your main coin (I’m waiting until after the fork to buy in though, hoping for a drop). For the smaller coins I am following the bluemagic guys at the moment and bought a little from the various coins in their funds. I also bought a little from the coins with the most market cap, although the bluemagic guys think they aren’t going to move a lot anymore.
I started doing this 4 weeks ago. My total profit varies from day to day, one day €80, the other day € 13, last week I went to - €89… I am a long way from big profits But I guess you have to look at these things long term - well, for btc anyway, I think the smaller coins are for short time, sell for bitcoins before they drop.
And one other thing, the wallets are driving me crazy. I got an nano s ledger, but it doesn’t take most of the coins, so I also have 7 wallets on my laptop now and for some reason they all need to download the entire blockchain. My laptop has been running non stop for days and I am still not there. Maybe I should leave the coins on the exchange. Transferring them costs more than the profit they generate anyway
@sebilation, you make a good point about percentages and in some sense I do that now. And you are right that I like to think that my coin choices reflect my love of the potential technology versus which one is going to just turn a profit. As I read @Kurtis answer I realize he has a point too that I have not been in this space long (only 6 months) and I have not experienced much results from my alt choices with the forks, China, etc going on so that may be contributing to my uncertainty.
Sebilation, have you been in crypto for a while? Has the results of your strategy lessened your FOMO?
@kurtis haha, same here. I quit my job and am living from my savings now, which is mostly all in the crypto. I didn’t even know about crypto 6 months ago. ups my girlfriend trusts me with it, but she suffers a lot too. I am (which before I could never ever imagine) behind the screen about 15h a day. so I guess this is what they mean by going down the rabbit hole.
But I agree with you. There are all these coins and all their specific wallets (for example IOTA, which I like but I couldn’t connect my wallet to a node yet and i’m considering selling them mainly out of frustration). It is a lot to do and learn and it is a dangerous ocean out there. But this is I guess how we learn.
Well, soi far I made about 4000 Dollars off of 12000 Investment. Not really bad, if I think about the 80% drops I had with several coins like Salt, Pay, Pillar, etc. But out of the 50 coins I have, I made the most with neblio and ICON.
But if you look at the prices a year ago, it was so much lower, and if you think that we are about in the 2% range of the population knowing about crypto - maybe 1 % being actually involved - who knows where these prices are going to be next year. I think you are off pretty good, if you have a solid portfolio for different niches (invoice payment, exchange platform, lending, advertisement, payment method, etc etc) and store them on a ledger nano s, I’d just chill some beer and watch how the prices will explode over the next years.
My suggestions: pillar, tenx, omisego, nem, populous, PIVX
I only have ripple, ltc and btc on the ledger, it doesn’t take the other coins (yet). Brave thing, quitting your job, but fortune favors the bold I guess
How do you pick your coins? You analyze github activity, go on a gut feeling? Have any good sources? There’s so much information but I think most is biased.
Yeah haha… well you know, I was teaching for a while, and I saw all these poor teens faces every day and told them stuff they didn’t want to know, and I got to the conclusion that I have to figure out a way that I can help without having to serve a system I can’t see any value in anymore. And then the cryptos show up. haha… I want to go back to teaching but first, I want to help this world become a bit fairer. I’m sick of seeing this misery and poverty…
Anyhow. I pick coins with some help of the cliff high - bix weir - jsnip4 - rcane bear, data dash, the cryptoverse,crypt0, etc. so mainly youtubers that spend a lot of time on gihub, reddit, etc. to read the news and talk about new coins. but you know, the market doesn’t really care that much about the new tech stuff, it is more about what is next to pump and then dump. so as it was two months ago, it was all about anonymous transactions and security, then lending, now it seems to be pot coins. The market has - next to amazing coins with brilliant minds behind them - whales that manipulate, governments and banks that fleed the market with FUD (segshit 2x), etc. So its hard to tell which coins will gain a lot in the short term.
So what I do, I watch a lot of cliffs interviews, read some whitepapers, try to figure out what it can be used for, etc. and then i also have a person I know here who is very intuitiv and gets these hits from different coins. So it is a combination of it all… Cliff get some good predictions with his software and predictive linguistics. www.halfpasthuman.com is his website.
i hope that helps a bit? if not, lets talk about coins here, I’m sure we can somehow figure out if its good or not…
Looked up Cliff High and his predictions. Sounds kinda crazy, but he’s got quite the following it seems. And he charges 90$ for his predictions, his business must be booming
haha yeah I’m sure he’s well off. He (romours I heard) also has quite some ETH in 5 digs. Haha…
But anyhow, it seems he knows a lot and the interviews with ppt and spectre, his talk with arcane bear about omg and pillar sound very promising. I can send you the links if you want…
I’ll google it, but thanks.
segwit is off the map so bitcoin might crash a little as of many people don’t get their B2X coins… what do you guys think?
Vladimir Club Cost: what it would cost to own 1% of 1% of the asset’s eventual supply.
Visit https://onchainfx.com/ and look at the prices
@Jepb100, the latter for me.
@sebilation I see your list of youtubers there. Is there 1 or more of them that goes through the whitepaper and github of all the main coins, and perhaps some of the smaller unheard of ones? I know Ivan does the github sometimes but it would be cool to have a regular weekly/semi weekly github + whitepaper report on a different coin.
good question. There is some that talk about it very short (crypto lark), but mostly they say what the website says. I haven’t found one other than ivan that does actual technical analysis in detail. i guess it is just a little overwhelming to listen to hehe. but I’ll let you know if I come across one.
check out mike b. he helps his viewers and companies with the technology.
I have heard of a stratagy where you are aiming to own 1/millionth of the coin supply. I think they figure that if you achieve that you will be in the top wealth bracket when using cryto currencies become the norm. of course you need to own the right coins and we are all trying to figure out that one, but I get the idea of aiming for a millionth of the coin supply. There is an App (Crytomillionaire) that you can log your coins and the amount you have and it figures out how many more you need and the cost. I use the app myself, not really to follow the stratagy but to have an idea really of what I have in one place. The App is free to use but there is an ad banner at the bottom. I have no other connections to it, I only use it.