In this post I will talk about my worst performers. I am not trying to spread FUD, I like these coins or tokens enough to have bought them. I'm not saying they are bad coins, I just bought them to late and didn't sell them when I should have.
I recently wrote a post on my five best cryptocurrency investments. You can read it here.
when a investment goes bad I always double my coins. For example, If I invested $1,000 and now my $1,000 is only worth $100 I will at least double the amount of coins I have. I do this because it cuts down my buy in price so I will be able to sell sooner. For example, if I invest 1,000 and get 5000 coins at .20 and the price falls to .02, I can now buy 5000 coins for $100 and my buy in price will become .11 each coin. Now I only have to wait till the coin goes up to .11 to start selling.
I will often get brave and double my investment dollar amount, if I put in another $1,000 instead of just $100 I would have 55,000 coins at .036 and would only have to wait for a 1.5 cent price increase to sell all my coins. This year I don't think I will be doing this. Is all of this making sense? Do you see how this works? Let me know if you have any questions.
Below is a list of my top five worst investments less than one year old. All numbers are rounded up.
Tron (TRX)
Tron is trying to be a decentralized entertainment content sharing platform. This is my number one loser but its gone up in the past few days. Tron is a ERC20 token at the moment but they are changing over to their own platform on March 31st, the price has been going up because of this news.
Buy Date: 1/4/2018
Price Paid: $0.15
Amount spent: $3000
Amount of Coins: 20,000
I also bought the hype on this coin. Tron was a top ten coin for a while but crashed shortly after.
Current Price: $0.04 (this price was $0.02 last week so I was down $4,400)
Amount of coins: 20,000
Current Value: $ 800
Amount lost: $2,200
Time I Will HODL: 6 months to 2 years
Reddcoin (RDD)
Reddcoin is a social currency that aims to be widely used on social media networks. This coin has been around since 2014.
Buy Date: 1/3/2018
Price Paid: $0.015 (1.5 cents)
Amount spent: $3000
Amount of Coins: 200,000
I bought Reddcoin because I liked the concept, I can stake the coin for free coins and because if it takes off id make a lot of money because I have so many coins.
Current Price: $0.005 (half a cent)
Amount of coins: 200,000
Current Value: $ 1000
Amount lost: $2000
Time I Will HODL: 6 months to 2 years
Zclassic (ZCL)
Zclassic is a fork of Zcash. What Zclassic did was remove the 20% founder’s reward and slow start from Zcash. You can learn more about this at Doug Plok's website Coin Central.
Buy Date: 12/28/2017
Price Paid: $35
Amount spent: $1,000
Amount of Coins: 28.5
2nd Buy Date: 2/07/2018
Price Paid : $90
Amount spent : $1000
Amount of coins: 11
I had the opportunity to sell this coin for around $200 but didn't sell. The reason I didn't sell and bought more at a high price was because the coin was going to fork with bitcoin and a new coin called Bitcoin Private (BTCP) would be given to Zclassic holders for free. I knew the price of Zclassic would fall after the fork but I really wanted the free fork so I took the risk. I knew the price would fall but I didn't think it would go from $200 to $5. The good news is I got 40 BTCP.
Current Price: $5
Amount of coins: ~ 40
Current Value: $ 200
Amount lost: $1,800
Time I Will HODL: 6 months to 2 years
Einsteinium (EMC2)
Einsteinium is a cryptocurrency made to help fund scientific, technological, and philanthropic projects. It was founded in 2014 so its been around for awhile. Sounds good right? What could go wrong? Well, it could be hyped up and its price could be nowhere near its true value.
Buy Date: 12/16/2017
Price Paid: $2
Amount spent: $2,000
Amount of Coins: 1000
I bought this coin way to high, it was hyped up and I bought at the wrong time of year. I fell for all the hype surrounding this coin.
Current Price: $0.20
Amount of coins: 1000
Current Value: $ 200
Amount lost: $1,800
Time I Will HODL: 6 months to 2 years
Verge (XVG)
Buy Date: 12/26/2017
Price Paid: $0.20
Amount spent: $2,000
Amount of Coins: 10,000
I bought Verge because it is a privacy coin. It hides your personal data, such as IP-addresses and geo-location. Privacy coins have become very popular so I picked up some verge but I got in to late.
