Happy Mid-January! The past month has been crazy. Christmas and New Years with family and friends. Eating way too much. A small post-New Year getaway in Hawaii. And now returning back work and looking forward to a new year of adventure.
As you may have read in my prior post, Ayala’s Quick-start Guide to Cryptocurrency, my strategy on cryptocurrency is to basically invest and hodl. Now when I hodl, I try to keep myself away from researching daily what is going on. I don’t want to end up impulsively changing something and regretting it in the future. Most of the news I do digest comes from my friends posting articles or the various comments made in the Facebook groups I participate in.
Now the extent of my involvement with my portfolio is to check on how is it doing? There is not much of a precedence on how cryptocurrencies will perform overall throughout a period of time. It’s just too early. So seeing this month over month and eventually year over year will be interesting.
So how am I checking my progress? I did a low-tech solution of putting the coins I invested in into an Excel sheet and just tracked the pricing. I have it pretty much on a weekly basis, but for this post I’m going to share the month snippet.
Performance from December 18, 2017 – January 13, 2018
|Request Network (REQ)||Binance||$0.29||$0.75||157%|
What Did I Learn?
Well the first thing that really sticks out is the fact that I jumped on the Bitcoin (BTC) bandwagon too late. Never a good thing to see red when calculating the gains/losses. It is a learning process taking a lost, because that is when you learn the most about making future decisions. I’m not going to panic and just going to hodl that one out and see if it makes a rebound.
Flashback to the past: My friends in 2013 were jumping on Bitcoin at $600 and sold it at $900. I had no idea what Bitcoin was or what they were even talking about. I guess everything is 20/20 in hindsight…even for them.
Why the Spread on Alt-coin?
I see the entire cryptocurrency like the .Com bubble of 2000. Explaining all that will have to wait until another post but in short – bitcoin proved the model and now the companies behind the alt-coins are sprinting to execute various blockchain applications in a creative number of use cases. I chose these because I liked what their whitepapers entailed and, if applicable, the firm/partners supporting them.
I would recommend anyone interested in alt-coins to do some research on the technology supporting it. I try to avoid anything that seems like company just trying to file for an ICO, raise some capital from knowledgeable investors, and ‘run’ with the cash. Sadly, this is a risk we must be aware of.
If you want to read how I got started with all this, please check out my prior post, Ayala’s Quick-start Guide to Cryptocurrency.
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