Sunday, Bloody Sunday
As I was going through my daily emails this morning I noticed I had received an email from Wagerr.
If you don't know anything about Wagerr click on the link and browse the site. Basically Wagerr is a sports betting coin looking to revolutionize the sports betting world, with lower fees, better odds and decentralization. Great idea. I will try and not bore you with too many of the fine details about this coin as there are many posts about wagerr, one of the best ones was by @durbin a few months ago, give it a read here.
SO anyways, back to my morning email. Looking at Wagerr's roadmap, this was an important week for the team as they were scheduled to launch the testnetor kind of soft launch of the product. I was more than disappointed as I started reading through the email.
Due to a number of different reasons the team announced that there will be a delay on the release of testnet and also a delay of 3-6 months on several of the features that have been promised on the roadmap. Needless to say that within minutes of the bad news, Wagerr's price started to drop. As of the time I'm writing this piece, wager is down about 25% on the day and very close to its original ICO price.
To quote directly from the email
To achieve our new goals, the original prototypes for Wagerr must be discarded and replaced with more complex architecture. This change in design requires us to reboot development and make new hires.
On their slack channel today, to say there was a lot of FUD flying around would be the understatement of the year.
I bought into Wagerr very early on in the ICO and I have always maintained that it is a long term coin as there are many things that need development and these things take time. The team had been straight forward with any questions or problems investors had and the transparency was what I really valued. But after today, I must admit I am a little rattled.
To summarize the entire email, the team has basically scrapped the work they have done so far and are restarting from scratch, a lot of the coding needed was a bit more complex than initially imagined. I could feel my heart sinking as I was reading the email. I think the team didn't realize how much technical work this project needed, they were more the type with the ideas rather than the guys who can turn the vision into reality.
So, What Now
I am by no means a rich guy so when I invested somewhere between $1-10,000 into this project I knew I was taking on some risk. That's okay, without risk, there is usually no reward. But after today's news I was left wondering whether I should cut my losses now, stand firm or double down. What would you do in this situation?
If I had just left my money in Bitcoin it would've far outperformed Wagerr so far. If I had bought any number of the hundreds of other ICO's I would've likely gained better returns. So sometimes the best action is no action.
After debating whether to pull out or stick with Wagerr, I landed somewhere in the middle. I decided to sell about 50% of my holdings, still having made a modest profit, but I decided its time for the team to show that they are going to do what they said they would before I invest anymore.
Do you have any coin horror stories of your own? Would love to hear some
I really can't give you much advice my friend as I am in no way, shape, or form an expert or even good at trading and investing. As I have never done it before. But, from what I read in this post you made a good choice because if they do return with better set up their price is going to skyrocket probably. So I guess now it is all about WAITING GAME.
In any case my friend. Good luck with your investment. :)
Yeah it really is a waiting game. It is hard to just sit on your hands sometimes and watch as other coins shoot the moon, so to speak. I think the best idea is just keep researching and focus on the things I can control
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