You Decide the Outcome of the Trade!
This is an experiment purely for speculation and is the first in what will hopefully be a series of trades made purely from the collective wisdom of the Steemit community. This will take time and the obvious starting point would be steem, but unfortunately, no CFD trading is available for this yet (not that I can find anyway). For this project, both buying and selling is important. It's not important to understand the difference between buying crypto coins on an exchange or trading crypto CFD's. Put simply, it is not possible to sell the currency (bet on the price to go down), when buying coins to hold (hodl) from an exchange.
Therefore, a regular exchange cannot be used for this project.
We will use an account with Etoro. I have used this account for a while and until we find something better, this will offer a handful of the major crypto's. If anyone can recommend a CFD style trading platform with multiple crypto currencies, please let us know in the comments. Otherwise, we will cycle through Bitcoin, Ethereum, Ethereum Classic, Ripple with Litecoin and Dash coming soon.
Starting with Ether, will ease us into the process and nearly everyone should be familiar with this currency. We will change crypto each time, diverting any profit from the trades into the steem network via curration of the Steemit platform or possibly in the future, rewarding for correctly contributing.
It is important to note that you do not need to be experienced in reading charts, collecting data or any of the traditional financial market analysis.
Just have an opinion!
Why?
The social psychology of wisdom of the crowd is very interesting. For those of you who are not familiar with this, here is a short explanation.
The wisdom of the crowd is the collective opinion of a group of individuals rather than that of a single expert.
This means, in theory, the more people who get involved, the higher the chance of the answer being correct. So we will start cautiously with the amount per trade being relevent to the number of followers/participants. This will hopefully increase over time, therefore, the value per trade will increase. Right now there are 100+ followers so the first trade will be placed at 0.1 Ether, around $25 at the current price.
After using the Steemit platform for some time, I feel this would be a great opportunity to experiment with this phenomenon and potentially make some money. I will lay out the rules below and follow them no matter what happens in the market. This will allow a fair assessment to be made when we see results.
How?
What is needed from you:
- Review the time frame chart (daily) that will be posted (screenshot or link to active chart).
- Make a decision from the chart, any fundamental information or just your gut feeling.
- Post a comment with the words 'Buy' or 'Sell' depending if you think the price will go up or down respectively.
This is all you need to do.
What will happen next:
- Buy and Sell comments will be counted and results posted.
- Trade will be executed ~24 hours from original post.
- Trade will be closed 1 week thereafter.
Copy!
Feel free to copy any trade made on the outcome of votes but be aware that this is purely for experimental purposes. Copy on any platform or follow the progress, follow and copy @CammyW for all the trades that are made.
A little disclaimer, obviously, if you choose to copy, only risk what you can afford to lose. This is not a sure thing and there is the strong possibility you will lose money. Who knows? I don't, thats what we are here to find out!
Spread the Word
This experiment can only work with the teamwork and collective of the community, if you like the idea please spread the word. Not only will this improve the results of the project but will also give others the opportunity to get in on the (potential) action too!
Please Upvote, Resteem and most importantly, leave a comment to make your voice heard!
Also keep the numbers up and keep this thing going by following -
Thank you.