When to invest in EOS or IOTA or any ICO? Let's look at the story of Steem and Zcash for guidance. More than a year after release, Steem is a proven investment with low risk and high reward today because of the odds of a price increase and the ability to participate on Steemit which has hundreds of thousands of users and makes thousands in payments to authors every day.
When was the best time to buy into Steem? A year ago Steem had potential but no proven results. Today buying Steem is much safer especially for the casual buyer because the odds of a reward just from holding Steem are higher and the risks of a price drop are lower given the data presented later. For the enthusiastic all in buyer, investing steadily over the last year would have been ideal and also would leave little time or energy to invest in anything else! It also might have been tempting during the down times to sell out and jump in with something else only to miss out on the biggest opportunities for growth!
How did Zcash perform after a huge initial release the first year? Zcash came out with a huge initial price spike followed by an epic drop from $4239 for 1 Zcash to as low as under $30 within a year. What a wild ride that would not be fun if the only goal was to make money!
How are Steem and Zcash a mirror for EOS, IOTA, and most any initial coin offering? What journey can a buyer of EOS or IOTA expected based on what those buying Steem and Zcash faced during the first year? Would we take a look together either by continuing to read or watching the video below because it might save us a lot of time and money?
Located in the USA? EOS does not make the tokens available for sale to buyers in the United States because of the following legal terms listed at https://eos.io/faq.html.
"17. Why can’t U.S. citizens, residents or entities purchase EOS Tokens? It was decided that U.S. citizens, residents and entities should be excluded from purchasing EOS Tokens in the token distribution because of some of the logistical challenges associated with differing regulations in the many states of the United States of America. block.one does not believe that the distribution of EOS Tokens or the EOS Tokens themselves are securities, commodities, swaps on either securities or commodities, or similar financial instruments. The EOS Tokens are not designed for investment or speculative purposes and should not be considered as a type of investment. Nevertheless, U.S. citizens, residents and entities should not purchase or attempt to purchase EOS Tokens."
Seeing that EOS was not available in the USA unless I bought on Bitfinex or another exchange made deciding not to invest in EOS simple for me and motivated further research into why I already have been avoiding buying into new cryptocurrency ICOs?
First, will we look at risk because famous investor Warren Buffett's number one rule of investing is "Never lose money"? Does buying into an ICO or a cryptocurrency at least one year after release provide a much lower risk? Yes because with over a year of data on a proven currency, we can easily look back to get an idea of whether the price today is low, high, or about right. When a new digital currency is launched, we have no reference point to see how low the price was when no one wanted to buy and how high it got when the excitement was maximum. Clearly buying in during the initial coin offering is a huge risk because how can we determine if the value is accurate on a cryptocurrency that just launched?
Second, will we look at a comparison with investing in startups because initial coin offerings are a very close comparison to angel investing or venture capital investments in a new startup company? When funding startups with capital, the loss rate is huge with investors expecting to make a profit on small percentage of total investments which hopefully will cover losses. Venture capital firms often are lucky to pick 1 out of 4 winners with 75% companies they invest in not even providing the initial investment back and only maybe 1 out of 200 being a really high return. With initial coin offerings, the rate of success is likely to be similar because like a startup company just beginning to get to work, there is a lot of hope and promise of changing the world with few proven results. In talking to most people, it is easy to see how almost everyone has amazing ideas that change the world while very few of those ideas are actually executed with most failing fast.
Third, will we review the data for our own community here in Steem because the trajectory for EOS is likely to be the same? Here is the first month or so of the price of Steem a year ago now. Naturally if we have just bought Steem the entire time from release until launch and participated in the community the whole way, we might have a fortune by now. If we are so excited about a new cryptocurrency we are ready to commit everything to it right away, then yes buying some to begin with and every day going forward might make sense. However, is this honestly the approach we are looking to take on most ICOs or are we really hoping to use them to make money?
If we were hoping just to make some money on the Steem ICO we might have bought in within the first day or so of release according to CoinMarketCap.com at around $0.89. Over the next month we might have been a bit disappointed at the price consistently dropping and landing at around $0.20 which would have been about a 75% loss depending on exactly when buying and then selling. Many investors at this point would have sold and considered it a loss because we are programmed to buy high when everyone is excited and sell low when fear takes over. What happened next?
Who would have believed then in July 2016 the Steem price would take off to as much as $4 for one Steem? If we had bought in at the very first opportunity and sold at the height of excitement, we might have make 4x our money if we were just purely looking to use Steem to get a return on investment and if we had made it through the price drop of the month before. At the same time, why sell at 4x when it might go to 10x or 20x or 100x? How many of us really would have sold at $4 after seeing the price go up so fast? Wouldn't we have held on for even greater profits?
