Hey everyone. It is officially March and I wish you all the best luck this month in regards to your cyrpto journeys. I have been thinking about writing something like this for a while but wanted to get more of my thoughts together to give you all the best possible article I could. Now I have been on PUBLISH0X for little over a year. I have been using BRAVE browser for almost 2 years (I honestly forget exact times). I have been interested in Crypto for a few years. 6 years ago I had a neighbor that was mining bitcoin in his basement with a cool mining rig that he also used to partially heat this house because well we all know bitcoin mining is power hungry which equates to a lot of excess heat.
I remember when I heard Bitcoin hit $1,000 and that was insane at the time. To say I am a crypto noob is not truly accurate but I am not an expert by any means. But over the years I have seen some things and learned a few lessons along the way that I wanted to share with all of you.
Ocean's Rise - Empires Fall
Everyone is going crazy that Bitcoin is up to $58,000. Which is a crazy price for 1 coin. It has a Market Cap of 916 Billion Dollars. That is $916,000,000,000.00. Let that sink in for a second. Something that doesn't physically exist is worth that much. Something that you can not hold with your own two hands would be the 17th richest country in the world according to GDP. For the sake of simplicity, a software program is the 17th richest country.
If you have been around long enough in the crypto space you may have heard of Ripple (XRP). Long story short the SEC (United States Government agency) is suing Ripple Labs. Because of that different exchanges have delisted the coin and have been trying to distant themselves from the US Government lawsuit. This could happen to any token at any time and if you have most of your portfolio in 1 token that suddenly tanks in value there is nothing you can do about it. You can read more about Ripple here: https://www.sec.gov/news/press-release/2020-338
The way you have to look at coins and tokens is like the stock market. If you are a company (think coin) and you do not adapt you will die. The value can tank at anytime. And in the same breath, the value of a token can skyrocket (moon) at any time.
Let's look at XRP's history just for a great visual.
Anybody remember Mt. Gox? That was a train wreck.
Anybody remember CryptoKitties? That blew up quickly.
Anybody remember rplanet? It was fun for a few weeks. :)
By Coinopsy's records there have been, 1,881 cryptocurrencies that have already failed. https://www.coinopsy.com/dead-coins/
Shit will always be Shit
Dogecoin...
Dogecoin has a purpose and it is NOT to get it's holders really rich. It is there to get people introduced to the crypto space and bring more awareness via funny ways. If you are holding your Dogecoin because you expect it to be worth $100 one day I have a bridge in Antarctica to sell you for $4 million.
Banano.
This is NOT a shit coin but it is a Fun coin. It is not out there trying to replace the USD. It is not out there trying to get its holders insanely rich. It is a community for like minded crypto people to have fun and enjoy the space. I will never sell my Banano and not because I except to make money off of it. I will never sell it because I believe in the project for what it is.
Tokens that look to solve a problem will be around the longest.
Nano.
Fast, fee-less payments. I have said this before but I will say it again. Bitcoin could never and will never replace fiat currencies. Nano on the other hand could replace fiat currencies and in the future when we move away from physical money the system to replace it will look something like Nano. I will always be a supporter of Nano for those reasons. I am not looking to make millions of dollars off of Nano mooning. I am looking to support a project that has value.
Theta & TFUEL
Again this token serves a purpose and it's a purpose that could balloon. We will always want video on demand and decentralizing it just makes sense. Of all my tokens I hold, I have the most coins and value in Theta. I am holding these tokens because well, reason 1) I am staking my TFUEL and earning more. Reason 2) I believe in Theta.
Basic Attention Token
This may not last years and years but the premise is GOLD. I believe if it isn't BAT then it will be another token that pays users for their time online. We are slowly moving into a realm where people are more aware of their personal data online. While it is almost impossible to stay 100% off the internet people are starting to be more choosy as to what they willingly give out.
I don't back People or Pedigree's
If I am researching a project or a new token, I do not give a rat's sweet but cheeks where the CEO went to college or what degree's he has. What I care about is what the token is supposed to do. What is it's purpose? I don't care if Bill Gates, Elon Musk and Jeff Bezos come together and create the "Wonder Token" cryptocurrency. All I would care about is what does the Wonder Token do and what is it trying to make better or easier. I might even read the whitepaper and take a real deep dive into the token to see what it is all about.
You could have the best team of the smartest people on the planet and if you are creating a token so that you can sell your dog's shit online then I want nothing to do with it. It will probably moon once just because of the publicity of the people making it, but after that it is going to tank and stay tanked. Like I have said before I am in crypto for the long term. I don't care about silly little fads that will go away shortly.
Don't get caught up in the Hype Train
We all want to believe the coins we have are going to moon and make us rich. Realistically, history is not on our side with this. How many times did 1 thing moon in value and made a crap ton of people filly rich? Do all of you remember Gamestop stock or Dogecoin in the last couple weeks. Sure a few people got really rich because they sold before it tanked again. But the rest of the people loss money.
Look at the graph of Dogecoin, you would see this and say holy crap it's worth $0.08 I am going to be loaded soon. But if you look closely it is already tanking. Unless you are the heartbeat of cyrpto news and know about a coin right when it starts to moon you are probably NOT going to get rich by buying and selling it.
My suggestion would be to ignore the Hype Train. When I have had coins that slightly mooned I didn't do anything special. I was happy and might have wrote an article about it but I didn't sell my holding of it. Because I am in the long game of crypto NOT the short game. I don't look to get rich quick on any of this.
Have Fun
The way I have started to look at crypto is from a kid's perspective. If there is a game I can play that is fun and I earn some crypto on the side then cool. If there is a way I can get some cool free NFT's then I am going to do it. I am not looking to buy, trade, sell my coins to make money because kids don't have any practical use for money. Right now I do not want to deal with trying to sell my crypto and brining in the money to my bank account because of well, taxes. Not that I am against paying taxes on my profit. I just want to wait years and years until it is all sorted out from a government perspective and when I am old and grey and I start pulling from my 401K and Social Security if I can also start pulling from my crypto wallets that would be ideal.
Growing up I was told that don't watch the stock markets and more importantly don't watch your 401K like a hawk. Because the value will rise and fall and it will just stress you out when in the grand scheme of things you will make money. It's a long term game and you need patience. It is the same with Crypto. You need patience. You need to do some research and put your eggs into the baskets that are solid and appear to be around the longest. It is the best you can do.
If you are like me and have never spent my own money on crypto then everything you have in crypto is pure profit. So if it all goes up in smoke one day I don't want to look back and have regrets. That is why I look at crypto as trying to have fun.
I write on Publish0x because I enjoy writing and I want to get better at my writing.
I post on Noise.Cash to gain more insight from fellow crypto nerds.
I play various Crypto games because they are fun.
I run a Folding@Home for Banano because I want to help folding proteins to come up with cures.
That is my mindset with crypto now. We are still very early in crypto's life. We have more tokens than what we know what to do with and in 20 years a lot of them won't be around anymore. There are just way to many and soo many of them serve no real purpose..
I am always open to other people's opinions and thoughts on the subject. If you feel differently or know of another coin that you back for good reasons please let me know!
