Don't Judge a Book By its Cover, but Should you Judge a Token by its Website??...
Don't Judge a Book By its Cover, but Should you Judge a Token by its Website??...
I do...
Really, what else do you have to judge the quality of the engineers on a team than what is presented to the public? I mean, as a developer/engineer, I can go to their github repository and look through the code, but with all of the thousands of altcoins and ICOs out there, there should be an interface that draws me to do that.
My Reasoning
As a software engineer (and graphic designer) with a background in the arts, it is difficult for me to have faith in the integrity of a site that is not aestetically pleasing (or at least legible!).
As of late, there has been a lot of hype surrounding Blockchain technology and consequentially, a surplus of new investors (mostly uninformed) in the cryptocurrency space.
Do Your Research!
There is a lot of misinformation going around and there are people suggesting that coins are good investments simply because the price happens to increase without understanding the particular blockchain's underlying technology and/or the coin's utility.
Why You Shouldn't Listen...
The problems with buying an altcoin simply because of a price increase are as follows:
1. You may buy the coin at it's peak and never get back the value that you invested.
2. The name of the game is to buy LOW, sell HIGH, not the other way around...
3. The smartest way (in terms of the tax implications of the new US Tax Bill) to invest in cryptocurrency is to HODL (Hold on for Dear Life!) because at the time of every sale or trade, it will be a taxable event for US citizens and therefore (in my opinion) it would not be a good idea to be holding a bunch of sh#tcoins past their prime, but rather to invest in a coin built on technology that you believe in that will stand the test of time (and buy it when it's DOWN!).
(Not to say these coins wont rise sometimes, but for any long-term investment, you should have some understanding or reasoning as to why one would use that particular blockchain/token ie. STEEM/SBD)
Also this is not a shot at the Verge cryptocurrency, their image was just used as an example
(Just saying do your due diligence)
Bro! I judge the hell out of a token based on it's website. Quite a few have worked out well for me; Knew little about the coin (even though I briefly researched) -- but the website was SOOO impressive that I Decided to just buy in and Hold; see what it did; Most recent examples are BitBay; Did some quick research, mostly loved their website; picked up some and I'm Way Up (from .05 when I bought, to where it's at now, just under $1) --- as with Verge, their website 'could' look a little better. In that situation I mostly invested on advice I trusted; so far it's worked out well too. However, looking at their site, is BIG on my list of things to look for; Thanks for this awesome piece -
Thank you for the insightful comment... You are much appreciated fam!
you got it; We need to set up that 'black steem writers group' on fb; I don't think we can 'really' get it going within the Dr. boyce group; (the admins not with that) --- but we should try to get one set up; and invite people from that group to join; so that we can all share our articles there, and start to 'network better' with one another ---
I actually started a group called reSteemit... You should join and add other people who contribute regularly... They had temporarily suspended me from the group because I commented on the original post telling people to join ... https://www.facebook.com/groups/139063893473162/