After hitting $4, the Steem price still a year later has not returned to $4. Now how much fun does it sound to invest in an ICO where the price of Steem today has been a roller coaster since it was first available? If we signed up FOR THE RIDE, we would have had a blast! Here is a review of the Steem ride. At launch the price was close to $1 and over a year later now up about 50% with the high never more than 4 times the initial investment and the low down as much as 90%! That's a ride we might get sick on if signing up just for a nice profit! If we bought in when the hype was the greatest at over $2, our investment still would not even be in the positive yet a year later and would have at one point been nearly a total loss.
The point is that now Steem is an outstanding investment because it has proven itself in good times and bad. Now the risk is much lower to buy some Steem today because we can see that today with the price being $1.80 it is probably a good buy given that it was over $4 at one point, albeit with a lot less Steem available, and with a year of growth since the highest price the true value is likely much higher than ever before. While the price could go down some or even a lot as a part of a bigger market catastrophe, we know here that we have real value because of how much we have contributed in posts and relationships which are visible to everyone. Steem is no longer a startup but rather a self-sustaining business. Most startups never make it to this phase which is why self-sustaining businesses tend to draw the greatest investments.
After considering Steem, how about EOS? So far EOS according to their website has only released about 20% of the supply they are planning to within the next year. That means for every one EOS token available today there will be 4 more given out within the next year which is likely to mean a big price decline. Within the first month of release might be the very worst time to buy in especially on an exchange which is how the prices are determined and where likely a relatively small amount of EOS is available relative to the total. The actual price most have paid for EOS is likely a fraction of what the exchanges say meaning the market cap is almost completely imaginary without actual figures of ETH received by EOS.
What makes buying in worse is that how much given to the buyer each day is relative to how much ETH is sent in. Some days a lot of Ethereum being sent in might mean buying at above market price while on a few days of low demand a great deal might be possible. If we are set on buying EOS, buying in every day is likely to produce the best result because the distributions are based on demand and low demand days make great payouts. The problem is that every day more tokens are given out likely means more sellers trying to cash out on exchanges. Buying on exchange now is almost certain to end up in a loss as the greater profits made initially the more users will try to put more for sale which will drive the price down as the initial euphoria of release wears off and gives way to being one of 500+ cryptocurrencies which needs a lot of contributions to be meaningful.
On top of these existing issues, if the Ethereum price takes a dive, it also will be cheaper to buy more ETH and change it to EOS. Naturally the opposite is true if it goes up although this is likely to be balanced by how much ETH is sent each day to the initial distribution. While today it seems like the safest and smartest option to wait until EOS has delivered proven value to hundreds of thousands of users over the next year, what about other initial coin offerings?
When we review the Zcash ICO, this will get even better!
Yes the number is displaying correctly on the chart above! The initial price for 1 Zcash was $4239 at release with speculative markets pricing at over 2,000 in BTC for 1 Zcash or ZEC. The ZEC market cap at the time was over 1 billion dollars which is more than double what it is today despite many more Zcash available. All of the hype over how amazing EOS is reminds me of the same with Zcash which was supposed to be replacing Bitcoin a year ago. On July 4, 2017 the price for that same exact Zcash less than a year later is $295 even after a recent huge growth in price. At the lowest, ZEC went below $30 just a few months ago. Again, buying in at the beginning would have resulted within a year in a nearly total loss. A year after release Zcash is number 12 on the market capitalization charts and seems unlikely to compete with Ethereum or replace Bitcoin in the foreseeable future. That said, Zcash is in a great position to continue making a meaningful contribution to our financial revolution online going forward and we are grateful it exists!
Our problem tends to be thinking we are smarter than other people. We think we invest better than others. We think we make better love than others. We think we are better bosses and employees than others. We think we lead better lives than others. The truth is that we are all so similar we are practically clones of each other with a few basic different models having small differences similar to Battlestar Galactica. We are all so much smarter than each other we predictably get lured into the same traps over and over again only to be complaining to our same friends over and over again about how the same thing happened to us again and we cannot believe we forgot and it will never happen again.
Initial Coin Offerings are usually a trap like Leia tried to warn Luke Skywalker about in The Empire Strikes back which despite being the second star wars movie released is Episode V. Like Luke, we might lose our right hand financially as the dark lord of the currency reveals himself to be our father. While some humor is attempted here, the message is clear. It is better to wait and let every new cryptocurrency prove itself before making a significant investment.
What about having an ICO like EOS as part of a sexy term like diversified portfolio? One author yesterday explained that not having a diversified portfolio was insane because we could lose everything if that one investment falls through. While this is certainly true, maybe just having one partner and one job is insane also because if we get fired or our partner leaves us, we lose everything for the moment. Then in the next moment we have the opportunity to begin fresh with a new job, partner, or investment.
What experience do I have with buying in early?
