Here is a portfolio update and a reflection of my mistakes so you don't repeat the same error I did

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Avatar for francis105d1
2 years ago

I am losing money big time. When I started this journey writing for both noise and read cash, I had less than $2000 in value and around five #BCH. After I moved to #SmartBCH, I was able to multiply my #BitcoinCash by a factor of 5x. In the end, I could have held either 25 bch 0.25 BTC or $9000.00. But at the same time, I discovered that #Bitcoin had a #DeFi sidechain called #RootStock #RSK.

I decided to give it a try, and I moved all of my money to it and bought the #DEX in that network #Sovryn #SOV; well, that was a big mistake because now I am losing over 50%, and #Bitcoin #BTC maxis don't see #RSK as a sidechain because the bridge between #BTC and #rBTC is not entirely decentralized and needs tempered resistance hardware that sits multiple locations but is still not fully decentralized, something that #SmartBCH also has but it is trying to fix it with SHA-Gate.

To the #bitcoincash community, BCH and sBCH are the same assets, even if the bridge is a bit centralized. To #bitcoin, maxis are not; they see it as another altcoin trying to take their so precious store of value.

I think I made a mistake by moving my money to RSK, but it is too late now, and I have my coins on a contract stake for the next 180 days, so I have to wait until that stake ends; in the meantime, I will start to put my money on #SmartBCH and start all over again to build my portfolio.

The reflection is don't move your money just because it says that it works with Bitcoin or that it is part of Bitcoin, because for what my research has given me, it looks like Bitcoin maximalists will not support not even products that are trying to bring utility to the BTC network. The only thing they are keeping is just custodians' services and calling those wallets when indeed they are glorified bank accounts, case and point El Salvador where citizens have now a bank that probably is even using fractional reserve Bitcoin practices.

I am a fan of MistSwap because that dex token didn't have a presale. I will start slowly building my portfolio back, trying to reach what I used to hold on to Mist tokens. At the same time, my SOV is lockup in the staking contract. I will invest out of my own money that I save every time I have an opportunity and obviously from my tips on both ReadCash and NoiseCash.

And I will leave you of what my portfolio could have been if I left it alone when I exchanged from Mist to BCH-FlexUSD. Note at some point, and I could hold that amount of crypto for each cryptocurrency in the pictures; don't get confused; it was supposed to be only one, and my portfolio has never had all five coins.

If I was holding BTC, that could have been my best option if we count that when I got out from Mist, I carried around 20 to 25 BCH and exactly $9000.00. So now what I have to do is reinvest and buy cheap. It seems that Mist and Sovryn are now the most inexpensive assets, but since I already hold enough SOV, the best option will be Mist. That is from my perspective, but I can be wrong again, and months from now, I could be on even deeper blood on my portfolio.

The end.

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2 years ago

Comments

That was a mistake you can have it all and regain he funds that was lost. Although it was so sad that 50% of your money vanished immediately just be careful when you have a transaction that you've never been through.

$ 0.01
2 years ago

I guess if players gonna play those are the risks which I am accepting and sharing so that maybe others can learn from what I did and do better than me

$ 0.00
2 years ago

Yes, I think that's serves a lesson on you meaning to say you are taking risk on purpose. I also accept that risk cause if we don't have that we cant stronger enough to make changes in dealing another trading. That's serve as a lesson.

$ 0.01
2 years ago

Pretty much that is the lesson investing in crypto doesn't come without risk, and losing over 50% of your money is a thing that can happen. It is possible never to see a recovery now. I think the price could recover at some point in the future, but that reminds to be seen.

$ 0.00
2 years ago

Francis105d1 if you hold that trade for long time is there a tendency that token will diminish?

$ 0.01
2 years ago

Yeap, everything can go to zero in crypto at some point and that is a possibility

$ 0.00
2 years ago

Ohh that was terrible friend we should be careful on trading because we take risk on purpose.

$ 0.01
2 years ago

It is part of investing so it is going to happen eventually you could lose

$ 0.00
2 years ago

Honestly speaking after reading you're article mostly my mistake remember me again because I did like that when I was new here and #smartBCH , I also lost my money many times and it's really awkwardly moment for me how I did that , you know after mistake many thoughts come around in our mind , MISTSWAP one of the I think recently here mostly Smartbch lover using it and having a great day

$ 0.02
2 years ago

I am tracking how many tokens are doing on smartbch just to see if I see opportunity to buy in

$ 0.00
2 years ago