So, yesterday (7th August) I saw the markets take a real beating, apparently after the SEC, as expected, delayed the decision on the latest ETF application. It seems there is a real difference between expectation and the real thing happening! It seemed an over reaction to me, but I was quite happy as I hoovered up some cheap crypto to add to my portfolio, mainly EOS and XRP.
Except it wasn’t that cheap was it? Within 24 hours, another wave of sell offs forced all prices down further and huge, scary, bright red double digit losses ran across all my screens like blood running from a butchered body. One by one, my open positions (of which I currently have some 56) started to give up their green fonts and I watched as my overall profit positions retreated further and further, literally by the second. Continue reading “Market crash, you say?”
Ever since I started investing in the crypto space, I’ve always had a bit of a soft spot for Litecoin. It started as a sort of hunch, much like you might get for a favourite number in roulette or a horse name that strikes you when searching for a Grand National bet, but once I started looking it in great detail, I found it was one I really liked. Alot.
You see, Bitcoin is great, but even early on it was pretty obvious to me that it was no good for small, everyday purchases – and let’s not forget I was actually speaking from proper, first hand experience. Before selling the last of three internet cafes and games zones that I owned, I had offered Bitcoin as a means of payment. It was only ever used a handful of times via Bitpay, but it was expensive and awkward to use and, to be honest, the people who used it were doing so because it was a new and exciting thing, not because it was more convenient. In the boom of December 2017, Continue reading “Why I’m betting on Litecoin”
Masternode coins, of which are there are some 360 now, are notoriously risky. You have to be part crazy, really smart or really stupid (depending on your point of view), prone to a bit of luck and particularly thick skinned to even think about getting involved here. This is a festering, animated swamp of creative genius, scam artists, dodgy characters, devout believers and innocent investors in a dangerous, unregulated mess. It’s daunting, easy to get caught out or taken for a ride, and notoriously hard to make money. BUT, if you can pick one winner, it can make up for dozens of losses. That, I guess, is the lure.
This is the story of our early endeavours into this market, the mistakes we made and the noticeable difference in thinking between generations that, in the end, shaped our strategy. My hope, in making public my embarrassing initial failures, is that it may help others who dare to walk the same path.
Continue reading “Investing in Masternodes? Read this!”
The last few days have been brutal in the cyptocurrency sphere, and I mean REALLY brutal. Frankly, it hasn’t been much fun since December 2017, when we all watched our fast gained profits from the crazy bull run the months before, evaporate into nothing. And if you only got in during that bull run, you’ll almost certainly be sitting on losses and watching them get bigger.
At the time of writing (5.30pm GMT, 12 June 2018), the total market value is now $264,000,000 (source:coinmarketcap.com), a drop of over $30bn, or over 10% in just the last few hours. And that’s on top of a brutal drop just yesterday. In fact, the market has lost an incredible $594bn in just six months since the highs we recorded, that’s a pretty scary 67%! What does it all mean and what should we do now?
The first thing to understand is that these things happen. Simple as that. It’s the markets, stupid (to steal – and totally butcher – a well known phrase). There are hundreds of reasons why this happens, and none of them are in your direct control.
Continue reading “Market Crash: Buy, Sell or Hodl?”
Cryptocurrencies are ingenious, logical things using exact mathematics and cryptography to make transactions or record data in a way that is free from the failings of humans. Unfortunately, their tokens and coins are traded on the open market by those same failing humans, who are subject to greed, FOMO (Fear of Missing Out), ridiculous over excitement, misplaced belief and all the other shortcomings we have to deal with on a day to day basis. And that means a volatile, crazy cryptomarket, with unbelievable price swings and a myriad of supportive and dismissive comments about the future in equal quantities from equal numbers of experts and amateurs alike. It’s noisy out there, and trawling the net looking for answers often leads to more confusion.
Continue reading “Why I love Ripple”
I made a terrible mistake a few years ago.
I was lucky enough to stumble across Bitcoin in it’s (relatively) early days, somewhere around late 2013 after an article I’d found on some obscure financial website. I was hooked immediately and decided to follow the story, dipping in now and again to see what was happening. I decided to buy a few, but even though I am reasonably geeky, I simply couldn’t work out how the early exchanges worked and eventually gave up. It was a very, very expensive mistake. My meagre £500 investment (which is all I was prepared to risk at the time) would now have been worth £46,000. And rising daily.
By the time I actually bought, BTC had already reached £3000 and it cost me far, far more than £500 to get into the game. Like many people, I’d put it off thinking it couldn’t go any higher. But I was very, very wrong. And the more I researched and the more maths I did, the more I realized we haven’t even started yet. But there was another realization. Bitcoin, as a currency, is absolute rubbish.
Continue reading “Bitcoin is a terrible currency (but a fabulous store of wealth)”