Today's vlog was inspired by a Charles Hoskinson tweet thanking the Cardano community for, inter alia, not being the EOS community.
Coin 'community' myth
The idea that there are these neat demarcated cryptocurrency community is a myth. I've been to many meet-ups in London, Ethereum, EOS, Dash. Speaking to people at these events I find the majority are keen on many cryptocurrencies. It's rare to find many people that are 'all-in' on one. If anything most people tend to have a strong bias towards coins that have given them the best return - which I guess is natural. I've no doubt that a large part of that 'Cardano community' Charles talks form part of the 'EOS community' that he is not so keen on!
Crypto blinkers
My message is a simple one. This cryptocurrency/ blockchain space is not a zero sum game. You do not need to be in one camp or another camp. In many instances it can be unwise to do that. Often becoming too entrenched in one coin blinds you to it's weaknesses and the strengths of other propositions.
It is natural to have your favourite coin or one that you think is most likely to succeed. Devoting most of your investment and time into that make sense. However it also makes sense to hedge with other coins rather than feel anomosity. I find the best way is to take a position (even if its a small stake in 'rival' coins). As this is often the best way for me to objectify my perspective on them.
We win together
The saying that 'a rising tide lifts all boats' has never been more true than in cryptocurrency. 2017 should be testament to that. All cryptocurrencies benefited from the rise of Bitcoin as investors sought cheaper alternatives or to spread their risk.
I've made the mistake in the past of over-committing on coins I thought were 'the one' and abandoning coins I thought were suspect.
I got into Dash (Darkcoin) when it launched and ditched the majority of my position when I bought into the FUD about it's premine/ ninjamine. Back in 2014, for a developer to premine a coin and not have a "fair launch" was seen as the death nail of a project. Now every other token is effectively a premined ICO and Dash has strived.
I passed on the likes of Ethereum and Monero after I was completely underwhelmed by my experience trying to sync the wallet only for them both to moon, soon after. I was convinced I was "right" about the viability of these projects. The market was convinced otherwise.
Happily wrong
My motto now is I'd rather be happy than right. If I'm wrong yet can bask in the success of a coin I was wrong about, courtesy of a hedge - that's a great position for me.
I've been wrong about many a coin however through experience I've learned it is better to be wrong with a thick smile and healthy portfolio.
Happy investing!
The thing is that if we’re wrong , we learn from it which makes me happy , to expand my knowledge on matters . The more we learn the more we realize how much there is to learn
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Crypto currency is not necessarily zero sum. This is a brief explanation with just some of the reasons. In your example where people are using crypto as a store of value over other currencies, at first glance it seems zero sum, for example: demand to hold XRP (ripple) goes up, demand to hold USD goes down. What is missing is one of the reasons demand for XRP might go up and USD go down. If XRP offers advantages over USD such as ability to store value outside of a bank, ability to transfer that value instantly to anywhere in the world without paying bank fees etc. In this case the person who switches from USD to XRP can be said to have gained something in the transaction. Now of course there are disadvantages in that switch as well, so it's difficult to tell if the person will have actually gained value. To the extent that crypto currencies allow people to do things that they couldn't otherwise do, or do things in a way that they prefer, then value has been created, not just shifted as would be the case with zero sum. Another thing to consider is that in any voluntary trade value is created. If I buy an apple for a dollar, an apple and a dollar change ownership (seemingly zero sum), but value has been created since I value the apple more than I valued the dollar, and the seller valued the dollar more than he valued the apple. We each have something more valuable to us than before.
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I actually left several crypto groups I was involved in because of the constant negativity and fud posting about other coins. I’m a hold forever person, I haven’t sold anything since I first started buying crypto in early September. Of course I also am able to hold because I only invest as much as I can safely lose. I feel better after not being in some of the groups I was a part of. Crypto is already stressful as it is! 😂
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The break down of cryptos is just because of fud and negative news , that's all . It will be on track soon and we can see green on crypto market that turns red right now .
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Interesting video. Thank you so much for sharing :D
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Hey @nanzo-scoop,
Wow! This is the best message I have read today. I have been pondering on cryptocurrency investments. Its obvious to me that I even have this Zero-sum mentality.
Like some form of All-or-none. Its very wrong as my eyes have been opened to see by an experienced cryptotrader.
I will go buy some more coins and ICO tokens. Better now than never right?
Thanks!
@Nairadaddy- Founder of @Air-Clinic
The decentralized medical facility based on the steem blokchain.
