Don't Rush Into ICOs
So recently I got into quite a number of Initial Coin Offerings (ICOs) just to diversify. But it seems that I've lost out on some great opportunities rushing out to relieve funds from some maturing coins like STEEM and Bitcoin, putting them into completely new ones instead. Here are some key insights to serve as a reminder for anyone else, including myself:-
Remember that sales pitches and bonuses are mostly to cause anyone to FOMO and buy into the hype. Project incubation periods are usually longer than expected.
There's really no point buying into ICOs early on especially if they're expected not to sell out like hot cakes. Even if there are bonuses earlier on, consider the potential value of the coins you're giving out. They can appreciate in value during the course of any crowdsale campaigns, so you may even end up with more tokens if you buy later. It really depends on what value the tokens are attached to.
All in all - patience is key! Don't need to rush. Although to be fair, the situation may end up being the other way around if Bitcoin goes down in value instead of up during the ICO. But who are we kidding? The belief in Bitcoin keeps piling on and on to no end.. so please consider the near-future value of the "old" token you're planning to give out. And now we may have a new problem - many great ICO opportunities will be gone if you aren't quick enough ;)
Here are some great, relevant resources:-
Smith & Crown - https://smithandcrown.com/icos/
CryptoPortfolio - https://www.youtube.com/channel/UCI9POyyP-f93JHfkhr2ma2g
Crypto Judgement - https://medium.com/@cryptojudgement
Madly off in all directions. Charge!
(((trumpets blaring)))
If this continues, I may have to ration 0.001 bitcoin per ICO lol!
true, well said!
Yeah agree totally.... I would even fo way further and compared industry VC rounds with ICOs - wrote that article yesterday :-)
https://steemit.com/steem/@hastla/ico-scams-usd12m-invested-usd7m-invested-take-care-about-that-bullshit-going-on
Hahah.. I'd definitely check out the core team members. If they've work spanning years trying to solve the problem they're trying to, then it's most definitely a good bet..
Yeah but can that the "average" steemit-guy valuate? no, of course not :-)
Look what bullshit people vote nowadays worldwide - haha.
anyway @kevinwong - good article.... followed you!
Happened to me too :) But many ICO tokens I hold still have great potential.
Yes, holding and going for a holiday is a fine strategy in itself! lol
I stopped participating in ICO's after Rise. I got smoked on that one and said, "never again".
Ah sorry to hear that! There's a good chance it can happen to any projects anyway.. I'd usually go for those who's left plenty of content online revolving around their workscope in the ICO.
Some nice advice! With so many amazing blockchain projects around you can get a little bit like a kid in a candy store wanting one of everything, seriously exiting times ahead though!
I don't go to the shopping mall, but this is quite like shopping for the new age. Lol..
This is very accurate!
Same thing with ETH T_T
Invested into Matchpool and eth pumped high in the meantime even with the 30% early bonus.
Haha sometimes you don't know if the ICO timeline's engineered with such an event in mind..
Kevins Right!
I did too!
Just a 1/3rd
yup, holding my bitcoin and ether through this sweet ride is been great. Wont be patient with Ripple though, since i just wanted a quick profit and completely disagree with the corrupt banking system. ^-^
We got a RISK taker here.
Not mad atcha...
Hodling is indeed a not too bad strategy. I've been doing it for STEEM for close to a year now, and it's improving :)
All the best with your Ripples... lol
awesome man! and yeah im using them for vacation in August :) hahA
So that's what ICO stands for!
It seems a very risky business. I don't know much about trading at all and am just going for the quick wins for now. buying low, selling a bit higher... other than that, I invested in a couple of well established coins that I read a lot about on Steemit.
Yeah it is. So far my ICOs have been doing good though, it's nice to support projects that you like. Which are the well established coins that you went after?
Next to keeping most my steem locked up in steem power, I invested in some Ethereum and Dash mainly.
Intriguing! So, it's best to go the long haul! Patience is indeed a virtue. :)
I prefer buying in thirds 33% instead 100% ALL at once.
ICOs are definitely long haul unless they've done most of the work and risk-taking (which is sadly not very common these days..)
I've been getting interested in ICO investing, I know what you mean though. Are there any good resources to study/compare ICOs?
Or, with so many tokens running on the ethereum network, just buy & hold eth?
Yes.. check out www.smithandcrown.com - they've got some great articles and sometimes even research on ICOs..
Here's another great one: https://www.youtube.com/channel/UCI9POyyP-f93JHfkhr2ma2g
And another: https://medium.com/@cryptojudgement
That's great, thank you...I'll have a look.
"thirds rule strategy"