My top 3 stupid alt coin investments
Bitcoins are not the only cryptocurrency. Just because it is very popular it doesn't make the best cryptocurrency out there. There are so many other cryptocurrencies emerging in the market and many are very good and some are not very great for the long term. Most of my investment stays inside the Hive ecosystem. Even though I prefer investing inside Hive because it is a known ground, there are times when I used to think that I should also be investing in some tokens that are outside Hive so that I can diversify my portfolio. I have to admit that I regret investing in some of the altcoins.
Altcoin investments are good only if your portfolio value increases which has never happened for me. I have to say that in the crypto world when we work on a project and get a payment, it is wise to take the money to a safe investment or to the real world. We might end up in a trap if we do some stupid investments at the wrong time. I wouldn't say that these altcoins are stupid but I would like to say that my investment decision was not very great. I would like to go into detail with each of those coins instead of giving a generic overview.
Polkadot
This was my friend's suggestion. I should have made some research on this before investing. My friend did alarm me at the right time and also made me purchase this coin at the right time when the price was very good. I wanted to explore this chain more and tried moving some of my coins from exchanges to the Polkadot wallet. That is when they lost me. The transaction fees were so much and I had to pay so much of the fees to just move a small amount of crypto.
This really disappointed me so much. We all know how we consider ETH's transaction fees as an insane thing. When there is another chain that has similar transaction fees, who would be interested to do transactions? This particular thing made me feel that this chain is not going anywhere. They did introduce some use cases but I'm not sure to what extent they were all successful. I lost interest in this but I'm still holding my coins.
The mistake that I did was to purchase Polkadot at the wrong time. When I purchased Polkadot the price was close to 40 dollars. My idea was to purchase them at 40 dollars and sell them at 45 dollars or 50 dollars which was a very easy one to achieve. Back then the price was fluctuating enough to be able to do that. I now have to either do a DCA or just wait for the price to hit 40 dollars again to a safe exit.
ADA
This is the next stupid mistake I made. I had no idea bout ADA and this was really a push from one of my friends. He said that Cardano is an excellent blockchain and it is good to invest right now before the coin's value becomes double-digit. I was very curious and wanted to invest because the updates from the team were very good and the coin was also excellent.
My friend actually bought the coin for nearly 100k USD and sold it for 3X profit. I'm not even sure if he really did that or not but I'm sure he is capable of doing that. He bought at the right time and exited at the right time too. He took the profits and still retained the remaining tokens he had and I'm not sure if he is still holding it even now.
Ever since I bought the coin, the price has gone down drastically. Then later after the bear market started, I realized that my bought price was close to somewhere near the all-time high and the possibility to reach that value again was very small. But I'm thinking of doing a DCA here again so that I can be happy to sell it again for a decent price during the next bull run.
Tron
Tron was my early day's cryptocurrency after Ripple. I started my crypto explorations with Bitcoin first and XRP next and tried Tron after that. Back then Tron was used to move the crypto from one exchange to another exchange. Today there are so many other cheaper coins available that do the same task for us. In exchanges that support Hive, I would say it is best to use Hive for exchange-to-exchange transfers or exchange-to-wallet transfers.
I have been holding Tron for several years now and the price has not increased by anything. I have staked my tron on the chain and have been earning the staking rewards for the same. One of the biggest problems with Tron is that it is associated with Justin Sun and he can create problems anytime. It is also not secure enough considering the fact that Justin Sun can penetrate with his power and ego. It happened for Steem and thanks to that incident and we got Hive today.
I'm not sure if I would be doing a DCA on this or not but I'm going to keep my Tron just like that without doing any further investment. Hopefully, this token also gives a decent value so that I can book my profits in the future.
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At least it is a lesson(s) learned, an expensive lesson. I did the same with ADA but it was not a lot, at least I haven't sold them yet to incurr the loss.
I am quite confident that both DOT and ADA will at least reach their old highs during the next bullrun, you could at least cash out your investment then.
It's good to do our own research first before investing into altcoins. Altcoins can be very volatile making it hard to have a good entry and exit points. Don't know much about Polkadot or Tron, but I think Cardano will climb back up again when the bull market comes.
Yay! 🤗
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As we all know this network which is this platform which is working very well and within some time we will see who is buying its coin. They will go into huge profits as it is now becoming famous throughout the world and I have to say All the other coin's where money is invested you don't have to sell them inside the market and we will see in the next few days all these things have given us a very good profit but the market is getting tense because it is Monday.
We do learn from our stupid investments and hopefully won't repeat the same hehe. All the best and may these coins give you profit in the next bull run.
Thanks. Hoping for that to happen. 🙂
The good thing about crypto is that you can make 20+ totally stupid altcoin buys as long as you have 1 or 2 winners holding on to them long enough to take some profit that is way more than the total invested. With the increasing number of projects and coins, it feels like this is getting harder and harder though.
Yeah true. Every year there are thousands of new projects getting into the crypto space giving so many options. The investments have to be widespread.
These coins are all suppose to be good picks. It is all about when you entered the market and the sentiments in the market and society. I feel as though things change so rapidly in crypto a bit of luck is also needed.
Yeah I would consider myself lucky if Polkadot pumps to 40 $ again. 😃
😃 I can imagine
Crypto are most volatile in nature. The time of entry and exit defines a lot about what you make or break. But no one can predict absolute right time to enter or exit.
Very informative and useful lesson for all.