This is my absolute favorite Chainlink meme.
Now that that's out of the way.
If you haven't been paying attention to alts you may have not noticed, but Chainlink (LINK) is looking extremely bullish. I frequently spend time on biz, so I have known about link for a long time. Turns out that the collective hivemind of 4chan may have been right again.
In the screenshot below, you can see that /biz/ accurately predicted the meteoric rise of Ethereum, and they have been saying the same thing about Chainlink, since it was $0.01 each. I'm going to explain why I just bought 150 LINK and why I will continue to buy a little each day, no matter which way the price action moves.
First off, let's cover some basics of cryptocurrency investing, and investment in general. The gold standard of investment strategies is called Dollar Cost Averaging. This is the smartest and safest way to invest, and if you disagree, you are wrong. What DCA means is that you buy a certain stock, asset or cryptocurrency at its current price, and then if the price goes down you buy more. I just bought 150 LINK for $2.50 each, if it goes down to $1.00 I will DCA by buying 150 more. What this does, is reduce my average cost, so I would have bought 300 LINK total for an average cost of $1.75 each.
The only way to lose with DCA is buying a asset that eventually goes to zero. Because of market cycles there will be booms and busts, if you get a bad entry you can DCA all the way down during a bust cycle, and make profit, or at least break even on the next boom cycle.
And this is the reason I didn't buy LINK when it was $4 each, even though that's exactly the moment I realized it was going to be huge. I have been waiting for the inevitable pull back, and that's happened, and now it's pumping again. Now there are a few reasons why I think LINK is going to at least $10 and some of them are logical, and some of them are silly. Let's go through the logical reasons first.
LINK is the missing piece of the Web3 software suite that will allow smart contracts to process off-chain data. Currently smart contracts cannot read data that's not included in the blockchain. This is important because it's hard to create complex financial instruments unless you have the ability to read off-chain data.
LINK has no competition that even comes close to the level of adoption and traction they have. Ether, for example, has much stiffer competitor within its own niche, than LINK does within theirs.
LINK has partnerships with many companies, including Google.
The total supply of LINK is small enough to maintain a price of $10. Comparatively, it takes less money invested in LINK for it to hit $10, than it would for Ether to hit $1000. But the profitability is the same, 5x.
Now the sillier reason.
- Link has memes. The most memes. The best memes. I consider memes to be an undercurrent of the universal psyche. When you see something in print or in traditional media, you can be sure that it's trying to influence you somehow. Even TV Shows that are solely for entertainment, have product placement, etc. Memes are the most natural form of media there is, meaning they are more natural and a less contrived method of communication. I've used memes to predict all sorts of things, Trumps presidency, Yang's traction, the list goes on. I could be completely wrong about this, but IMHO, you can always trust the memes.
Because of all that, I'm aggressively buying link now, and plan on selling at $10. Always remember, DYOR and never invest more than you can lose.
p.s. I've included some of my favorite LINK memes below.