It has not been long since my last crypto shopping trip, but with such cheap prices persisting, I'm still taking any opportunity to add a little to my altcoin holdings.
I keep saying that people should be buying altcoins, and to show that I put my money where my mouth is, I'll show you what I've just bought. You'll also be able to see if I follow my own buying recommendations or not! Quite a few coins in this post were mentioned in the post Crypto market signals stability on 20 Jan.
From www.pexels.com
Funding the buys
This was a bitter-sweet round of buying if ever there was one! Still having absolutely no fiat available, I'm carefully monitoring cryptos to sell bad positions for better ones.
One coin which I've resisted selling for a very long time is Envion (EVN). Envion ran into trouble many moons ago when its evil CEO and his lawyers hatched a plan to exit with the $100 million raised during ICO. The founders of Envion fought the CEO to try to regain control of the company and its funds. With the courts having now decided to liquidate the company, it looks like the forces of evil have triumphed.
I have held out for as long as I dared in the hope that the founders may be able to overturn the decision and get Envion back on track. I think that the possibility of creditors gaining something back during the liquidation process has buoyed the price of Envion in recent weeks - what it certainly did do was to get me thinking.
Removing sentiment from the equation, I started doing calculations, based on a few figures I knew and a few estimates. I calculated that even in the event of a relatively large payout to token holders, I would still be better off selling what I had right now. So I did. 😥
It's a bitter blow to say goodbye to a token which I probably bought more times than any other, a very promising token which would have generated massive passive income had the company not been sabotaged by its CEO. I also feel bad leaving while knowing that the founders still fight on. I hope they get their way, but sadly even if they do, Envion is now so behind and has lost so much that it is probably beyond the point of rescue. I'll certainly keep my ears open for an Envion II! (One WITHOUT the CEO!)
I got a pretty decent price for my EVN. In USD terms it's nothing like what I paid for them, but in ETH terms (which is what I bought mine with), I really didn't lose anything. Because I had bought EVN so many times, I got enough ETH from the sale (more than I want to hold in ETH) to buy a few other coins.
What’s in the cart?
I had enough liquid funds for maybe two or three fair sized buys, or a few more little ones. I went for a compromise solution. Let's see what I bought.
Ethos and Tron
I did NOT buy any Ethos (ETHOS/BQX) or any Tron (TRX). Both are tempting and I seriously considered them, but both have performed very well lately and I don't believing in buying high/selling low. I'll hold what I have of those two.
I also didn't buy any more of my beloved CargoX - because I think I may finally have bought enough of it already - at least for now.
Ether (ETH)
I've had far less ETH than what I want for some time now (I spent too much on ICOs). Having sold my EVN directly to ETH, I decided to keep some of it as ETH. I now hold about 2.5 times as much ETH as I did before. It's still not much, but it's enough. I'm never fully certain of the future of ETH, I want to hold enough of it so that I can profit if it succeeds, but not so much that I'll take a huge hit if it fails. This is also something that people should remember when they hold many Ethereum based tokens. (Note: there is no reason to suspect that Ethereum will fail at this stage, as a futurist I like to think long-term.)
NEO (NEO)
I always tell you that this is the best coin of all, and I stand by that. I have about 80% of the NEO I want so I added just a little more to that. For those who got caught up in FUD because NEO lost a team member recently: don't worry. I honestly don't even know who that guy is. As long as NEO has Da Hongfei and Eric Zhang it will be just fine! Besides, NEO is growing!
Binance Coin (BNB)
If there is someone in the crypto world who I admire almost as much as Da Hongfei himself, then it must be Changpeng Zhao - CEO of Binance. I love reading his posts, it's like reading my own thoughts about crypto said by someone else.
Fiat trading pairs with Binance Jersey, Binance DEX soon, the TrustWallet partnership, brand new OTC trading, exclusive BitTorrent BTT token trading... it just never ends with Binance. BNB is looking stronger than ever even though market cap is already relatively high.
Along with Ether, Binance Coin was my other relatively big buy of this shopping trip.
WAX (WAX)
I've been threatening to buy this gaming coin for many months, but I never had the money for it. I finally pulled the trigger and bought a little, my first buy in a long time of a crypto that I don't already hold. Alongside Enjin Coin and CryCash (admittedly CryCash is not doing well at all - but that may still change), my gaming coin future is secure. Now if only I had some Unikoin Gold... 😀
THEKEY (TKY)
I'm watching the way that the world is moving. I'm watchng the way that the Chinese government is moving. I'm watching crypto.
I'm buying THEKEY. Again.
KuCoin Shares (KCS)
The dividend paying token of my favourite exchange (though Binance is working very hard to take that favourite spot!) is still an old favourite of mine and an excellent coin to be holding when market activity increases!
TenX (PAY)
TenX has been doing well lately - even issuing some TenX credit cards! I spoke about it not long ago in Crypto market signals stability, so I won't go into detail now. Having just climbed (rather radically) in price, TenX is a risky buy. It does indeed look like a "buy high" situation. But I'm not risk averse and I am gambling that the issuing of some TenX credit cards is good enough news to drive the price to even higher support levels. We shall see.
Well that's what I've been buying, and as you can see, I have been buying. I could have pulled my old Envion money out into fiat, but I would not even consider doing that with the market as it is now! I hope this post helps you in making your own crypto buying decisions.
Yours in crypto
Bit Brain
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Thanks BB.
Still not excited about EOS?
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Ha ha, you're showing your bias Joe! 😅 It's a valid question, and my answer is the same as the reason I stated in this post for not buying Ethos or Tron - they are over-hyped at the moment. EOS is way up the market cap list, though it has very few DApps of any significance. I know it's a good platform and generally admired, but it doesn't have some magical advantages which entitle it to that sort of market cap. Comparing apples with apples (tech and integration wise) I still honestly choose NEO over all else. Others have done what EOS is doing now, nobody stays at the top forever and I don't see EOS going any higher (up the market cap position ladder). I would rather buy a lower market cap coin now, ride it up the wave, and then buy EOS later once it has dropped in relative position.
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I like a lot of these picks. NEO is an old friend of mine and with its pivot towards gaming I forsee good things ahead. While I hold both ETHOS and TRX you are spot on to pass at current prices.
WAX on my list ot research.
EOS might be worth another look. Block.One is absurdly well funded with over 100 devs onboard. In the coming months REX will go online and a number of 'secretive' dApps are set to be released. I wouldn't invest on the dApp buzz alone but other metrics such as daily transactions, comparative daily user numbers and dApp rollout are worth examining.
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Thanks, I hear you. For now EOS is too pricey for me, but I'll keep my eyes open for a dip.
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Ether is always good to hold as it is almost like a reserve crypto given how it is easily converted. Also, the future POS shift will prove great for those holding enough.
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Yes, I think it's a good alternative to BTC and that potential ROI is better. I see a POS shift as a move that should not only provide some passive income to Ether holders, but should also significantly increase the price of the coin. Still, I generally prefer lower market cap coins (which did me NO favours in 2018!) because of higher potential ROI, even at the cost of greatly increased risk. At the end of the day I always argue in favour of a very diverse portfolio.
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