Hello my fellow Steemians and Crypto investors,
I’m very glad to announce that all the updates I talked about on my previous post Crypto Millionaire is getting more features have now been successfully deployed (without any major hiccups:) and are now available for everyone to download at Google Play.
It took a while to deploy because it was first made available as a Beta version for about a week, then published to about 10% of users, until finally now that it is available to 100% of users! The app has been downloaded by about 50,000 users so we have to be way more careful when deploying updates so that bugs don’t creep in.
More updates to come on the pipeline:
- Portfolio balance indicator. This will let you know, at a glance, how balanced your portfolio is, based on the variance to the mean of your coin holdings.
- Portfolio history
- Backup/Restore of portfolio
- New themes, black and blue
My initial reaction when the updates were published and no major error reports were sent by the users! Haha
As announced here are the updates available right now:
Milestone indicator icons to let you know when you have reached or even surpassed the millionth of supply of your favorite coins:
You are able to see, at a glance, how safe and diversified your Crypto Portfolio is! These are the new icons:
For extra info on why owning the Millionth of Supply of crypto currencies is so powerful for investors please read at the bottom
You will be up to date with feeds from Google News and Twitter for all your coins. Whatever it's happening, you will know about it sooner than anyone else!
Protect your portfolio from prying eyes and screen recorders:
Protect your portfolio with a PIN! This feature has been one of the most frequently requested.
New notes section to write annotations on all your coins:
You will be able to write down notes to yourself on each coin.
So, what do you think? How do like these new and upcoming features?
Do you have other suggestions and ideas you would like to see available in Crypto Millionaire?
Do share your thoughts with the Steemit community and tehe developers in the comments below!
What percentage should you invest in each coin to become a multi-millionaire? A winning index strategy
Investing in crypto is becoming a safer bet each year as Bitcoin and altcoins get older, improved and better established. We are still in the very early days of crypto and the opportunity to strike it rich is well within reach of most people, provided they have access to the internet, modern banking and a little disposable income. However, for most new investors coming into the crypto space deciding which coins to invest in and how much is a very complicated issue.
There’s so many of them, so much information, high tech jargon and amazing promises that sound more like lies uttered by politicians than from the nerdy developers that are pitching them. Every new coin is hyped, packaged and sold like the next Amazon... However, despite all the hype and noise, we can now say with a high degree of certainty that some of them will make it big in the future, but which one(s)?
Interesting fact: All users of crypto currencies today represent less than 1% of the number of current Facebook users. More details
The reality is, no one knows, whoever tells you they do, they are flat out lying, fooling you and themselves. This market looks very much like the early car industry in the United States. Thousands of car brands appeared everywhere, a lot of them were very promising (remember the DeLorean?), but most eventually went bankrupt, only a few succeeded in the long run.
So, how do I know which coins will succeed?
The simple answer is you DON’T. Trying to pick winners is very dangerous game that most people lose, those who don’t are demonstrably just plain lucky and end up losing everything the next time they bet big. The strategy that I’m introducing guarantees the winners come to you, rather than you pick them up.
How much money should I put in each?
This is a huge conundrum for most investors. With so many coins available and limited disposable income to invest it’s hard to distribute the funds in a sensible way.
Introducing the Millionth of Supply Passive Indexing strategy and the Crypto Millionaire app:
Crypto Millionaire is an app that feeds from the Coinmarketcap’s API and lists (or indexes) the top coins by market cap and daily trading volume. The coins at the top give you a pretty good idea of the current coins being favored by the market.
The goal of this strategy is to own a millionth of the supply of each of the top coins by market cap . This way you guarantee that if any of them succeeds in the future you will be part of the elite, the top 0.1 percenters and millionaires of the future. If any of the coins (or some of them) succeed(s) and become(s) a widely used reserve currency you will be guaranteed to own a millionth of its supply .
Screenshot of Crypto Millionaire showing the USD value needed to own the millionth of supply of the top coins ordered by market cap. Follow me @CryptoEagle for updates.
It doesn’t matter if you invest $100 dollars every month or $100,000 at once, your goal will be to own the millionth of the supply of the top coins as soon as possible by spending only disposable income . So, if for example, all you had is $100 dollars to invest monthly, you would invest this amount in each top coin according to the percentages shown, no more, no less. At the bottom of the app is the total amount in USD you would need to invest to do this for your favorite coins.
How rich will you be if you follow this strategy?
There are currently an estimated 10.5 trillion dollars in existence. If you owned a millionth of the supply of US dollars right now you would own about ten million five hundred thousand dollars!
In the United States alone, at end of 2016, there were 10.8 million millionaires, according to a study from Spectrem Group's Market Insights Report 2017.
Credit Suisse estimates there are about 35 million millionaires in the world (including all financial and nonfinancial wealth, such as assets, collectibles, and homes). If we compare this number to 21 million, the total number of Bitcoins that will ever exist, we can see that there won’t ever be enough Bitcoins in the world for every millionaire to even hold just one!
Also, this doesn’t account for the disruption of other industries such as remittances, Gold as a store of value and many other new uses of crypto currencies that we can’t even dream of today. As an example, if Bitcoin overtook just 5% of the market cap of Gold, a single bitcoin would be worth approximately $24,000 USD.
But, “introduce any crazy coin name here” is so great, the technology is amazing, so exciting. It’s the future, my guts tells me!
Yeah right, the market doesn’t care about your hunches, white paper promises, or all those great technologies that people sell as the best thing since Coca Cola. Nope, only market cap, volume and related network effect can tell you what coin will end up being favored by the market.
You must re-balance every once in a while
About every 3-6 months you should take a look at the index and re-balance it. If any coins dropped in market cap sell them and re-invest the money on the top coins until you own the millionth of their supply. If there are new coins rising to the top you should invest in them until you reach the goal as well, no more (over invest), no less (under invest). If you don’t do this you are risking missing the upcoming coins and keep investing in the long term losers.
Don’t invest on coins that only briefly come to the top
(Especial thanks to @famunger for contributing to this point)
Even though market cap gives you a pretty good idea of the top 4-5 coins, as you go down the list you will see, every once in a while, some temporarily overhyped coins that come up but can’t sustain their ranking and eventually crash. Only invest in coins that manage to maintain their top rankings for at least 3 months or more. Don’t fall victim to the Fear of Missing Out (FOMO) so typical in this world.
Advantages of this strategy:
You will be almost 99% guaranteed to become a multimillionaire by owning the top coins the market finally ends up favoring. You will certainly sleep like a baby!
You can start investing with very limited funds and continue investing periodically. Even if you don't get to own the millionth supply of every top coin you'll be certain you did as best as you could with your limited resources.
You won't over or under-invest in any particular coin and thus keep risks at a minimum.
You’ll skip all the typical drama of investing in cryto. The Fear of Missing Out (FOMO), the Fear, Uncertainty and Doubt (FUD), the daily crashes, the pumps and dumps etc. will not rattle your nerves and send shivers down your spine every time they happen.
This is a boring, long term, no feelings involved, passive strategy, you will not have the adrenaline rushes and enjoy or suffer all the crypto drama. Picking winners is reduced to a simple to follow probabilities game.
There may be coins that gain 1000 percent in a few weeks that won’t show up in the index until their market cap grows to the top and which you will miss but, on the bright side, you’ll also miss the big losers, the suicide inducing and family wrecking crashes.
There’s still the slight possibility (the 1% chance) that the entire crypto world is a huge bubble that will never work, the Internet could come crashing down after an EMP attack or a meteorite could strike earth... In which case we are all screwed anyways and should worry more about food and bullets to fight the zombies...
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Happy crypto investing!