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IF variety is the spice of life THEN diversification is the KEY to success
Hello Hello readers. I hope you had a relaxing and productive weekend.
They say that variety is the spice of life and I tend to agree with that. I am not a fan of the same old same old, I love to try different things and enjoy them.
I was on Twitter yesterday and I came across a tweet with a video in it.
So essentially it was four-pointers about investing in crypto from @MarcDeMesel and I did something that I have never done before. I watched a video from him and must admit that I was impressed.
If you have not watched the video, it is below, I would recommend having a watch. It reinforced my thoughts on crypto and I was happy to see that he had made some booboos similar to me lol.
Here are my thoughts on his four pointers:
1. Don't invest in what is popular, look for unpopular projects with good growth
This is one that I can relate to in life lol. I tend not to follow the crowd and would rather do my own thing. I have always supported the underdog or little guy too. Crypto is like shopping, it is all about value. So look for the value in a project and if it looks like it has good growth prospects and is legitimate then go for it.
2. Do not fall in love with 1 project but diversify over multiple
I am sure that some of you will have been introduced to crypto via read.cash and noise.cash which is great, but you might only have BCH. One thing I have discovered is that even when crypto is crashing there is a coin or alt that is pumping away somewhere. Even with the things that we do online, it is good to not put all our eggs in one basket. For example, if you write, well you are reading this, so I assume that you are, then you could be earning different crypto by writing on hive and/or publish0x If you love sharing pictures or microblogging on noise and getting your BCH then there are other apps that you can earn different crypto with, such as Appix and Pixies
Don't get me wrong, I love BCH, I love how smartBCH is growing, but compared to many other projects, it is not sexy. It has some amazing features and should keep growing. Other projects are out there that have great growth and some good ideas.
3. Keep winners, cut losers
This was interesting. I have been guilty of selling part of a winning project and investing in a loser. If I had kept my investment in the winning project it would have won some more, but no I lost the further winnings in the winning project and then lost the winnings I had won by investing in a losing project. Does this make sense? So ditch the losers but keep the winners going. Here in smartBCH I am sure we have all done this.
4. Sell all when bubble
This is a good one, I have known people see 100x rise and keep their holding only to see the project either crash and burn or be rugged. My thoughts are don't be greedy, get out before that bubble burst!
As a general note, @MarcDeMesel said that he had not got into NFTs. I am now having second thoughts on the whole NFT landscape unless you are capturing 10% of a minting, which is something that I will not do. In fact I have an article planned about NFTs.
My advice on NFTs is to look at the potential growth and roadmap. Is it just a bit of overpriced pixel that you hope will be rare, and then isn't when you mint it and the market is flooded so you can't sell it and now have lost? And don't like I have seen some people do, buy with your credit card, that is gambling big time.
Thanks for reading and have a good one!
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