This altcoin dip and Bittrex FUD made me reorganize and clean-up my crypto portfolio 🚮
With all the coins at their lowest points for months, and Bittrex causing some FUD with their banning and freezing thousands of accounts without notice, I was forced to make a risk assessment and look critically at my portfolio because I wanted to get my funds out.
There were a bunch of underperformers for a while now, in which I too have lost some of my faith. Additionally, with Bittrex possibly being at risk, I wanted to pull my funds out but was faced with the problem that not all crypto's can be traded everywhere. Poloniex is an option, but has been acting weird for months too now. And honestly even though I had money in the cryptocurrencies that I ditched and wanted to hodl them until I made a profit (in btc value), I realized that if I didn't have the money in them yet, I wouldn't be putting money into it if I had money to invest.
So I decided to sell all my LBRY credits, Siacoin and my tiny bit of BitcoinCash for Bitcoin. Worst time ever, I know. But withdrawing them individually would cost too much in fees for the amounts of money I had in them (less than $100 each). So by selling them, I could withdraw it all as BTC and be done with it.
LBRY
I lost faith in this one for a while now. While it sounded like a good idea, the actual implementation is...meh. It doesn't really seem to be adopted much, and the KYC (credit card linkage) before you can access the platform is a turn-off for sure. There are, as well, many new competitors in this space. I just don't see LBRY taking on Netflix. Made a 40% loss on this. Especially sucks since I never meant to hold as much of this as I did, but I ended up bagholding after trying to swing-trade it a few times. Lesson learned.
Siacoin
Siacoin too sounded like a great idea, and it seemed very popular. It lost it's momentum though, and never recovered. Additionally, more competitors entered the space with arguably better features. Others have commented that blockchain isn't really suitable for cloud storage solutions. They may be right. Bought in for about 300 satoshi's, sold for 75 satoshi's, so a massive loss. Fortunately I only had $70 in it.
BitcoinCash
I already sold a bunch of my BCH when it was at $700, but I held on to the rest 'just in case'. A kind of insurance-FOMO I guess. However, with the months passed and new forks coming up, I have less and less faith that BCH will ever be anything but an altcoin. Do I really want BitcoinCash? No.. not really. And if it does switch to BCH's favor at some point, it won't do it overnight and I will be able to buy in then. So I sold this too.
Like I said, it hurt a little to sell at such huge losses, but I am actually glad to be out. These were super minor holds anyway, and I regret not selling them earlier. I can put this money much better into something that does go up.
Now, 98% of my funds (except IOTA) are on my hardware wallet, securely protected against Bittrex failing or anything else. I feel a lot more mobile and flexible now! I'm already a happy Etherdelta user, and will be looking for ways to trade Bitcoin cheaper and decentralized too (Bitshares/OpenLedger maybe)!
Moving to bitshares is a no-brainer.
I'm looking to try Bitshares out, but I am spoiled by Etherdelta's super easy login with my Ledger nano s
What's going on with Bittrex?
nothing they released a statement today. They did account reviews to meet guidelines and locked them if they didn't but they are slowly opening them. May be they were warned by the authorities to check international accounts because it was mostly international.
interesting, did a bit of reading on it last night. thanks for the tip
They're banning/freezing thousands of accounts, and there are more red flags. Read about it here: https://steemit.com/cryptocurrency/@pandorasbox/very-serious-red-flags-on-bittrex-exchange-many-users-getting-banned-accounts-locked-weird-stuff-happening-get-your-funds-out
Recently did this too - sat down and actually did some thorough research (more than an hour of reading/project) and wrote out some ideas and a game plan. Definitely feel less worried about drops and have actually noticed most of my reading has been about the whole market in general instead of specific coins.
Yes, it's much better to have your holdings in stuff that you trust, I agree! And diversification is a must too. Makes it much easier to handle dips in one, when the other is up too.
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Do you recommend anywhere for long term holding? I'm a noob and didn't know "hardware wallets" were a thing until I just read that sentence! I presume I do not have the hardware necessary for that, lol.
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