Strategizing Investments
During my time away from the interwebs, I had a lot of time to think and refocus myself. I decided to change my strategy of how to approach crypto assets. Previously I was constantly searching for the next big thing and trying to make some quick money. This is an easy way to get yourself in a bind for many reasons. It is a lot harder to judge less mature projects that haven't been around very long as opposed to projects that have been around for years with very active and large development teams.
This doesn't mean I have completely turned away from lesser known projects. Some of my favorite investments aren't even in the CMC top 100 (yet). But, I have changed how I approach these new found projects before I invest in them.
One of the first things I look at is the roadmap. It is important to see what the project plans to do. Not only that, it is also important to see how the project's development team did on reaching past goals. Did they meet their deadline? Were they early or late? If so, how far off were they? This is key in determining how competent and dedicated the team is to their project.
A project that comes to mind is Verge. Now, I have love/hate relationship with Verge. I love what they're trying to do and for some reason the project just draws me in. But, the project relies far too heavily on one developer and they have had a lot of trouble meeting their goals and promises in the past. I did make a nice bit of money investing in Verge, but I had to sell because of what I was seeing from their developers and PR.
Another major factor was sort-of stated above. That is the projects public relations and marketing. Cryptocurrencies are already popular among us techies and nerds. A major key to achieving mass adoption is and will be public relations and marketing. This covers a wide range of things (design, promotion, social media interaction, etc.). In today's ever connected world this is key in getting people invested in a project and/or idea. Dash does this pretty well by their community governance/masternode proposals (https://www.dashcentral.org/). This allows people to make budget proposals that masternode owners can vote on. Though I see some flaws in this system, the idea is in the right direction.
Last on this list is ease of use. This one is a no brainer. We know not every one is computer/tech savvy, so having a currency that is easy to use and understand is a major key in mass adoption. If I can teach my grandparents to use the crypto then it passes this test (I haven't actually tried this yet. :P But, it's something I think about).
Portfolio
As stated in the title, I've decided to change my strategy from discovering new tech/lesser known projects to focusing on projects with a solid foundation. I will still dabble in the new projects, but it's no longer my focus. Below is a list of coins I've made my primary focus. I still haven't decided how to exactly balance my portfolio, so that's something I will be working on.
- Bitcoin
- Bitshares
- Litecoin
- Monero
- Steem
- ZenCash
I do own some other coins, but I'm not 100% committed to them yet. I will be sharing a spreadsheet of my entire portfolio with gains and losses soon if anyone is interested. I will also be expanding on my strategies as well. I just didn't want to make it too long and boring so...
What is your strategy for investing in crypto assets? What are your favorite coins at the moment? I like to hear your opinions and research projects your interested in.
As always, thanks for reading!
BitBoss
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