Portfolio update. There are some lessons to be learned.

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Avatar for francis105d1
2 years ago

I have not been holding #BitcoinCash for months now, and all the tips I have been getting have been converted into #Smart #Bitcoin (rBTC) to buy #Sovryn #SOV.

I went from #BCH to #Mist the #dex on #SmartBCH, and when I started writing for #NoiseCash and #ReadCash, I only held about 5.5 BCH. I managed to ride the wave up on Smart Bitcoin Cash and managed to accumulate around 20 to no more than 25 #Bitcoin #Cash. I decided to move to #Rootstock, the #BTC #sidechain, and its decentralized exchange #Sovryn.

Now that I look back on the movements of my money, I realize that the best move was to move to #SmartBCH and later on back into Bitcoin Cash. But I decided to try Bitcoin sidechains because I wanted to know firsthand what using Bitcoin sidechains was all about and because I wanted to learn. When I bought SOV, the price had already come down significantly more than 60% if memory doesn't betray me, so I thought I was catching a good discount.

I got a little greedy, thinking I could replicate what I did with my SmartBCH investment. I could multiply my money a bit more. I moved my BCH into BTC and later on into rBTC. I did the Yield Farming, and later on, I decided to move my money to the staking part once I realized that my investment was losing ground very fast.

Unlike Mist Swap or Tango Swap and many other Smart Bitcoin Cash dexes, Smarter Bitcoin BTC or Rootstock RSK has a fully featured decentralized exchange, Sovryn, and it has all you expect from an exchange house. Suppose you love Binance, Coinbase, and many other businesses. In that case, you will love Sovryn because you can margin trade, limit margin trade, you can spot buy or sell limit orders, perpetual, yield farm, stake, lend, borrow, and soon enough, you will be able to borrow with your Bitcoin at zero percent. Can your decentralized exchange do all of that?

Bitcoin BTC indeed has very high fees when it comes to transactions on-chain, but SegWit is helping a bit in that regard, not to mention that the lightning network is helping too, and LN has improved a lot since one year ago. It is not perfect just yet, but it is getting there. I must add transaction fees on Bitcoin are not that cheap on-chain. Still, if you use LN and are connected to good LN nodes, your routing fees can be cheap satoshis at most and, at times, even free, but those payments can become unreliable if you don't understand how LN works and where to connect.

I am losing money staying with Sovryn, and staking will take 30% off my money, so I can't go anywhere, and if I had stayed with smartBCH tokens like Mist, I would be in the same boat meaning my portfolio would have suffered the same fate. Six months later, I can tell that the best move could have been to leave my money in dollars, purely Bitcoin or Bitcoin Cash, but with BCH, I would have lost over 50%, too, so the best positions would have been BTC or dollars.

I'm not returning to Bitcoin Cash or tokens on SmartBCH because, to this point, both sidechains have lost almost to the same level. My decision could backfire if Sovryn continues to lag and SmartBCH tokens start to pump while my investment in Sovryn continues to dump.

And if I use credit cards to buy more crypto, I will buy more Sovryn. At this point, I am committed to Sovryn because I find it more appealing to my taste. I love SmartBCH and the ideas behind Bitcoin Cash, but I am also here to invest my money. Only time will tell if staying with Sovryn for more time is a good idea or if I will regret not coming back to BCH.

I must also add that all DeFi tokens have fallen significantly, and all have gone down at least 70% if the bull run comes back. Most DeFi tokens will rise at the same speed, and only those tokens in the future networks will pass all others. I don't know if Rootstock will make it to the end or if SmartBCH will make it too. Only time will tell us that.

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2 years ago

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So you are committed to Sovryn,I hope it would be a good decision

$ 0.01
2 years ago

Right now everything is going down almost at the same speed so if your money is in altcoins you are down

$ 0.00
2 years ago