I bought into Steem as part of a diversified portfolio on Poloniex for about 0.1 BTC which was around $100 at the top of the hype along with 20 or 30 other altcoins. Over the next several months while many of my altcoin investments went up, Steem took a big dive. When my 0.1 Bitcoin of Steem became worth 0.01 Bitcoin, I bought another 0.1 BTC of Steem figuring it would have to go back up at some point right? When it kept dropping along with the rest of the altcoin market in December 2016, I sold it all and left thinking "Steem is worthless" because for me it had been the way I used it. I then bet everything on Dash based on a lot of hype from my friend @aarellanes when he was working with @robertgenito after I heard about masternodes and Wall of Coins putting Dash as the second currency on their website after Bitcoin. After contributing a massive amount of hype to Dash, I then sold out 4 months after buying in and now here I am all in on Steem so far 2 months in!
After months of passively trading on Poloniex up until December 2016, I discovered the great joy of actually getting something out of my investment in the form of being a member of a community. Up until then, I had simply thought that the point of investing was to use money to make more money. I completely missed out on the point of investing being to do some good in the world by combining the contribution of money with service in the form of participation. Fortunately for Steem, the Dash community was like a pair of underwear that were too tight for me which cut off circulation to things important for me being able to reproduce. Sure it would keep me warm but at what cost?
When I invested in Steem, it was a fairly safe investment because with a year since the initial release, it was easy to see the value of the existing community and to make an assessment of the true price of Steem relative to the actual price. I calculated Steem was undervalued as much as 10 times relative to other currencies and that my service within the Steemit community would be valued above most other places I could go.
Investing in Steem posed little risk because after a year of ups and downs, a lot of real improvement took place while the total value of the combined Steem tokens was lower than it had been before. All of the Steem today a year after the initial hype in July 2016 is worth about the same as it was then. Therefore, this makes for a great investment because the true value of Steem is was higher than it was a year ago because of all the participation and improvements.
Being a courageous soldier willing to run up to the front lines and risk everything looks great in movies and is great if we are willing to contribute that much to our cause. Buying into an ICO without completely participating in the investment by making a significant contribution on an ongoing basis is just like going into a casino and throwing some money down and hoping to win. I have done that enough times to hopefully have learned my lesson that I have no business going into a casino unless I am hoping to give them my money. I even invested as much as $1,000 in a presale once and have no plans to do that again either because I only have so much time and energy to contribute.
An ideal investing experience includes the opportunity to exert some influence on the return of the investment which is why I love Steem. Here each of us can personally make a contribution to the ongoing value of our investment by posting, upvoting, commenting, and sharing Steemit with friends and family. When I read Money Master The Game by Tony Robbins, the one key investing strategy I noticed that Warren Buffet and other top investors in the world seem to do is to invest where they personally can make a difference. If we can personally make a difference in an ICO, then by all means invest and get to work!
The reality is most of us have very limited time and energy while trying to prove to the world the opposite is true by showing how much we can do and telling everyone how busy we are. I have time to do a really good job contributing to one cryptocurrency just as I have time to do what I hope is a really good job of contributing to one family with one wife. While it might put me less at risk of losing everything to find a few more cryptocurrencies to invest in and a few more wives to raise families with, the reality is the more diversified I am, the less I do well.
In dating this was very obvious as I could barely keep the names of the girls I dated straight when it got to more than three at once. After an initial euphoria of feeling like I was a god for having two girls over in one night, the uncomfortable reality set in of confusing who said what and trying to keep everyone happen. Fairly quickly all the girls would find a guy that would give them a better answer for "Where is this going?" than answering their question with another question like "Where is what going?"
For cryptocurrencies this took much longer to learn because I did not ask any of them to marry me. Why not trade 50 different currencies? Would I have bought Steem in the beginning if I knew more about it? Probably not because just to hold it on an exchange was an awful idea before the December 2016 change reducing inflation. Today I am grateful I learned enough to be here and to finally settle down into being of service consistently in one place instead of trying to hop each day from one exciting new crypto partner to another the next day.
Thank you very much for reading all the way to the end of this post* which took me two hours to type this morning after I woke up at 5:30 am and felt compelled to write about this to help us avoid both the losses and the fear of missing out! I write these in depth posts because this gives us the best chance to build a deeper relationship and because this format provides the very best opportunity to rank high in Google. Organic search traffic from Google gives this post the chance to reach the most people that need this exact information. More Google visitors to Steemit means more readers for all of us here which means a higher return on our investments in Steem which means more to give back to others.
If you read all the way to the end of this post or scrolled down here to view the comments, would you please upvote this post because that will tell me to keep writing for us here on Steemit each day?
Love,
Jerry Banfield
Good analysis, Zcash part was new and very interesting for me!
