So you ONLY want to make 1 million dollars? (@RiskDebonair's easy peasy $1 million lazy mathematical guide)
Paragraph 1 - Pre-ramble
A lot of people supposedly come into crypto trying to make a quick buck; maybe only a million. Lots of people will tell you that YOU ARE A PIECE OF SHIT and that YOU CANNOT MAKE 1 MILLION DOLLARS IN CRYPTO, and maybe you will agree with them and shake their hand, thanking them, thinking that THEY KNOW MORE THAN YOU. They'll have you convinced that MAKING 1 MILLION DOLLARS IS SIMPLY TOO DIFFICULT A TASK FOR SOMEONE LIKE YOU. Maybe it is?
Paragraph 2 - Pep talk
Now that that first paragraph has completely broken you down as a human, I have you in the palm of my hand, ready to mold into a future millionaire if that is so what you desire. (But remember, success is all about what you desire, maybe you want that 1 MILLION DOLLARS, but you don't want it as bad as you want to go the club or to watch that basketball game... If you want something badly enough, you get it; when you want something as much as you want air when you are coughing and struggling to breathe, you get it. The only thing in your way is time.
Paragraph 3 - Equations and breakdown of paragraph structuring
So you want 1 million dollars?
Well if you do, you know you want 1 million dollars. That's a number... the answer to your equation.
We know our end point, and we also know our start point. How much money do you have to responsibly invest over a long term period?
So we take our starting number (our initial investment), and we work out the return on investment (ROI) we need to get to 1 million dollars.
So so easy.
The next part is to work out the potential likely return on investments from different cryptocurrencies. Don't get distracted by shiny hype coins. Focus on those returns. Do a nice spread on coins that give you sweet return, based on your estimation of the future value/total market capitalization of that coin.
When your investments start to near or overshoot your estimated value, re-invest some of it into another promising cryptocurrency with good ROI if any opportunities are available. I personally like to do my buying and re-investing when the market is exiting dips. Squeeze every last drop of ROI if you can.
(Initial investments x ROI - x%*) + re-investments x ROI = $1,000,000
*x% = re-investments
You might not need to reinvest depending on your numbers, but it is always good to diversify. The markets are going to go WAY WAY WAY UP. Could be tomorrow, next week, next month, next year... it's just a game of sitting and waiting.
Do your math, watch the markets, and check yourself before you wreck yourself. Now that you have the confidence of a future millionaire (if that is what you desire), be your own expert and don't listen to anyone. Not even yourself. Or even me.
Good day.
@RiskDebonair
Irish Writer, Poet, & Lover
Well for starters it will will not be that easy ,as well as for many old buddies as well but I do completely agree with your sumups , by doing sth of complete research over anything rightfully the achievement of ! million will surely be possible nevertheless everything takes time and patience ;)
The difficulty is knowing which coins have value and which don't. Things happen and coins come and go. You can definitely tell which are "smarter" investments than others, but if you go on CoinMarketCap you can just see coins boom out of nowhere, crash, etc. What you say is all good, but the speculation aspect about where the market/coin is going is the issue.
That's true. This part is dependent on the person's ability to research, understand, and think ahead.
Very true. By the way, not trying to negate your analysis. It was a great read and a good way for someone to evaluate their potential success given they make the right decisions. Sometimes a coin will seem like a good choice to me but when I weigh everything it doesn't seem like a good investment after all.
The speculation aspect of it is kind of what makes it fun in my opinion :P
With my spread I only need 1 coin to go super saiyan to succeed in my goals. I think with good diversification and good mathematics, anyone can make up for potential failures of projects.
I do love buying things because of their name, and then forgetting about them until they explode. Humans love things with good names.
Good gawd I think I can do it!
Jokes aside, it is nice to have the steemit hivemind at your disposal for inspiration, education and entertainment all at the same time. While buying the dips and amassing crypto at the bottom, pulling profit from the top and reinvesting/parking some FIAT for the next dip, Just keep steeming/mining while you are doing all that stuff for more gains.
As with any worthwhile goal, you have to ask yourself WHY. Without a why, it is easy to lose sight of the finish line.
Friggin brilliant! If we know the answer to the equation we are good to go! Absolutely great advice to avoid crap sounds too!
time to pull in calculator and start working on it
I spent 3 days almost exactly last year researching and doing the math. It paid off ^_^
Hey @ riskdebonair, great post! I enjoyed your content. Keep up the good work!
It's always nice to see good content here on Steemit! Cheers :)
excellent post ..loving to your blog.thanks for sharing..