Hello everyone,
In this post, I'll show you how I turned 0.5 BTC into 3.05 BTC within a period of 2 weeks by recognizing a good investment opportunity and being patient.
So, unless you were living under the rock, you must have heard about IOTA by now. IOTA took the crypto world by frenzy by taking the rank 6 spot by the size of the market cap (now ranked 8)
A little more than 2 weeks ago, my friend had told me about a slack platform which was dedicated to a new cryptocurrency called IOTA. By the time I was told about this coin, the market cap was already valuated at 350million USD, with a single IOTA being priced at57-60 mBTC.
Naturally and immediately, I became skeptical of the project. I mean... how could a no-named currency be valuated so much higher price than most of the popular known coins? So, this is when I started to do my research and tried to find evidence that the slack exchange bids and asks were formed from real supply and demands (not fake bots), that IOTA has strong value propositions and that the slack exchange platform is not being ran by a scammer. I gathered information from various forums, discords and other slack groups. I knew I had to be fast, because the prices were increasing at an exponential rate, and any delays would make me miss the opportunity to jump onto a moon train. I knew that there would be a moon train, if IOTA was found to be legitimate, because there was a rumor, not an official news, that IOTA would hit its first official exchange very soon.
IOTA's value proposition was unlimited scalability. IOTA had a tangled structure that allowed zero transaction fees, super fast transactions, and quantum threat resistance. These made me realize that these value propositions were worth billions of dollars and as soon as I trusted the slack exchange to be safe enough, I immediately invested 0.5 BTC.
When I look back, I definitely cry in the inside, regretting that I didn't invest more. But even now, if I was placed in the same situation, I would still make the same decision and invest only the amount that I can afford to lose.
BAM! A couple of days after my investment, an official news hit the public stating that IOTA will hit its first exchange, Bitfinex. At the same time all trades within the Slack platform were temporarily suspended. There were members trading outside the Slack's exchange platform and already the prices were floating around 200mBTC per IOTA. Here, I didn't have weak hands and held onto my IOTA. I patiently waited until the official exchange opened.
As soon as Bitfinex opened for IOTA, I did not panic sell but patiently played the waiting game once again. I waited until the price of IOTA would hit the highs where there would be a temporary pause of selling and buying. At 350-380 mBTC, I knew that people were getting greedy and it was finally the time to sell.
Warren Buffet: "Be fearful when others are greedy and greedy when others are fearful."
This was the perfect call, evident from the violent price drop that took place as soon as I sold my IOTA. So, there you have it! Over the period of 2 weeks I turned 0.5 BTC into 3.05 BTC.
Key takeaways:
- Be skeptical
- Do your research - Evaluate each value propositions thoroughly
- Strengthen your hands - Weak hands will lose you potential gains
- "Be fearful when others are greedy and greedy when others are fearful"