Current Price: $0.04
Amount of coins: 200,000
Current Value: $500
Amount lost: $1,500
Time I Will HODL: 6 months to 2 years
I didn't lose that much, to be honest I'm just happy I didn't get into Bitconnect. Click here. to see my biggest winners. Did you notice when I bought all of these coins? I bought them in the winter, all my winning coins were bought in the spring. I will not be buying in the winter from now on. I have 10 more bags I am holding but I got them in June and July so they are close to breaking even at the moment.
A coin I wanted to invest in was Steem and I feel like I really missed out I saw it at .40 wanted to buy at 1 and watched it rise to $7. That is why I'm here now, using Steemit is part of my research on the coin and so far i like it. I think right now is a good time to invest in Steem I am planning on buying Steem and Steem Power. Buying Steem Power should allow me to make more money from posts.
I will be doubling my coin holding of each of these coins while the price is down. Like I mentioned above if I do this now my buy in price will be greatly reduced and I can sell off the coins sooner.
New to crypto? Join Coinbase with my link to get $10 of free bitcoin when you buy or sell $100 worth of Bitcoin.
Legal Disclaimer:
I am not a financial adviser nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs.
I’ve shared in the loses with tron and verge. I don’t count them as losses though since I’m still holding and haven’t sold. Best of luck in 2018-2019 and beyond!
Brave. I would just hodl until you got money back or huge profits - I wouldn't invest more in any of them. Just my opinion. Nice one for the honest post
I think it would be irresponsible of me not to put in another $100 to buy the same amount of coin I paid $1,000 for a few months earlier.
That is what I did, I cashed out some steem to cover losses on my foray into bitcoin cash at the top. Now I am mining Garlicoin and plan on converting it through exchanges into steem I am just waiting for the price to go up a little :) I lost about $100 in bitcoin cash. But I made $60 on Garlicoin.
I am not by any means an investor yet, but it is something to play around with to learn how it all goes.
Never heard of Garlicoin, went to the website and the first thing i saw was "Garlicoin is the new, friendly, decentralized cryptocurrency that you've never heard of." It looks like a scam or made as a joke. No whitepaper, no team, no road map, no clear reason for its existence. But if your making money from it thats great. How are you mining it?
It was a joke currency that actually did something for a minute then dropped to nothing. I apparently was able to mine about a hundred while it was something but before it dropped.
Interesting post, I haven't bought any cryptocurrency yet, but I'll keep your post and recommendations in mind for that moment.
Replace "buy" with "bought".
Thanks!
But look at your wallet you do have Crypto currency in the form of Steem and SBD. :)
Yes, but none of them were bought, they were earned! I'm taking about buying crypto, until this moment, I haven't! Have a blessed day!
I understand now. Sorry about my confusion.
No problem!. Have a nice day!
Hello
Get to know how to earn more on your posts and get more followers.
Make new friends and interact.
We can share our thoughts.
In the steemit school, we have ultimate contest challenges where you get to win and make investments.
You need support from a community to grow and earn easily on steemit.
I recommend one for you.
Meet over 3k + steemians.
Steemit is a business, we will teach you how to succeed
join the steemit school on discord https://discord.gg/pqWrzBn
Interesting post. When did you first get into crypto and what made you invest?
I am heavily invested in cardano. Have you looked at it?
I cut my losses with Tron. I get your point about averaging down your buy in price but there is also the danger of throwing good money after bad.
I bought some Bitcoin in 2012 and held it for about 4 years I'm still HODLing some. What made me invest was I was in college for studying computer science so I was really into tech, still am. Also, I was really poor and would try anything to make money. I've been my Bitcoin money to make other investments. Yes, I have looked into Cardano, I have about 5000 ADA. I wish I sold some at .90 but I didn't so Ill hold to the next time it goes up. Hopefully it gains adoption like Neo or ETH.
That's a great story. You should write about that in more detail if you haven't already.
I've been hearing about bitcoin since 2012 but finally bought some crypto in January 2018.
I am more into looking at fundamentals then specific price points. Which is why Cardano is my largest holding. It's founded by Ethereum co-founder and ex CEO Charles Hoskinson.