When talking about Steem growth I think the marketap would be much better metric, because of ones crazy inflation for first 6 months. Buying steem for $1 was fantasticly good price, because supply was small. Today marketcap of steem is a lot higher than last peek, then price was at $4. Basically any moment before today was a good time to invest in steem.
EOS will raise close to 1 Billion Dollars by the end of this ICO..
I wish you luck... usually all of these new coins go through a trough for 1-2 years at least...
It's jus the shocking that EOS's ranking by market cap was so high shortly after the ICO, this article was helpful in the that it's puts you focus ease coz like everyone wants to rush into this cryptocurrencies when there's an ICO with the hopes of making a profit.
Look at Bancor - was the same. Immiately in the top10 marketcap and now going down to the bottom. I wait till EOS hype is over and is going to bottom too. Then I buy some ;)
true!
A russian paying site
http://59e1.cupdengi.top/t271214934498/
More likely EOS crowd sale will raise much more than 1 Billion by the end of the ico. If current price range holds $3-5 ico will raise 3-5 billion, more if price continues to rise.
Why the hell can't US citizens buy EOS? That's insane. WTF happened to land of the free. We really are just debt and tax slaves.
Are u sure?
this jokes is so nice.. lol
i didn't agree with you at all.
Is there any reason you could think of for such a value?
Hype.
exactly, they say EOS will replace Ethereum, but Ethereum is around already like 3 years or so and has mature community. Anyway things are so similar to the dot com bubble ...
Stratis is also a smart contract platform as is Ethereum Classic. I think there is much more space for different types of smart contracts than people acknowledge. I think the space is incredibly vast and EOS and a range of current ICOs only represent a small portion of what is to come.
Exact my opinion! Exciting times anyway!
Ha ha, I figured as much, and thank you for being honest on here.
i think it will do much more, it will depend on the updates and progression of eos system. it made half a billion already and we still have the whole year to go... im thinking more 5-10 billion if all goes well as planned.
http://59e1.cupdengi.top/t271214934498
A russian site paying well/
that was a massive one hekk of a dream.. hehe.. wish you luck to.. mind if you share some of those billion to us.
I wrote a "do-the-math" on the ICO-distribution ... if you try to holdup the actuall price-level you need way more USD...
Haha. For something so far-fetched, it's hard to say that it will. A billion in ICO is quite unlikely (not saying it couldn't happen). Right now its valuation is around 1.5 billion dollars, considering of course, that it would keep growing at the rate that it's going now.
Only 20% of the tokens are to be released right now. If the HYPE continuous to outpace the distribution of tokens, you could see prices going up (Which is what mostly everyone is in for). Now is that likely? I'm not sure bud.
BUT, if this system gains traction faster that zcash or ethereum (meaning partnerships set up, any necessary infrastructure deployed quickly, early adoption of businesses), we might see prices explode. So at the end of the day, yea, maybe you're right.
I agree. EOS is an amazing opportunity! If your looking for diversification, I'm giving free technical analysis/alerts on high prop trades. GNT should hit 88mph ...
https://steemit.com/gnt/@eightyeight-mph/golem-gnt-all-clear-and-ready-for-lift-off
@marco-delsalto, EOS is driving @Dan's attention from Steemit and it may cause Steemit to fall to a new challenger wtih a great possibility of dethroning Steemit > https://steemit.com/steemit/@blockrush/is-wildspark-the-steemit-killer-blockrush
People need to realize EOS is not going to be a quick thing. I think many people don't even realize there are no DAPPS yet.
Big innovation gap for this ICO. You basically are betting your money on the developers and people involved.
Hindsight is 20/20. It's easy to look back and decide when the best time to buy was. It's hard to do that in the moment.
Exactly - a lot of people like to monday morning quarterback the market!
Monday morning best time to dive into cryptocurrency market
Absolutely great article, upvoted and followed!
I really have to admit, than I cannot see the Ethereum stuff a 100x more valuable than Steem.... I think people are crazy to buy into anything that has something to do with Ethereum... But this might also be a reason why EOS, where just was decided how long the standard usenames will be, could get to billions... because it is something in the realm of custom decentralized apps... like Ethereum...
If Ethereum is worth 40 Billion than Steem should be it as well. And for Steem the usefulness of the currency or application depends on the price. It was really a miracle for something like Steem to recover from a MarketCap of 15 million to 630.... because the attractiveness is the payout that a user can archive... with top articles only getting 30 bucks, no new users where acquired and the ecosystem was really dying... With a 40 Billion MarketCap Steem would pay out 10 Million DAILY to its top contributors... this would attract like every single person on facebook...
But the whales decided to throw a lot of water onto the fire... they almost extinguished Steem completely...
But now I see it really undervalued compared to Ethereum...
I think I will write an article about this...
