[Crypto] All thoughts turn once more towards... Altcoins

ade-greenwise (58)in #bitcoin • 6 years ago (edited)

So... in the midst (or tail-end?) of a more promising bull-run it starts becoming once more about altcoins. It becomes again about what juicy projects are there to put any Bitcoin/eth gains into?

What promising long-term versus short-term projects?

Market

Because I think one undercurrent is the idea that Bitcoin dominance is generally on the downtrend (maybe not, but it does have some tech issues for being 'useful'). Meanwhile there is talk about Bitcoin hitting resistance soon as it gets closer to $10k... or before. So it might be a good idea to cream off some gains, who knows. Having cut my teeth in this 'blue period' since Christmas 2017, it's about appreciating when things are green, and trying to hold.

But things seem a little different. The wild swings seem a little heavier now. There are some breakouts based on some really promising news or ties, like Bitcoin Cash.

And the other coins are seeing some much bigger gains, as some of the tech matures via new announcements or partnerships, or they're just get closer to working product (EOS). It's about remembering that many coins are really still recovering and have a lot of ground to cover sooner, but more likely through 2018.

Projects

What are my 'picks'? Well, I'm not a fan of that word for starters, as it sounds like gambling on a horse. It feels like it's generally used by people who don't know enough about the details of a project, and just like the book covers. However, with so many coin projects it's easy to get sucked into this. Everyone has an opinion on a project, but who has the insider knowledge?

Personal strategy... consolidation.

I've already diversified too much, and I'm losing the inclination to keep up, even using platforms like Investfeed social network, which I do recommend, if you're trading or just managing a number of coins. Consolidating will just be easier for me, to follow fewer coins, especially those I like, need and support.

One of them is this blockchain, and all its emerging offshoots. It seems to have some really active development and a community that wants it to succeed, and would rally together in time of 'Steem need', to keep it on firm tracks.

I feel it's still early days.

However, there are things about this place that worry me and that I don't understand, so it's never a good idea to go 'all in'. Technology is also a fickle area. Without such active development, folk will jump ship quickly into competitor boats, if there is no sign of required dev. I hope to use and support Steem as far as I can.

Other consolidations...

Normally we've seen coins like DigixDAO (gold-backed coin) act as a sort of reserve while people try and figure out how far Bitcoin retreats or makes up its mind. Or Iconomi, where you can invest in different DAAs, and invest broadly into aspects of the whole crypto-game with relative ease. I've already done some of this, but I don't want to tie-up a lot in many long-term projects, like IOTA. I don't have that luxury.

Blockchains, blockchains...?

ETH ... it's got a lot of ground still to cover, but more competition. I don't see any huge rises but a gradual increase as it continues to improve and most likely adapt to some of its issues.
EOS ... is one of the few blockchains I think will actually fly soon. No working product as yet, but I'm still confident and happy to invest in the full run-up. The team have a lot of (Steem-based) experience to bring it about. I love Proof-of-Stake and I want it to be a great platform. However will this price keep climbing until launch? 'Probably' not. Just to be safe, I might cream off a little into eth.
Stellar seems still to be in the right place and with strong ties, so I'm holding for now.
VeChain is surely set to grow and has garnered some recent partnerships.
Ark has a great community and team.

I'm going to have to sacrifice one of these, but which one?

Working products...?

Status, Civic, FunFair, View.ly, IFT, Storm, BAT, Nano, Trx (holding) etc... look like they should have a bright future.
Nexus... I don't know at this stage. I know this has performed well and has big security ambitions. But... it just looks a little 'too much' this coin. It's on the bandwagon anyway.

Storm...

I'm not sure about Storm as I've downloaded the app and despite its big team backing etc, I just find that at present it's not something that I want on my damn phone. I bought some after it got listed on Binance, tested out the app and then jumped ship. No regrets. However not long after it launched off and hit the moon so it acted as a lesson that price doesn't reflect product, not in its current form anyway.

Privacy coins...?

Maybe I'm missing something but I'm just not a fan. Surely they'll need to be regulated. Any comments on this would help. I can't understand Bitcoin Private. I'd rather go for Bitcoin Green.

It's difficult to determine the 'right price' of many of these coins, but corrections will usually come after any big news or upswing.

IOTA, the sleeping giant

I've also read about some investors who have gone 'long-term' and put all their money into IOTA, and gone off to think about other things, on the basis that this has the most promising tech and will blossom. That's fine, but there are few people able to invest in this way, though there is some obviously some truth to it.

Got any thoughts right now?
Have you sold off any of your STEEM via blocktrades, and sent some Bitcoin to your Coinbase etc. account? Are you then going to buy back more Steem later when/if the price of STEEM deflates?

The great danger of course: the price will not deflate, but will run away leaving you holding your bitcoins/dollars.
Creaming off a bit of profit can generally be a good idea, but all this tech is quite young, so the better strategy might be to just to keep hodling and carry on.

Final thought: Everipedia. I count myself as someone who's donated money to Wikipedia in the past. However, I recently watched a video on Everipedia and it blew my mind. This project really has the potential to present knowledge in an amazing way, and knowledge that is unbiased and democratic. Would you put money on into it? I might if I knew a bit more. So this might be a future post.

NOTE: I'm no financial professional and am not offering financial advice. These are just my own ideas and loose strategy on my quest to consolidate into some worthy or even useful(!) coins.

Finally, I thought I'd repost one of the most influential videos on the whole subject, just for reference. It's worth skipping areas you're familiar with already, as it's a little slow:

#cryptocurrency #blockchain #steem #eos