More Thoughts on the whole Cryptoworld and my strategies...that seem to be working so far

in blog •  2 years ago 

So, if you've managed to get through the last two entries I've posted about the crypto space, you'll know that I'm pretty much a believer in the buy and HODL strategy. No one is smart enough and/or can remain objective enough to trade these things up and down with any real amount of success. While it is theoretically possible to do so (you can certainly go back in time and look at the charts to see how you could have turned $100 into $100k over a couple weeks by making all the right moves), the fact is that its impossible to know which coins are going to run when and how far. The best we can do is find some people who know more than we do and follow them as best we can with the limited resources we've got.

That's how I started. I bought bitcoin and ethereum and litecoin to start with. Those are the BIG three. That is now debatable but.....realistically, they are the three most popular and well-known coins in crypto. My previous posts addressed why that was the right choice to get started. Like almost every crypto out there right now, they've done nothing but go up since I got in. Yes, there have been a couple of scary drops mixed in, but they lasted all of one day (if that) before they were right back up. In fact, as we speak, all three are again at or very near all time highs. And chances are, if you are just getting in today, a month...two months...6 months from now, they will all three again be near their highs only substantially higher than they are today. As I stated in a previous post, that is because we are still very, very early in the crypto game. More and more money continues to pour into these things and it needs to go somewhere. The vast majority of it will continue to go towards the more well-known currencies.

With only a couple exceptions, buying into any of the coins in the top 20 is probably not a bad idea. I wouldn't put all of my money into any one of them---try to spread it out a little--but most of these coins at least have some sort of game plan for the future and the development teams needed to help make them successful. Once you've made some gains, you can start branching out a little. Which is what I've done....

It took me two months to finally get the dollar amount into the market that I wanted to risk. Not because I put a lot in (I didn't) but because it was way outside my comfort zone. Dealing with all the red tape to open accounts and get wallets and transferring coins from point A to point B to point C was a colossal pain in the ass. But worth it.

As I've watched this stuff grow I've been researching and learning about lots of other coins/tokens in this market. You can find reddit and discord and telegram pages all over with communities of people babbling away about all sorts of different coins. I rarely participate. Just listen. And then research ideas I come across. In doing this, I now own twenty different coins. The majority of my funds are still in the more well known coins but I've diversified into some of the smaller ones and have been very happy with my success.

Its rather simple really. If I own .1 of bitcoin and it goes up $1000 I make $100. But if I own 1000 of something at 19 cents I make $100 every time it goes up a dime. So if it goes to $1.19 I make $1000. What you need to remember is that NEO was like 9 cents last year at this time. It's now $70-something. Ether was like $9 I think. Now almost $800. The list of these crazy moves is actually quite long. LTC, ETC, ZEC, DASH, etc....all have made gigantic moves in the last year. And that is just wave one in my opinion. Over the next 12 months there's going to be some crazy shit happening. The governments are scrambling trying to play catchup to this phenomenon but they've already missed the train in many regards. There will be lots of news stories both pro and negative for these markets but this is NOT a US led or China led or Japan led or South Korea led....you get the point....market. This is a WORLDWIDE market quickly closing in on a Trillion dollars and its becoming too big to take down in one fell swoop.

In the next year, there will again be some cryptos that are trading for less than a dollar today that will be trading in the hundreds by this time next year. The trick is finding them and then managing to hold onto them long enough to reap the full rewards. With that in mind, I've been buying 1000 here and 1000 there of some of these low-priced coins with management teams, developers, and (whenever possible) actual working products that could potentially turn into the next home runs. Can you imagine owning 1000 Ether right now? Almost $800k! 1000 DASH? $1.1M! You don't need to put huge money into these things. Build up your account with some of the more established names and then whittle off some pieces and throw them at a few little ones. EOS, ADA, STORJ, POWR, GNT, 1ST are some of the "little ones" I've bought. If they don't work out, oh well. But if just one of them does......and it goes into the hundreds.....that pays for everything else. Oh yeah, and if all else fails, just build your Steemit account. :-) That's what I'm trying to do. Happy hunting!