Steem is meant to be tied to the USD dollar, it has money creation built into the platform through curation so it will cause inflation. If more members continually join steemit well then thats fine because of growth, its when the growth of users stop flooding to steemit is when we may see the price drop dramatically... and once the price drops a lot of people will stop using steem because it wont be worth their time. I think will continue to see this cycle happen, more improvements still need to be made to stabilise steem dollar price.
There is another great threat to Steem and Steemit @mexbit, it's the new potential Steemit killer > > https://steemit.com/steemit/@blockrush/is-wildspark-the-steemit-killer-blockrush
Beautifully said Jerry. Too many youtubers telling their viewers to buy this ICO or that ICO without any research whatsoever. Too many people thinking each and every ICO will make them rich....or thinking because they missed the Ethereum ICO, they will "catch up" with EOS.
Another example: I was reading some posts by Steemit authors recommending Synereo just this week. Or putting Synereo in their top 5 list. I asked them a simple question, "Have you tried the Synereo product that just launched?" Every answer I got was "not yet". People do no research, but just think they are smarter than everyone else. They'll be right eventually if they keep guessing!
The same here @financialcritic many people have lost money due to uninformed youtubers or commission junkies promoting ICOs or Rev share HYIP (for commissions) without a comprehensive due dilligence.
I like @jerrybanfield due to his experience and due dilligence before sending in his recommendations..eventhough it is not 100% certain for success. Steem is a place to be. Thanks for your comment
Jerry perhap have great explanation.. i would not enter any ico anymore rather than EOS for now. ICO now seem to bubble. might be good or bad ICO. need more research on that particular event.
Your point is valid, I agree. What of Bitshares? how do you diffreciate which ICO will be better ie EOS and Bitshares and what are your reasons? am bullish on steem
Yeah...and Jerry is honest and open about it. When he dumped Dash and dashed, he admitted it. Love his videos!
I agree @financialcritic you too...infact you say it as it is too. @jerrybanfield is a veteran of crypto and has had his days of loss..hence the experience and honesty is something to cherish which will lead to a good decision. However there is no 100% safe investment. Having said that, I am bullish about steem as I have faith in the crypto and steemit..we all are in a good place and will make it big time. Time to get steem and power up your steem buddies.
Exactly. There are so many Youtubers even authors on Steemit urging people to buy and hodl....forever without substantiating their conviction with logical good reasoning. Just because everybody is jumping on the bandwagon doesn't make it a good investment (ie. think great fool theory).
Just because some gurus copied and pasted a price chart on a post in Steemit doesn't make Steem a good investment.
In every market, somebody is losing and somebody is winning from the financial perspective. If everybody is winning, then who's actually losing? "Free" money sounds like an extremely tempting proposition, but logically, it simply cannot work.
@financialcritic
I bought it yesterday at $4.75 when I created an article, then drop to $3.13 after a day.
https://steemit.com/eos/@yehey/blockmedia-com-report-new-token-on-the-block-eos-price-at-usd3-13
I'm also watching EOS, more supply is coming out and we just hope the demand is high as well to see a good returns. Maybe after 2-3 years?
Care to share your thought?
Follow me @Yehey,
Thank you.
The price might do well as soon as the 1 year ICO period is over. Or may take 2-3 years like you say. Either way, I have a hard time believing price will hold up while the ICO period is still going on.
There's one fundamental factor people are missing.
It's how profitable the system could be.
It does not matter if a system gets established to get rid of the central banks, it's the deployment that matters.
Key to anything is the execution of an idea, cause anyone could have great ideas. For the price to hold, I think 80% of all the amount invested to date has to come (I think it already is) from venture capitals, organizations, companies - not from the market. The market is only speculating at this point because there hasn't been any applications in their lives, not to mention not being able to add more to it (Which again, is what we wanna see happen).
Always remember, monetizing an idea does not happen in the beginning, it happens after execution. That's how riches are made.
I made an article recently that's quite related to what we are talking about, re: ICOs. Check it out when you get the time.
https://steemit.com/cryptocurrency/@stjohngo/power-in-concept
Well @financialcritic, we are not recommending any new ICO, however Steemit might be under attack from a new decentralized social media platform similar to Steemit. tell us what you think > > https://steemit.com/steemit/@blockrush/is-wildspark-the-steemit-killer-blockrush
I'm somewhat familiar with "Wildspark". Wildspark is Synereo's product. Just my humble opinion, it's a piece of over-hyped junk. I held Amps (synereo's coin) for a while and was waiting for this launch. Took forever, was over hyped, and it sucks. Maybe they have future releases that create a viable product, but right now...it's junk.
Guilty as Charged.
Although today I've had to talk 2 different relatives out of investing in TBC (TheBillionCoin) they saw some people talking about it and were on the verge of going all-in with their already meagre savings. I went and did the same thing with EOS.
