Again that's some great piece of advise @inventor16. I always do the first 2 points you have mentioned before going after any coin. Reading white paper is very important as it gives us idea about is the technology really strong behind it. And studying the tech team behind coin makes us sure that they will not let our investment drown. 👍
You just got a follower. I agree with your statements. I also only invest in coins i can see holding long term and not just pump and dump. I still got a long way to go but I am definitely more informed than I was a month ago.
@inventor16
As per 4th point -> selecting a coin for having broader niche.
Recently I am looking to Storj project which can be used to rent out the extra hard drive for crypto. I felt this is gonna be really innovative project.
But, the point of broader market... I doubt it.
What's your stand against this project? Any suggestion?
Of course, I agree all points you had here....
I haven't done enough due dilligence on storj to really make an informed comment. I think the idea makes sense, also with Siacoin and decentralized hosting also makes sense. But with these new decentralized operating systems coming out, such as BOScoin, EOS and maybe even Ethereum, you have to ask the question of whether these one off blockchains will gain more demand versus a dapp that's built on top of another blockchain. That question we will only know in the future.
Exactly @inventor16
Only future knows. But it would be better to have investment on the projects initially... Of course yes they gain demand in the course of time.
I feel not more than DAAPs...
For this instance,Storj to gain more demand. It has to offer more speed, bandwidth, privacy and censorship comparing with traditional cloud storage. But lets see in future. I would like have your review on this coin or similar innovative projects. It would be great and helpful than a noob like me telling about it.
@chandu91 I'll look into doing a review of Storj, my initial thoughts is it's a solid idea. One cause for concern is storj competitors like google drive offer 15GB of free storage which is very secure and reliable, so most people will just use that, so demand may be lower. Demand is going to be a key player in the marketcap of the coin itself.
What about pirates?
I remember once I read Peter Sunde's post when Kickass torrents been shut down. He was in opinion in future the data must be distributed and uncensored without any Centralized control. Data should be free and accessible to every one.
May be, the pirates of with same opinion may employ this idea. Which means even the host don't know what data was hosted except with the user who had its key.
Because the data hosted on the blockchain will be encrypted with cryptography.
May be this may tap the untapped potential.
It's just my view. Waiting for your review on Storj and other kind of projects.
I find it hard to read the full white paper in first attempt but I look for development team.
Supply is also a thing to look for and I also look for the possibility of mass adoption of the project by crypto world as well as real time world. Just like Sia coin has file sharing and storing project that has good potential and will be adopted by masses in near future.
@cryptokraze I agree Sia definitely is on my watch list, but I'm wondering if something similar will pop up and be run on Eos that will be better. As for storing files, they have to compete with google drive which allows 15GB of free storage. I think it could be a force on the webhosting side of things. Or for people wanting to share copyrighted content. I personally won't invest in anything that allows copyrighted material to be shared openly.
@cryptokraze I could see using it as a backup for my google drive, but I'm not sure I would ditch my google drive completely. If something like this was built on steem where I could pay with steem dollars I would be more likely to use it. The privacy would be better than google which is a plus for sure. I don't think most users will care too much about privacy and be happy using the free google drive for 15GB.
Yeah obviously we should not shed google drive or any other service that will be taken over by crypto currencies untill they are regulated and have at least 10x less price.
Thank you for being another voice of reason in the FOMO atmosphere surrounding the market. I will follow your blog. I am trying to promote sensible and responsible investment in the cryptocurrency world as well and I think my article on Cryptocurrency Diversification can help people take your advice to the next level.
As always, do your homework people. Never invest blindly!
People should have read this before investing in most ICOs, Status for example, worthless app and still got over 100 millions or whatever.
Now they are cashing out half of it :D Easy money
I just got educated... let me ask you @inventor16... what is your top crypto picks? :)
Again that's some great piece of advise @inventor16. I always do the first 2 points you have mentioned before going after any coin. Reading white paper is very important as it gives us idea about is the technology really strong behind it. And studying the tech team behind coin makes us sure that they will not let our investment drown. 👍
I still have a lot to undertand about this world
thank you @inventor16 for share good shortcut!