As always, this is NOT investment advice. I'm just posting my opinion about this crazy time in our history. I truly believe that we are witnessing one of the most significant events of our lifetime, if not the entirety of history. The ramifications of what's happening right now will have such far-reaching effects on the world as we know it going forward that I can't even begin to speculate. On those events that is. I have NO problem speculating on these currencies... :-)

Feel free to comment....thank you for reading.

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Thanks for giving such down to earth advice on this stuff. I am a total crypto noob, with the exception of Steem. How hard did you find the whole wallet red tape thing? I'm a bit ashamed to say that that has been my biggest barrier for entering the market. I know it's laziness, but I also find myself untrusting of many of these sites.

I like how you pointed out litecoin. If you looked at just the last two years, Litecoin outperformed Bitcoin by double. meaning if you deposited 1000 in Lite coin 2 years ago, you would have made twice as much as someone who invested that 1000 in bitcoin.

So what do you think? How much of a PITA is the whole wallet thing?

A big one. Not insurmountable but...like I said in the posts, it's actually a positive to people who figure it out. 99.9% of the world hasn't gotten into this stuff yet and most won't until they make it easier. By then, there will still be large gains to be had, but probably not like this. So it's worth figuring out.

As much as people bad mouth it, Coinbase is really the place to start. You can get on there fairly easily and get some money into the space. You can fund your account with US dollars or buy bitcoin, ethereum, litecoin, and now bitcoin cash...although that last one is probably the root of this latest freefall so you may want to shy away from it for now.

Once you get something in there, then you can start figuring out how to take the next steps. Anything you buy in Coinbase you can leave there, especially if its a smaller amount. The "danger" is that although the blockchain itself is unhackable, Coinbase is a centralized location and thus is a bigger target for hacking. Obviously, the safeguards and security they have in place are extremely good but....just as a bank is where all the money is, it becomes a target for the treasure it holds. So, there is some risk in leaving it there. Banks are insured by the FDIC. Crypto isn't.

Wallets come next. Jaxx is a pretty good one. Myetherwallet is also supposed to be good although they've had issues with hackers phishing their web address and people sign up for fake wallets and lose their money. The site itself is good but you need to check and doublecheck that the site you're on is the real one. You should never click a link to go there. Always type it in manually until you have it set up and can bookmark it yourself. Realistically though, the best answer is to spend $75 and get a hardware wallet. The Ledger Nano S is a good one and can handle most of your coins/tokens. The nice thing about that one is that their website has a few step-by-step videos to get you set up so you'll know you're doing things right.

That's where I'd start. Seriously, if you're new and uncomfortable, take $50-$200 (whatever you're comfortable with risking) and get it into the market. Once you're in, you'll be able to gain some confidence in how things work and if you make a mistake, you're not killing yourself. As I wrote about, it took me two full months of piecing money into the market before I got everything I was willing to risk in. And I didn't put in a lot. Just $150 here, $100 there. The fees are pretty steep when you do it that way but the potential we're talking about with these things is so great those fees aren't really important until you know what you're doing.

I'm around a lot until at least after the New Year so if you have any questions, feel free to ask. Oh, and by the way, if your plan is to buy Steem and not worry about the others, then I would get Litecoin first. You can't buy Steem with dollars. You need to use one of the other currencies. Of your choices, Litecoin has the cheapest fees and transfers the quickest over here so that's the way to go.

PS. You're going to get rich off my upvotes.... :-)
PPS. Do you know how to get emojis on Steem? I've seen others use them but don't know where to get them.

  ·  2 years ago (edited)

ok. Thanks for the info. I'm going to try to get on coinbase tonight. Do you set it up to a bank account? I actually have a wallet with myetherwallet, but I don't think I have access to it now. I have one ERC20 token in it from a facebook group I was a part of. When you say I can leave it there, you are talking about coinbase, right? Meaning, I would not necessarily need to put it in my wallet if I didn't want to?