I love his approach and attitude to crypto, very intellectual, transparent and articulate. I've been watching hours of YouTube videos on how cardano works and it looks very promising
Wow. A peek into the life of a crypto trader. Thanks for this post. Very informative indeed.
Joy
Congratulations @davidmichael! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
To support your work, I also upvoted your post!
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPInteresting choices in coins. I'll read your top five next. I'm not sure about your decision to hold all of your loses, I've learnt sometimes it's better to just sell and invest in more promising things. Some of those 5 are going to die. Why waste money like that, when there are better opportunities? Sell the losers and move on. Surely you don't believe in all five.
These coins were some pretty big mistakes, some may die. I've made some decent profits from others so I'm going to HODL. I may change my mind and take a loss but I prob wont consider doing that for a few months. Also, I got 40 BTCP free for holding Zclassic that I can sell. Its worth about $4,800 so I wont lose much.
You've done very well, the point is don't become an irrational investor and get caught up in the infamous anchoring or overconfidence biases.
Thank you, I wont I have a set amount to invest that I can risk in shit coins per year. I'm at my limit.
You got a 43.65% upvote from @steembloggers courtesy of @davidmichael!
please like to have me
Yes, I HATE verge! But at the time I was just learning about trading and I bought for the long run. I had thousads of them for 6cents each. In the time I had them it fluxed all they way to 17cents and back to 4 for several weeks! I had a chance to make really good money on it but was stupid.
And I dispise Tron. What a hyped up joke!
I'm going to hold mine they will go back up before the end of the year....Hopefully. But yea it was a bad buy for me. At least you got a decent price.
I mean... you just have to keep an eye on the exchange you have them at. I am on Binance. Verge has two trading pairs, so I would wait until it jumps a little and trade it for which ever is better. Also, you should calculate really how much you would lose by getting rid of it. If it boils down to like $50 or something... and you see something that looks good, just put in a limit sell order for a little higher then it is.
No crypto stays the same price for long. And they all ball and they all drop the ball... over and over again. I bought into it when I thought that the tech they are creating would change the price of the coin and it would sky rocket and I would just happen to check out my account one day and it would be $50 a coin or something. Thats funny. Because even if it ever did... it would go back down a day or two later. Meanwhile...I woulda been all clueless running through a meadow full of daisies eating blueberries not a care in the world, having no clue that I am a millionaire for 7.2 mins because the coin jumps to like a G a coin.. then 7.9 mins after that its back to 4 cents. (I know its an extreme example but).... then a month later check my account and verge be all like 7 cents each and I would be like " Man this coin sucks! Whens it gona make any money?"
Moral of the story... Coins don't make money for you.... that's your job. Coins only act as a place holder for a person to find out what they are capable of. Like giving some one a sword, and throwing them to a lion... Will they use the sword right and leave wearing a lion skin coat?... Or, will the lion eat him and use the sword to pick the meat out of his lion teeth? ;) I'm just sayin.....
You learn from losses.
Wonderful post. Nice trick on buying and selling crypto.. Thanks David for such a brilliant idea.
very interesting post. thank you for sharing your stats! do you think with the launching of the new tron dog game aspects coming, itll help the value? i got suckered into buying a damn dog because they're cheap and I wanted one "just in case" they end up being anything like those stupid kitties.
I wouldn't count on it but you never know. I haven't really looked into it because I got a RHT Token (Redeemable HashPuppy token) for free from holding NEO. I get a lot of free coins and tokens for HODLing, another good reason to do it.
i really know nothing about crypto, lol, but FREE sounds great to me! are there any more pet projects out there i should be aware of?
Not that I know of but I'm sure similar things will become popular. Maybe something beneficial, how bout you buy a digital tree and part of the money goes to saving the rain forest.
id love to do that! got a link?
I share story especially with Tron and Verge, I really had great hope in them until the downward spiral started and so fast it went. Buying into your technique of buying back at a much lower rate, I have already started buying more of them
Only invest what you can afford.
Verge was not only used by pump groups, but also McAfee tipped it. Reddcoin was never going to be any good, but I think TRX still has legs, especially in the long run
This is a very valuable post! Thank you for that. I will pick up your ideas on acting during a drop.
Very valuable information indeed.
Have a great Sunday!