Don't buy shi$$$ coins. Buy the good ones. Duh.
Just Buy the Good Ones
Recently I have been rethinking my overall investing strategy when it comes to cryptocurrencies and blockchain technologies. I've come up with a simple, yet highly efficient method of choosing projects to invest in. That method is the following: Don't choose the shitty ones.
That sounds like pretty simple advice, right? It is. There are tons of projects out there today that are borderline worthless and that I would never even consider dropping a dime in. Others are sort of on the fence. They have potential, but something is just missing. Then there's the gold projects. Those ones with the large and active development teams and communities.
My money is simply invested in those golden projects. When picking a project, I look for 3 important things.
- Do they have an active team and community?
- What real world use cases does this technology have?
- What does the roadmap say about the future and how have they met previous goals?
These 3 questions should give you a very solid idea of if a project is possibly worth investing in. Of course, these 3 questions are just a starting point. There is much much more you can and should look into as well.
So, question 1 is typically easy to find the answer to. Most projects list their team's on their website, with the exception of some privacy coins. You can also track how the developers are doing on GitHub. GitHub can be a pretty good gauge on how active the development of a project is.
Question 2 is one that a lot of people ignore. Many are investing in tons of the same technologies. There's tons of Bitcoin forks out there that do nothing more than Bitcoin itself can. Which brings me to my next point. We already have enough established currencies. These established coins like Bitcoin, Litcoin, Monero, ZCash, etc. are good to invest in. But, the lesser known ones are largely useless. There is more money to be made in dApps and real world applications like IOTA working with microtransactions for the internet of things.
Question 3 should be another obvious one. Why would put your money in a project if you don't know their future goals? Or how well they have met their set goals in the past? I wouldn't. Reading a project's roadmap gives you a good gauge on where that project aims to be in the future technologically. If I am not on board with the future plans for a project then I will stay away from it.
Refocusing My Portfolio
I decided to remove a decent amount of money from various cryptos I had held so I could invest that money into more sound projects. My primary buys right now are EOS, ZCash, XMR, and ZenCash. I believe EOS will play a prominent role in this industry. I also believe privacy coins will always be a necessity and thus will always serve a purpose and be in demand which is why I have 3 of them on top of my list.
Outside of the coins listed above, I'm also picking up some Ethereum, Bitshares, and Ripple (XRP) when I can. These 3 coins, regardless of how much I dislike Ethereum and Ripple, also have a bright future ahead of them. If Bitshares can fix up their user interface a bit and improve some performance issues such as the ping times it has tons of potential due to increasing regulations and 'know-your-customer' (KYC) requirements.
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Hi, all 3 points are very valid. I do also want to add another one. They may have a real world application but how do they challenge the incumbent or market leader. Will they get any adoption or if yes, will the adoption increase to a level so that the project survives?
Creating a decentralized amazon for example is great but how much time will it take for a company to reach where amazon is in terms of tech. Moreover, to an average person, what matters more - cheap goods delivered to the door by amazon or goods delivered on a decentralized platform. Amazon may not be the best example but hope it makes my point clear.
Zencash and its securenodes and supernodes system are awesome.
I am a big backer of Reddcoin. Spent a good amount on it. made pretty good gains in the staking wallet. I love that it is built for community and has real world applications. The volatility is nice too!. Thanks for the post
AMEN!! This approach is 50% of my own strategy. I share in holding / trading at least one coin you mention. I personally look for good concept/use case, good people/team, and how far project development and implementation has come since ico or inception. Strategic partnerships are a clear red flag as well. I think a wave of mergers and aquisitions will consolidate the quality projects while regulation will stop out the scams.
I'm interested to see how exactly the Ethereum/ZCash implementation is going to go.
But, I agree 100% with what you said.
https://www.google.com/amp/s/cointelegraph.com/news/nasa-funds-development-of-autonomous-spacecraft-that-uses-blockchain/amp this is encouraging overall
50% only?
Yep. I have a few tricks up my sleeve that are quite unique
alot of people think electroneum is a shit coin... im not sure why. the ridiculous ranking from the pompous weiss report doesnt help, but then again, what gives weiss the power to declare one coin over another? i love it, bought in while it is small and am willing to wait a long while to see it come to fruition, with the patent in hand.
Electroneum is definitely not on my buy list. :P
Too much risk there.
Ahhh, but its going up now. No where to go but up! crosses fingers :) the ceo is the herballife and avon dude... he will market the hell out of the coin and the patent when the time comes.
Truth is, i missed out on bitcoin back in 2011 2012, i bought silver instead. Bitcoin was too complicating and intimidating.
Electroneum is the first coin ive seen that can overcome those barriers.
nice
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when the great cleanse happens your going to be wanting to hold some quality!
;) it will come one day.
Useful informative...
I never heard of any of the currencies you mentioned except etereum. To my opinion eyereum is responding exactly the same way as BTC is. I also have doubts about the private ones. Plus... cryptocurrencies not used on any market will be not i yeresting/useless