P.S. you're probably right, but I hope you don't feel it necessary to upvote me so much. Of course, I thought I was rich when I won 15 SBD.

Yes, you do set it up with your bank account. It's easier if you have one of the bigger banks though. There's some extra steps if you've got a local bank or credit union or something. And yes, you can leave it on coinbase in their wallets. It will automatically go there when you buy it. With a small amount, I wouldn't worry too much about moving it into your own wallet quickly. Eventually that's what you'll want to do but until you start to gain some confidence in navigating around, it should be fine there. You can read about some of the exchanges that have been hacked over the last few years to see what your downside is. It doesn't happen often but...it does happen so you just need to be aware.

The mew you have should work for anything you buy. I'd try and find it again. 1 ether is $600-$700. Could buy a couple hundred Steem with that.... :-)

You get to be the beneficiary of one more upvote as I'm doing a little experiment. I found www.steemnow.com and I'm at 70.93%. I'm upvoting you to see what it does to my percentage......69.55% so it took it down. I'm still at 37 hrs to fully recharge though so not a huge deal. I'll have to keep an eye on that and see what affects it. In fact, I just noticed your first reply so I'll upvote that for 10% and see what happens..... found it. Thanks!

Thank you. Maybe it's not myetherwallet. it was free. The 1 token I have in there probably worthless. It was made for testing trades. It wasn't 1 Ethereum, but an ERC20 token which is like a sub-token made on the ethereum blockchain. It is a novelty coin similar to how there are potcoins and and phuckcoins (so you can give a phuck).

Try www.steemworld.org. It does everything that steemnow does and more. Here is a link to your account: https://steemworld.org/@dagger212. You can change the power meter in the top left to show your vote worth at different power levels. You can also change the slider for vote weight. Thanks for the upvotes. I should offer that as a service. Test your upvotes on me, no charge!

Sorry for replying so late, I had a lot more typed, but I lost it. This is probably the best way to do emojis. Just go to the link and copy and paste the ones you want. There are some chrome add-ins for selectors, but I couldn't get them to work myself.

I'll be back later to reply about the crypto things.

🤠

I didn't see it. Keep in mind that it will only show the emojis supported by your browser. Do you see these? 👤👥👦👧👨👩👪👫👬👭👮👯👰👱👲👳👴👵👶👷👸👹👺👻👼👽👾👿💀💁💂💃💄💅💆💇💈💉💊💋💌💍💎💏💐💑💒💓💔💕💖💗💘💙💚💛💜💝💞💟💠💡💢💣💤💥💦💧💨💩💪💫

I see them. You don't see my little cowboy dude in the one above this?

Hey, you need to get on discord too. That is your portal to more social networks.

I'm there but I have no idea how to navigate that thing. I went to the Writers Block when I first started digging around this place and then found one other "channel" on ETC...a good crypto, by the way. Other than that, I have no idea how to even look for anything else.

I've read your plan. You are an intelligent man. Your plan is awesome. Your strategies are very good. Your ideas are bright.

Thank you for reading. I'm not sure how "intelligent" or "awesome" I am but, like I said, it seems to be working. Now with today's markets getting killed we'll see how it holds up but...I really think by spreading yourself out into different currencies you can mitigate some of the risk. Even on days like today there are some out there either holding their own or going up. It can give you a little idea of which of these things actually have some staying power. Thanks again for reading and commenting. Good Luck!

Very savvy stuff, I could not agree more. The best comparison I can draw in currency upheaval is a Martin Luther type of event. Excellent post, you earned a fan here!

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What do you think about smart cash?

tbh I don't know much about it. It's not on any of the exchanges I use so I couldn't buy it if I wanted to. :-) As I've stated in these posts, I'm a big believer in getting some of the more well-known and vetted currencies and then peeling off little pieces to see if you can hit a home run on some of the smaller ones. This would qualify for that but.....as for fundamentals and future potential and all that, I'm afraid I don't know enough to give you a valid opinion. Sorry. Thanks for reading though. And seriously, great work on the Christmas poem. That was awesome!

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