Hey guys and gals,
AHHH THE MARKET IS CRASHING. SELL SELL SELL
(Don't actually do that. Let's go shopping instead peeps!)
Welcome to the dark dark days of a market correction! OUCH!
Lets kick things off with the hard cold reality of a down day:
Now, I haven't worked out an easy way of seeing my actual margins on Blockfolio (e.g. the up/down percent from the point I invested) rather than just the last 24 hour market changes... That being said, going in to each coin and looking at my holdings shows some incredibly painful truths...
OUCH! That story goes on for pretty much all my coins at the moment, but I'm not worrying!
Why? Well, I'm either slightly mad (potentially), or, I think this is something everyone should have expected. I knew this could happen. I didn't know when, and I have no idea when it'll end (or if it will), but I think going in to investments is always risky, and that's why you should do your own research!
That's why I'm not actually panicking. In fact, quite the opposite - I'm buying the rest of the alt coins I wanted to get involved with!
The key focus for my investments is of course to make money. Who wouldn't want that. But fundamentally, I'm trying to invest in coins and projects I think have real market utility, and an inherent value (even if not recognised today)! I have no intention of selling these coins for the next 12 months (not least because of the huge tax implications) so there really is no need to get worried about a rightly-due market correction. Unless of course the correction breaks the market completely. Fingers crossed it doesn't.
Someone rightly asked me to explain my logic behind some of the coins I'm investing in, so I'm gonna try and do that over the next few blogs if you're interested.
My Portfolio
As you'll see from the above, I'm currently HODL'ing the following:
- LTC
- EOS
- LSK
- PAY
- UTK
- POWR
- CAN
- DAT
- COLX
- XRP
- SHND (lol... I had some random amount of BTC left so I bought 1million SHND. That way, even if I don't make 1 million DOLLARS, I still at least have 1 million COINS ha! ).
I'll try and go over each of the coins in more detail throughout this blog-journey, and the other coins I'm looking at buying. One thing you might notice a significant lack of, is BTC and ETH!!! WHAT THE HEEELLLL!? You might be asking yourself...
Well essentially, I do plan on holding some of these coins, but with the massive swings currently in play I'm using all ETH I buy to purchase altcoins. Eventually I'll keep some BTC and ETH though (because personally, these seem to be the most stable of coins - other than Tether!).
So, that's it for today. I've invested about $10,000 and already "lost" $2,000+ of that. But I'm not worried. I think the market was inflated and needed a change. I think I bought in at relatively good prices so hopefully my portfolio will go green eventually.
In the meantime, I need to get this bad-boy setup! Still haven't worked it out completely... For example, can I store my custom ERC20 tokens that are on MyEtherWallet in the Ledger ETH wallet instead? Can I pay for ICOs with ETH via the Ledger+MEW, or do I need to use a MEW wallet?.. Who knows...
P.S. For transparency, I'm planning to buy more UTK, and invest in BQX and QSP. Also getting some more ETH as I plan to invest in the coinstarter Pre-ICO I think. Still deciding on that one though. Let me know your thoughts! Ref link here
Thanks,
cryptoash
Twitttttteeer
Disclaimer
- None of this should be taken as financial, nor investment, advice.
- Do your own research.
- I am invested in some/all of the coins mentioned above.