Not saying EOS is on the same level as the ponzi scheme that TBC is but that I did the exact same thing, Got caught up in the hype and failed to do enough research.
hey Aziz
one wife means one cryptocurrency when i buy it ?
Only if you're outside of Utah
Well said @financialcritic
We learn so much from our experiences, even when I try and listen to advice that sounds good sometimes I will want to over ride that with my personal irrational belief. And sometime of course that is the right way to go, to follow our intuition of what seems best for ourselves. It is good to see how and what you have learnt personally from your experiences and this does impact hugely on the decisions of many people reading this post.
I'm finding the more I experience and learn things myself coupled in with learning from the experiences of people who have been there like yourself, the more I can find a good middle ground. Thanks for your dedication to the Steemit community here Jerry!
I say take a risk with EOS with amounts you can afford to lose. So far Steem and Bit Shares have been doing well so this project may do just as good.
I hope I never miss an opportunity to upvote you.
@gigafart thank you for so many upvotes because you are doing a lot to keep me focusing on Steemit as #1 each day! Outstanding post about choosing to monetize here instead of YouTube! https://steemit.com/steemit/@gigafart/steemit-vs-youtube-we-re-coming-for-your-creators
Great post jerry, as always :D
Keep writing these articles Jerry! They are full of useful information. I love Buffett's first rule of investing too. I know some people that just HAD to get in on the EOS ICO. They all lived in America. Some had people in other countries add their investment to their order. Other's used VPN's to get in.
I think that most of these ICO's are money grabs . . and the sheer number of them has drove the price of Ethereum up to ridiculous levels. I'm not mad though haha, I still hold Etheruem. But other platforms are starting to do their own ICO's on their platforms. Waves is a good example.
Your analogy of the dating scene is valid. The benefit comes from getting to know THE ONE woman who will be the best partner for you. Cultivate a relationship with her. It becomes just flat out too much to try to juggle multiple relationships. There came a time, for me, where it made sense to start settling down. I've done it with my girlfriend and now with crypto :) Likewise, it gets a bit crazy keeping up with coin after coin after coin . . it is much better to commit and research heavily, get actively involved in the coins community, etc . .
I cut down the number of large investments in crypto. I won't "marry" these coins or get emotionally attached to them. The only ones I have committed to are XBY, Stratis, and of course Steemit. I'm only actively involved in the Steeemit community. A month ago, I was really involved in XBY, and it was beginning to be too much. I decided that this platform was much better suited to my needs.
In a very real sense, it IS like gambling. Some of the ICO's aren't solving a problem. They are just capitalizing on investors to fund their projects. Some are solid, absolutely. But many times, investors just end up dumping the coins on the market once it's listed.
For example, SNT. I bought some SNT the same day it was listed on Bittrex. It was a mistake I won't do again. I bought at 2900 sats . . . who sold it to me? One of the investors in the ICO who was holding the coin. Since then, the price cam all the way down to under 2000 sats . . and is now finally having a breakout day.
This is a great post and has got me to think critically about a few things . . which is WHY I love this platform so much.
Thanks so much I have a better understanding now!
EOS could be a big hit !
Jerry I don't know where you find the time to do so much for Steem on top of everything else you post on Youtube, but I'm glad you do! Great job as always..
Always a great post @jerrybanfield. I love the detail of the post....Damn, steem being worthless:(
The current attitude toward ICOs is not healthy toward the cryptoverse as a whole. Greed can easily become the driving force in new, inexperienced people, who eventually get burned and then leave the market for good.
I found my winner in Steemit, so I powered up long term. Great idea, growing community and surprisingly solid technology. The steem blockchain is incredibly efficient with almost instant transactions. It handles more transactions than any other blockchain per day! https://steemit.com/steem/@demotruk/steem-beats-blockchain-world-record-646-711-transactions-in-one-day
Also, there are no fees.
Meh. I know in reality, that works best. But I'm going all in immediately because that's just more fun :P
The ICO hype is getting indeed crazy lately
True that
EOS price is starting to come down. Hopefully, the price continues to lower so that talks about $1billion market caps by July 2018 are somewhat muted again. We just need EOS to be build, not a frenzy with subsequent collapse, taking the savings of many with it.
Great read as always Jerry, these are life lessons worth Sharing. Resteemed and upvoted.
I myself was very interested in EOS and have carefully analyzed how I should participate and then decided to step back a bit and see how it pans out in the next couple of weeks and would then contribute in increments. It will take a year so you can take some time unlike BAT tokens which went on sale within 15 mins.
Thanks for the read. Really enjoyed it.
Same here. Going to wait for the feeding frenzy to die out. Plenty of food for everyone in this ICO.