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Diversifying is what stopped my portfolio from being destroyed by BitConnect tbh
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There really is no such thing as community in crypto you are either a whale or you're nothing i think. I like the points you raise and i learnt a new word "inta alia" i'm going to use that one day, upvoted and followed.
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Good advice. Diversification is an important investment maxim. Another way of saying it is don't put all your eggs in one basket.
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I never paid a cent for the steem i make. How can I lose money when I never lost money?
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i do agree with you nazo a lot of people in the crpto community are in a as speculators rather than people who merely believe in the technology , there is too much FOMO around and holding one coin may as well turn to be a disaster.
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I do concur with you sir many individuals in the crpto group are in an as theorists as opposed to individuals who simply have confidence in the innovation , there is excessively FOMO around and holding one coin should swing to be a calamity.
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Great tips! I wish I learned it sooner. Still very much a noob. Thanks @limelightmg for resteeming this.
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Agreed! We're all on the same team. Animosity between different coin holders is just ridiculous. That being said, a healthy dose of competition and 'sibling rivalry' pushes everyone to innovate and work harder too. Great post!
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I liked the idea and philosophy behind Cardano but it seemed like it came out of nowhere. Crypto seems to be tribal for the most part so some people feel that if they support another coin they are betraying some principal. It really is a matter of managing your fear and greed. Thanks for the commentary. I enjoy your vlogs.
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With over 2000 crypto currencies out there I think a lot of people are trying to narrow it down and go full speed ahead with their choices. It's all so new, I think everyone is just trying to find their crypto way right now
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Great advice, sometimes its good to get a clear perspective form someone with a more balanced view. There is clearly room in the game, as it stands, and indeed in the future, for many players. Thanks.
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with the market being down, all we have to do is hold on the coins we have!
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Diversification is one of the most important rules about investing. What early investors can do to try it out is to have two different accounts. In one of them invest only in your top/best coin and in the other account diversify in 5 different coins/currencies. Almost guaranteed that the latter will end up with higher returns in the long run.
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Totally agree with that. Can't get this video to load for some reason, but read your blog here. I hear people talking about particular coins and it kind of reminds me of the way people talk about football teams. Thanks for sharing your advice and also for supporting my posts. Much appreciated. :-)
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As the old saying goes:
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I like how you put it: We win together.
Definitely something new compared to the usual FUD, FOMO etc.
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Spot on I'd say. I have invested in multiple coins/projects, although it's a bit biased towards Steem right now as I think it has the most potential of all.
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Great advice. Hedging is key.
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agreed !!
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Great post!
Please take a look at my blogs, if you are interested in Eco-Friendly mining.
Great coins with huge potential. And finally some coins that do make some profit.
Remember this is medium to long range. Feel free to join our community.
Much love viking333.
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very good writing.. i support you,, @nanzo-scoop
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very helpful post, thanks for sharing, good job keep it up dear sir @nanzo-scoop
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Yeah, I support your view because it will be most beneficial to think long term not to come for the money alone. Thanks 👌
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nice stuff man keep that up !! :)
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Very good information @nanzo-scoop, I really like to read post about about crypto. Because I do not understand about crypto. So I want to learn and keep learning about crypto. Until then I know all about crypto. Thanks for sharing.
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Currency is numbers and numbers never end. Useful and informative post thank you dear friend @nanzo-scoop
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Agreed
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Thats it..having that one crypto that seems so bright is the focus...but it becomes difficult chooaing sometimes..thanks @nanzo-scoop
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Very informative video ,. thank you for sharing like this.
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Hello my friend I assume the #pl-sport tag. Our #polish tag is growing so there will be separate tags in #polish. I will tell you honestly because I am so by nature. I am looking for a sponsor for my sports contests supervised by me (may be your suggestions too) I would like to develop our community. I have little power. Contests will be for all people steemit. Help create good content.
in return, I will promote your posts. reestem? Thanks for quick reply.
Of course, there will also be information and news from the world of sport.
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Disclaimer: I am just a bot trying to be helpful.
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Nanzo is king.
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Nice post, very interesting)
Thank you for sharing)
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What I like about ADA is that it aims to be a very valuable contender as a viable platform in a world where other cypto assets are also thriving instead of trying to be the best.
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Very informative message @nanzo-scoop
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Really cool insight, thanks for sharing!
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A coin replaced my father... read how below:
https://steemit.com/bitcoin/@marioiii/tron-trx-is-my-daddy
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Very good, thanks for sharing.
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