On the 12th of July I bought into Chaincoin on the basis that the Return on Investment from a masternode looked very promising. By the 15th of July I had my masternode setup and earning a return. 3 days later I stopped my masternode and sold all the coins for a 200% gain.
Here’s why:
• ChainCoin no longer had any development team behind it.
• Masternodes were growing exponentially reducing the overall return on investment. If this continued it would no longer be worth running it. In other words the more that people HODL the coin and built masternodes there become less reason to want to buy this coin.
• While the HODL community behind the coin was commendable many could not see the coin lacked any real growth.
• Bittrex had no intention of adding the coin despite many people speculating that it was going to be added.
• Whales weren’t coming to buy the coin. Big investors generally do thorough research before investing and it’s highly unlikely any hedge fund managers even glimpsed this coin.
• The coins growth was being hyped up by small communities rather than reaching any real adoption by the masses.
• The coin doesn’t solve any real problems in the crypto space, there are too many other coins that could already do what this coin does and better.
Failing to take a closer look and research the coin before investing made this a bad investment decision. I was more preoccupied with getting the masternode up and running. Once that was completed I started looking into it further and realised the coin value was all based on speculation and hype.
I really would have liked to see this coin do well. If by some miracle there is renewed development in the coin and we start to see real adoption by other exchanges and potential future growth. Then potentially this coin could come back, but right now this is a major gamble, and it would be wise to cut your losses and invest elsewhere.
To those that are going to stick it out and HODL good luck. I do hope you reap back any losses but currently it’s not looking good.