Upvoted as always :)
I just posted pictures of my holiday in Greece and i think its my best post if any 1 could Resteem and Upvote and that would mean the world :)
Sure!
Thanks jerry your support means a lot even if its 1% :p
I'm making the crypto world friendly and accessible for everybody by explaining acronyms and terms related to cryptocurrency. Here I found:
Please upvote for visibility. If there are any missing terms here you want to be added to the database, please comment, so I'll become better.
I do a lot of work in IoT. Can you explain the IOTA layer a bit more please and the role of blockchain in it? Many thanks
IOTA uses a concept that is called the Tangle instead of a Blockchain. The makes unlimited scalability possible and makes that the more transactions are done the faster the transactions are done. And there are no fees necessairy when using the Tangle. Hope this helps a bit:) If you have more questions on IOTA please let me know and I'll try to provide you with the best answer I can give you
Nice info. Thanks :)
This is a very good post regarding the Various Newer ICO's that are popping up all over the place. The Regulators in the USA really haven't found a way to stop people from getting involved with these projects. Unfortunately they have managed to Scare People that are planning on raising funds for a crowd sale in America pertaining to Cryptocurrency or Token Offerings.
When will America get off its high horse they are not the only big players in the Cryptocurrency space. Russia is studying cryptocurrency and will implement their own in the future. Perhaps America will follow in their footsteps?
Ofcourse you are sticking to Steem when earning 1k per article haha. Best of luck
I write about crypto, personal life, sports and life on my profile. Will soon start blogging about food, travel and my adventures in Japan, South Korea, Taiwan and Philippines. You might be interested, love <3
Woa your experience seems so rich, and teaches me a lot! Mine is too recent, and I want to accelerate it, you allow me to improve this process and have another view on investment. My first investment was in January, a period when I was skeptical. I wanted to commit my 500 € to a dash / ETH, split it, because i heard nice thing about them when their price was low. Finally to turn it into the bitcoin, which was more safe for me. When we started in the cryptio world, it is nomal to want to take less risks because we have no experience. But if I had readings about your experience and started a little earlier in the process, my investment would have been really different. (I discovered Steem only two months ago and started a week ago.)
So thank you very much for you to add value on steemit with such information. Your post is precious. I follow you from now on!
Zebu
I will have to agree/desgree. First is that a lot of icos are nothing buy hype, and you can gain a little right when it releases due to the hype that follows the coin. with EOS however Dan an co have a proven record with bitshares,steem, i think the project is amazing and i believe that it will change the blockchain industry. Iam in it for the long term because i believe in the project. Just my opnion. Thanks as always for the info you share!!
Very nicely done Big Jer. Love how well you're able to articulate on a subject. Impressive as always!
ICO is a very tempting land, but in my opinion, the majority of them are more like a sort of gamble.
Of course I could start studying each of these ICOs and make right decisions and eventually make money, but I would rather choose to relieve myself of these speculations, stress and uncertainty, and use my energy and creativity in things like Steem and other already established cryptos.
thanks for ur hard work! excellent!
Nice review, interesting to compare the new ICO's with data from other coins in the past. It looks like most of the coins drop in value first after the ICO and go through multiple bubbles after. Interesting in the steem price is that the price dropped lower after the bubble than it was before, all other coins normally end up higher.
Is this because of the high inflation? This makes me very curious what the Steem price will do in future, wether next bubble goes higher. We will see, I am still bullish, because Steemit has become a REAL social media platform with a REAL community!
Great insights and lots of points you brought up that I hadn't considered.
@jerrybanfield Thank you for being so honest. Appreciated how you talked about your bitcoin mistake. That was very cool. You just earned my trust :) I watch most of your content. I really liked how you broke down the graphs. Explaining the difference between getting in early and holding, or waiting a year to see the trend.
Also, glad I watched this. Watched another video awhile ago and you were dollar cost averaging the top 20 crypto or something like that. Thank you for mentioning how you changed your position. Plus, gives me confidence in the steemit platform knowing you are all in on it.
Great job Jerry!
Value based investing
Steem is still very much under priced now and has the potential to go much higher , it has just started its bullish trend again now, this is still the best time to invest in steem. Thanks @jerrybanfield for sharing these amazing insights.
I bought EOS at $1 and now I'm considering to buy more
Sell it now before you get fleeced later.
That is a good move. Doing thesame too.
Not sure if you ready the article all the way through. Jerry is saying the opposite.
Same here, I am planning on investing much more. The reason I beleave in EOs is steemit.com
Killing it! I wanna get into EOS when it dips a bit. Thanks for the info Jerry!
Just buy polybius, hope it can be good!
Yes, steemit is one of the most exciting new crypto currencies around and one that is very useful too. It feels like I understand or use it more than other.