I will ...
You just got a follower. I agree with your statements. I also only invest in coins i can see holding long term and not just pump and dump. I still got a long way to go but I am definitely more informed than I was a month ago.
A well written and clearly classified post.
@inventor16
As per 4th point -> selecting a coin for having broader niche.
Recently I am looking to Storj project which can be used to rent out the extra hard drive for crypto. I felt this is gonna be really innovative project.
But, the point of broader market... I doubt it.
What's your stand against this project? Any suggestion?
Of course, I agree all points you had here....
I haven't done enough due dilligence on storj to really make an informed comment. I think the idea makes sense, also with Siacoin and decentralized hosting also makes sense. But with these new decentralized operating systems coming out, such as BOScoin, EOS and maybe even Ethereum, you have to ask the question of whether these one off blockchains will gain more demand versus a dapp that's built on top of another blockchain. That question we will only know in the future.
Exactly @inventor16
Only future knows. But it would be better to have investment on the projects initially... Of course yes they gain demand in the course of time.
I feel not more than DAAPs...
For this instance,Storj to gain more demand. It has to offer more speed, bandwidth, privacy and censorship comparing with traditional cloud storage. But lets see in future. I would like have your review on this coin or similar innovative projects. It would be great and helpful than a noob like me telling about it.
@chandu91 I'll look into doing a review of Storj, my initial thoughts is it's a solid idea. One cause for concern is storj competitors like google drive offer 15GB of free storage which is very secure and reliable, so most people will just use that, so demand may be lower. Demand is going to be a key player in the marketcap of the coin itself.
What about pirates?
I remember once I read Peter Sunde's post when Kickass torrents been shut down. He was in opinion in future the data must be distributed and uncensored without any Centralized control. Data should be free and accessible to every one.
May be, the pirates of with same opinion may employ this idea. Which means even the host don't know what data was hosted except with the user who had its key.
Because the data hosted on the blockchain will be encrypted with cryptography.
May be this may tap the untapped potential.
It's just my view. Waiting for your review on Storj and other kind of projects.
Peter Sunde's is the founder of Pirate Bay.
His interview
https://torrentfreak.com/pirate-bay-founder-piracy-scene-needs-innovation-160726/
I find it hard to read the full white paper in first attempt but I look for development team.
Supply is also a thing to look for and I also look for the possibility of mass adoption of the project by crypto world as well as real time world. Just like Sia coin has file sharing and storing project that has good potential and will be adopted by masses in near future.
@cryptokraze I agree Sia definitely is on my watch list, but I'm wondering if something similar will pop up and be run on Eos that will be better. As for storing files, they have to compete with google drive which allows 15GB of free storage. I think it could be a force on the webhosting side of things. Or for people wanting to share copyrighted content. I personally won't invest in anything that allows copyrighted material to be shared openly.
Yeah they have to compete with major whales of market but Their paid services will be like 10x less cost so it will attract paid clients towards Sia.
@cryptokraze I could see using it as a backup for my google drive, but I'm not sure I would ditch my google drive completely. If something like this was built on steem where I could pay with steem dollars I would be more likely to use it. The privacy would be better than google which is a plus for sure. I don't think most users will care too much about privacy and be happy using the free google drive for 15GB.
Yeah obviously we should not shed google drive or any other service that will be taken over by crypto currencies untill they are regulated and have at least 10x less price.
Some great points made and useful for us all as we ride thr crypto train to the moon.
Great post
Thank you for being another voice of reason in the FOMO atmosphere surrounding the market. I will follow your blog. I am trying to promote sensible and responsible investment in the cryptocurrency world as well and I think my article on Cryptocurrency Diversification can help people take your advice to the next level.
As always, do your homework people. Never invest blindly!
People should have read this before investing in most ICOs, Status for example, worthless app and still got over 100 millions or whatever.
Now they are cashing out half of it :D Easy money