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RE: Crypto Journey Thus Far

in #cryptocurrency7 years ago

Great to meet you!

You made the first comment on my steemit blog so I am honored.

How cool that you were told about Bitcoin back in 2011. You know your attitude is a good one though, and I am sure I would have done the same and sold whatever I had well before the peak in 2017.

What I have learned is to keep some of my money in fiat or stablecoin (USD, DAI) so I can take advantage of these big downward swings. I am implementing that strategy now, dollar cost averaging in as the market has tanked.

Each DGX is backed by 100 grams of gold, so that token will be a good stable store of value to hedge against big dips in the market. The DGD token gets dividends from the usages of the DGX token; their platform is going live soon, been in development for a year or two I have read.

MakerDAO has a DAI token pegged to $1 USD, and it accomplishes that by having people put up their Ether as collateral and then generating DAI from that. So DAI is a stablecoin that you could move crypto into to hedge against market dips. The MKR token is the governance token over DAI, where you can vote on how DAI is generated, and the value of MKR should go up in value over time as to redeem DAI people have to burn MKR tokens, thus decreasing the supply.

Litecoin is more efficient, and I use it to transfer crypto from one account/exchange to another as it typically has lower fees and is faster. Whether long term it has appreciating value is still a big question.

Overall I think Bitcoin and all crypto will appreciate in value. How long that will take, I'm not sure, but I do think this dip will be a blip on the radar ultimately to the overall appreciation in value.

Thanks for commenting; we'll keep chatting!

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