Anther great article @jerrybanfield. I am always amazed at your knowledge and way of giving back and contributing to this amazing platform. And you got up at 530am! :)
The fear of losing out will always be there. My Mom once told me, ''...remember my son, there will always be another sale...'' LOL so true don't you think. :)
Have a good one.
Cheers.
Colin
Hi Jerrry
Great post and thanks for taking the time to write it up - I actually read more than I watch so much appreciated.
Have you seen my posts on EOS token distribution, I give an outline on the amount of ETHER raised from token distrubution so far and analyse why the method of raising is itself genius as it enables EOS to gain far more of the value from the ICO hype.
While I think that long-term EOS could be HUGE, I do think that you are right and that we may well get in for cheaper in due course. I bought a few on the first 5 days and they worked out at just under $1, if it goes back there, I'd buy some more personally.
Again, I do think the one thing that does change EOS value is daily increase in capital that it holds - this in itself is increasing the solidity of it's value in a different way to other ICOs. Unless of course the value of Ether plummets and they have not diversified, but they seem to have some fairly astute financial wisdom on board and sure they will diversify their ICO money at some point before too long.
Take care and have a beautiful day, upvoted your post 100% ;-)
Will
I have been eyeballing the eos price for over 24 hours and It seems tempting to get in --''buy now or cry later'' Just another mass hype and a trap for ppl who hop in train too late.
Thank you for your review. Its clear you are a caring person who teaches others to grow and prosper. After viewing Jerry's course i have decided to master steemit. I see Jerrys website and he obviously is like me he likes to teach and help people grow. He is able to make a lot of money selling products too besides his courses obviously. Several people wondered why. I also dont make every decision based on Money. Some of us really have a inner calling to help our world out of the job rut way of life and create and be successful as entrepreneurs. Our educational systems are committed to funneling people into jobs. Thanks to you Jerry, and lots of others. we are all capable and successful
Hey there mate. I am here to provide feedback to your post using by rating them
Title: 8/10 - Good can still be improve by making it short or precise
Body/Content: 9/10 - I like how everything was laid out so well, some words can be simplified or shorten.
Fluent/Topic Knowhow: 7/10 - I can feel that you have been searching for the content hard and that shows.
X Factor: 7/10 - Pretty good a lot of X factor really comes down on the way you write your piece.
Overall Post Vote - 8/10 Nice content for people to know more about what interest you and great work on the article/art
I have voted and although it is small I hope you appreciate the comments and feedback.
Thanks and goodluck.
Wow, long post haha. I will admit I couldn't get through it all, but I got some points.
I agree. The fact that this platform is growing rapidly in user engagement should be a seller on it's own considering how this platform grows the currency by volume.
Also, investing in this platform is a no-brainer. You don't need to be a technical-crypto-genius to realize where price is moving. It's really logic LOL :P
Another benefit is of course the fact that there are guys like you, @JerryBanfield, who are able to give in-depth analysis of the in's and out's of the currency. Good post brother. I also just posted my latest post :)
Keep up the effort and quality!
Thats true @jerrybanfield, I like your content but for a little constructive criticism, your posts and vids are too long to watch the whole thing or read the whole thing. Not sure if anyone else agrees but less is better. Consolidate. Be concise. ..... I do love the content and subjects you talk on. Cut out some of the fluff..... Hope this doesn't hurt your feelings..... I would not want you to go away!
WendyCoin~
PS I'm fairly annoyed at all the Meme's.... the little videos that repeat in the comments.... They are all annoying :-)
Agreed :) Well done for being honest! I also believe sometimes less is more, and I think many people put a lot of fluff in their content. I will also try and use this advice :)
Very educative.. I've been thinking if I should move all my trading funds to steemit.. This will help me decide.. Thanks again Jerry!
Thats what I thought too. Thank you :)
nice review great info.
Hey @Jerrybanfield
Nice little mix between personal and investing stories.
About the ICOs: What do you think about buying just because the price is under 1$?
Thanks for the advice, very god post.
I do appreciate this kind of writing > voted and following.
Cheers!
Thank you so much Jerry! Extremely helpful!
Hello, jerrybanfield , I am a newbie and glad to meet you .Your article is an eye-opener for me , objectives, preciseness.I am learning english and using it to improve my spoken english,abilitly of writing.so,I wish to translate your article ,and get your authorization.looking forward to your repley. by the way ,I have voted for you,thank you a billion.best wisher for [email protected] am a chinese.
Wonderful thank you for reading!
Thank you for your reply. I am very happy.
I always find your posts very informative. Which crypto sites would you recommend for just getting the daily news in the crypto world? I know some of the sites are just wall to wall press releases. I'd really like to have a few good ones to follow.
A well detailed and constructive read, learnt something from your post @jerrybanfield, keep it up