Cryptocurrency my portfolio update
Bitcoin is now under $7,000 and crypto market cap overall is down to less than $260 billion based on coinmarketcap.com. The short term things do not look well. From the start of 2018 up to now we have mostly gone sideways then down and sideways and then another step down. As if we are going down a flight of stairs to the basement.
Coins that I am holding are down more than 50% from where I bought from.
I have very little liquid capital right now but am tempted to exchange steem for some smartcash as I have an intention to reach 10,000 smartcash before end of this year. As the coin is dropping so quickly this maybe a good to to power down and scoop a few smartcash. Will keep readers posted.
Bitcoin dropping in value is weighing on the overall market. The top coins in market cap are dropping faster than bitcoin which leads me to believe that crypto in general is not as hot as it was six months ago. We will see in next couple of weeks how this market develops.
Thanks for reading.
Date of Post: 3/29/2018
Past Posts:
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Steem Witness giving free daily SBD payout!
This is a question I have to ask people hodling, is there any value at all where you're willing to go before you say 'enough is enough' and accept the loss ?
Say a coin literally fell to zero, would you hold it all the way down ? That's probably the main thing I don't understand with crypto traders, they don't seem to use any kind of stop losses, it's either going to make them money or make them totally bankrupt, no inbetween :-(
Sorry, question not aimed at you in particular, but for everyone else who's 'do or die' in their strategy.
Crypto is a bit different mindset, at least mine is.
Crypto is not just a number like stocks or bonds. Every crypto coin has their functions and solutions to problems. I only invest in ones where I believe their functions and solutions have value. Whether or not the evaluation rises as long as I have a use for it then it is good for me. When something is useful it can never really be worth zero.
Look at steem as an example. Steem may literally go to zero but the demand for it is so great that I doubt it will happen. The blogging and curating has made the crypto all the more popular. Although steemit could fail and no user use it in the end. But here lies the interesting part of it is that by participating in steemit one can actually be promoting and making steemit more valuable. That is because steem is worth as much as you put into it. You see me on steemit daily because I want steemit to do well. In turn have steem higher. We are controlling our destiny by using the coins we invest in.
Not all cryptos are like this so you have to do some research. Feel free to ask more because that is where I learned most about crypto to.
I think it's the mindset I can't understand.
If I was invested in a company, I couldn't just watch the share price go all the way to zero and lose everything without doing something about it. In real terms, once it lost 0.5% of it's value I would sell it and buy something else that was increasing in value instead.
Something like gold on the other hand, it will never go to zero and in theory I could hold it forever. It might not be worth anything in the future, but it'll still be there. I just don't think you have that guarantee with crypto, any of them could go to zero at any point in the future, just like a private company.
I can see your point, I would be interested in crypto that can actually 'do' something, most of the shitcoins are just ICO money grabs, they won't be around long. There's no guarantee that even Bitcoin will survive the future, no reason why it couldn't just fade away into obscurity.
I don't know how old you are but I remember the dotcom bubble very well, all those multi billion dollar companies, where are they now ? all gone. I just think crypto is another dotcom bubble, only a few will survive to the end and probably not the ones that people expect. It's the future though, so am confident in the very long term prospects for some of them.
Yep it can go to zero that is why I did not invest a lot of fiat into crypto. I do spend a lot of time on it therefore can earn a few cryptos here and there. I can not handle +10% and -10% price changes in crypto land. Indeed anything can be a bubble, but when the dust settles there will be winners somewhere. Just want to find it before it happens.
I invested for over a decade and lost everything twice! I did not go through the dotcom bubble personally but read about it. I agree the crypto market resembles dotcom but then again doesn't history repeat itself.
There is one very special reason why I think crypto will still be here for many years to come. The demand and need is there. We have relied on the government and emperors for thousands of years in regards to currency yet they have all failed or are failing. It is because of the mistakes that formed the very foundation of crypto. People who have suffered enough are now trying to create a new order. Crypto is that new order.
Yes I agree, totally. I think you're pursuing the only sensible option, I swear some people buy coins just because they like the name of them. If someone made a coin called 'death porn token' or something it would go to the moon :-) lol
I also think a lot of people invest in crypto just because they like to say "I invest in crypto". They don't understand it, have no idea how to make money out of it, they just want to be with 'the cool kids' :-)
My ideals are quite similar to yours, I'm going to look in the future for two coins, the first is the one that looks like it will have mainstream adoption and be useful for day to day purchases (ie, it has a reason for ordinary people to buy it).
The second coin is going to be whichever one the porn industry adopts. There's always been a problem with anonymity buying porn, no-one wants it on their credit card statement, so whoever makes an anonymous transaction coin for porn is going to be huge...
You totally got me distracted when you mentioned porn. Thinking women even know what porn is? lol.
There are coins with anonymous transactions. Where holders of the coins are not know, best example if Monero.
I've said all along if I was going to pick a coin it would be Monero or something similar, I think the anonymity function is important. I mean real anonymity, not like the pseudo anonymity that Bitcoin has.
Nothing wrong with porn, it's a commodity. My only regret is I didn't invest in it so far. I saw a new coin recently, Bunny Token I think ? I'm going to watch that one and see what happens, it could be one of 'the ones' I'd be interested in for the future.
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Check this game out, look close with an open mind with what this new concept is doing with open source Ethereum ERC-20 smart contracts, decentralized exchange and passive income. The game has passed the crypto kitties game on the Dapp Radar. The smart contract is coded to tax 10% of the ETH. when users purchase the (P)roof (O)f (W)eak (H)ands tokens and divides the ETH. tax to people who are already holding and also 10% of when users sell “20% total”. The name of the game is to hold as long as you can while you get earnings from the constantly taxed “Strong hand” buys and the taxed “weak hand” sells. If you don’t want to play anymore, you can pull out all your earnings all at once but with a 10% tax fee that gets divided to the stronger hands. This is what the ERC-20 smart contract is programed to do. Doesn’t hurt to look at the contracts open source code at least, don’t let the opportunity pass you by.
https://powh.io/?masternode=0x32c37e7ca38be1f85cd9e85c81ac9b6730f43e3e