When you invest in crypto what decisions drives you to buy a specific crypto asset?
Good morning Steemers and crypto asset investors.
Everyday I am trying to promote Crypto Owls, as people overall seem to like the concept, but struggle to understand the by looking at the website: https://cryptoowls.com which is still in beta and needs a better design!
Investment drive
What drives you to buy crypto and what properties do you look at to decide whether a crypto asset is worth investing? Are you sure you cover every aspect, do you have a fixed order or pick random properties like how decentralised an asset is.
Do you really know what decentralised means and whether it is good or bad in terms of a specific crypto asset achieving success?
Did you ever notice that through researching crypto you often end up with more questions than when you started.
Information bias
When people are unsure where to look at in terms of making a difficult decision, they end up researching more data even though some of this data is not required for their decision making process.
thorough research
Getting a good understanding of crypto is not easy and with the very basic understanding of what digital money and blockchain is, you are not there. There is a risk that your brain automatically connect dots between things you half understand and things that you are clear about
Your mental picture may seem right, but if you dig deeper it often turns out you are wrong. Often when you try to explain a concept and you get stuck it means you have gaps in your knowledge which probably need filling in, try and explain your research and see what I mean.
Crypto currency/ assets are still too hard to understand for most
In order for crypto to become more accessible to the masses, a few things need to happen.
In non chronological order:
- The barrier to understand crypto and use crypto has to be lowered, by improving software UI and improve access to the necessary data required to understand different crypto assets. (crypto owls)
- People need to be able to compare crypto assets, based on their properties for better decision making (crypto owls)
- People need a good incentive (A drive to become your own banker)
- People need to feel they are not gambling (crypto owls)
- A good and safe working stable coin is required like for instance the quint for investors to move their assets to when they feel the crypto market is moving south.
- Institutional investors need to be able to work with better exchanges like LGO or decentrallised exchanges like the Bitshares DEX that give direct access to several stable coins and allow investors to have control over their own keys as well as backing up investments by using bitshares (bts) as collateral.
- The word ‘cryptocurrency’ too often is connected still to negative news, loss of coins, drugs and white washing. Clear up the fud and put it in perspective crypto owls
So what the heck is it, that your website is trying to do?
In short it is using the power of the Steemit community, to start thorough combined step by step research using the Steemit blockchain incentive and writing benchmark reviews in a strict format (semi automized).
Well that is a handful, you lost me!
I know I have spent 8 months creating it and I notice it isn’t easy to grasp, however if you bear with me I hope over time you will understand.
Perhaps this picture helps understand the benchmark process:
By selecting the answers of twenty questions after having done proper research, automatically a post is created in a text editor requiring you to elaborate your decision making and adding the resources of your research.
Once you have finished the questions you post it to the steemit blockchain, for it to be curated and reviewed. It will also appear in colour on https://cryptoowls.com where curation is also possible.
A grade is calculated automatically based on the weigt of the properties and selections you made.
A voila, you just added to a more transparent crypto space. Your research if found accurate wll not have to be done for a while! Unless it requires updating. You just saved tons of new joiners a lot of research time.
Goal
Together we could easily make the crypto space more transparent by offering a ranking website based on facts, properties and a clear vision on how to look at crypto assets, how to compare them and have a more indepth overview of the market as a whole. Very few people have that total view, since it is close to impossible to gather this data alone.
Some pictures of what is possible through the power of writng benchmarks using a community:
longterm view
If we believe that crypto has the power to change the world, whether it is in terms of businesses getting rid of trusted thirdparties or new world currencies arising from crypto. All these things won’t happen overnight, a longterm view is required and I sincerely belief the majority of people getting involved in crypto should take this view as well.
Chasing short term gains is a bad idea unless you know what you are doing, I believe very few people actually know what they are doing in terms of technical analysis, daytrading etc.
If this sounds interesting to you and you would like to participate or like to receive the latest written benchmarks.