I previously posted about my experience of mining Ethereum. This is a small update about what i'm doing in this space now and who i'm watching / listening to and why. My mining is still ongoing and I have learnt lots about the whole process and feel confident that I now know how to mine various coins and set everything up properly. I have tried mining Ethereum Classic, Sia Coin and also LBRY Coin just to get my head around it all. As Ethereum is moving from Proof of Work to Proof of Stake (at least that's what is probably happening) - the time left to mine Ethereum is running out. Also the difficulty is getting higher and higher every day and has rocketed since I began mining - time is certainly running out for mining this coin.
I don't have lots of money tied up in Crypto and although I have bought some coins, the bulk of what little I have was generated from mining. That said, there is always the chance that if the price of the coins I have plummet - I could have not a great deal at all!
So what am I doing?
The simple answer is nothing. I have seen the value of Ethereum quadruple and I was tempted to sell a few coins when it hit £300 ish UK - but I did not. More recently I have seen the price of Litecoin hit around £40, and I bought a few at around £20 - again, i've not sold any of them. I'm simply going to sit it all out, mine what I can, buy the odd coin here and there on the dips and try to get a nice little stash of coins that I can sit on for the next few years.
It's become very apparent that the only way to make any kind of significant short term gain is to invest 'big' and invest in the right coin (or ICO) at the right time. Buying just 1 or 2 coins will never make you rich, and as I am neither rich or a gambler - it's unlikely i'm going to make anything short term. I figured my best plan was to simply make what I can in a sensible, low risk manner and sit on it - so that's what i'm doing.
I do though watch a few interesting people on Youtube and thought I would share them here. These people give very different perspectives on Crypto investing - and it's certainly interesting to see how they approach things. Give them a watch - you may find them interesting too :)
1st person I enjoy watching and listening to is Austin Angler
https://www.youtube.com/channel/UCKqt2fhBdBs5ckOkuTl3edA
This guy seems properly genuine - he doesn't have an agenda, and just tells it like it is. I simply enjoy his insight and honest views of the crypto world.
2nd is this young chap - Louis Thomas
https://www.youtube.com/channel/UCpceefaJ9vs4RYUTsO9Y3FA
I stumbled across this young man when researching Ethereum and just getting into crypto in general. He interested me as he had a super optimistic outlook and did invest all his savings into crypto just a few months ago. I'm sure he's done well to date as his timing was spot on. Was he just plain lucky - or was it a informed move on his part? Watch and decide for yourself :)
3rd favorite is this crazy chap - Suppoman
https://www.youtube.com/channel/UCCmJln4C_CszIusbJ_MHmfQ
Now - I will warn you - this is a difficult watch and you may take an instant dislike due to his abrupt delivery, but stay with it and you soon see past the annoying delivery and start to enjoy what he has to say. I'm still not sure if he's the real deal - he certainly is involved with ICO's and trading on a level I am not at all interested in - but his market analysis is always interesting and frankly it's fun once you get used to him.
4th favorite is Cederic Dahl
https://www.youtube.com/channel/UCUoE4kAxLnLByLko06EaaOQ
This chap 'is not your investment advisor' - but he is certainly interesting and insightful. Well worth a watch.
5th one is a bit more technical - BuriedONE Blockchain
https://www.youtube.com/channel/UC_lm7xXB3adOTc0T1FwyGRQ
A good source of info on all things mining and setting up your mining software
So - hopefully the above will fill a few hours for you, some you may like, some you may well hate - but it's interesting viewing. I take everything with a pinch of salt - i'm in no rush to put my savings on the line - i'm happy with the little I have and will hopefully grow it over time.
One last thing to look out for, if you are interested in buying into Crypto - is that Bitcoin is potentially changing at the end of this month (google all about it) - anything could happen, and coins could drop in value - or soar. So keep an eye on the markets at the end of this month if you are in any way interested, as this could be a big opportunity to get in :)
You wrote:
It's become very apparent that the only way to make any kind of significant short term gain is to invest 'big' and invest in the right coin (or ICO) at the right time. Buying just 1 or 2 coins will never make you rich, and as I am neither rich or a gambler - it's unlikely i'm going to make anything short term. I figured my best plan was to simply make what I can in a sensible, low risk manner and sit on it - so that's what i'm doing.
It's exactly what I feel that isgood as a newbe. Trading to much coins with low amount won't get you anywhere. PLanning to change my strategy and hold the 'safe' coins and stop chasing short term nonsense gains. Thanks for the reminder.
PSAnd yeah, Suppoman is weird, but I like him as my favorite because of his ever lasting energy nd good view of the market
Agreed - Superman is a 'slow burner' you have to 'warm' to him!
Im tempted to play the markets game - but as you say it's too much time and effort for little real reward unless you are prepared to go in with some serious cash. I'm waiting to see what happens at the end of this month and will probably use a few savings to buy some of the 'long' term holds like Ether and Bitcoin.
I do thing there's levels at which you can gamble / speculate in this market and i'm happy with smaller gains for less risk :)
I have a 7 part article on Improving Investment Profits that could help. This weekend I hope to post an article comparing buy-n-hold vs a balanced-plan vs a scaled-plan.
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