Have you invested in crypto? Why, and in what?
- OrganizerFebruary 28, 2021 at 09:09
I have been very critical to cryptocurrency for many years, comparing it with a pyramid game.
I have realized the flaws in my argument and have started to see the benefits of this economy (better late than never).
I have invested small sums in BTC and ETH, as well in some interesting altcoins such as Cardano and Polkadot as I am intrigued by the technology they offer.
BUUUT… I still have a lot of issues with the environmental impact of these transactions. I realize I still don’t quite understand this aspect and as this is a very critical aspect for me, I am still hesitant of further investments. I have read a lot about of contradictory information on this topic. But, let’s make a separate environmental thread about this.
What about you? What have you invested in and why?
- OrganizerMarch 1, 2021 at 22:21
I got into crypto currencies while exploring an arts project. Through NFTs, I found myself in a situation where I needed to trade myself some ETH and set up crypto wallets to progress. From there, I started educating myself on the topic.
Like Anna, I also thought of Bitcoin very much as a pyramid game when I was approached by a colleague a few years ago who tried to convince me to invest in BTC. I’ve changed my mind. Lot of the alt coins are exploring fascinating technologies, and the philosophy behind DeFi is very radical. To not pay attention to this world, is to miss out on a radical new way of co-existing. When the whole IT bubble happened, I missed out on trying to understand what was going on. Slightly less idealistic, and completely disillusioned, I´’m seeing this as a way to learn something new, and to potentially make some retirement money while doing so. And even if the whole
project crashes and burns, at least this time, I didn’t miss out.
Missing out… The main psychology behind crypto currencies is FOMO.
- This reply was modified 1 month, 2 weeks ago by Commander Octopus.
- MemberMarch 4, 2021 at 22:52
I just started to look into crypto currencies. I bought a little Telos as a tool for learning about the concept and process.
- OrganizerMarch 5, 2021 at 01:18
There is definitely a lot to be critical about – for every amazing project there are 10 others that are complete jokes. The community is made up of a few select groups:
– Respected economists who understand the changes that crypto can make to the world and what problems it can solve
– Traders who are just in it to make money regardless of what they are trading
– Believers (I put myself in this bracket) – who can see what a project is trying to achieve and invest accordingly
– “Number go up” kids – people who have no real idea about anything to do with the projects but enjoying the gains from crypto and just aping in left right and center.
– Scammers – SO MANY SCAMS – you really have to be aware in this space – especially when talking self custody.
It has been a wild ride for me over the past 5 years.
Regarding Environmental impact – love debating this one, PoW crypto actually gravitates heavily towards green energy as the cheapest option – and it is infact using energy that would otherwise have gone to waste or added directly to greenhouse gases.
I am happy to offer whatever advice here, I have been trying to educate my friends over the past few years and help them make some passive income from it too!
- OrganizerMarch 5, 2021 at 08:56
So happy to have you here, Dan! I know that @joahelgesson and I have many questions about this. We were very late to start looking into crypto mainly due to prejudices, which was silly.
I have invested mainly in BTC and ETH and a little bit in Polkadot, Cardano, LiteCoin, and MANA (that was a massive gamble).
So many, many questions… many probably on kindergarten level…
- MemberMarch 5, 2021 at 11:07
It’s probably a good idea to invest in ENJ instead of MANA. MANA is specific to Decentraland, while ENJ is the #2 game-oriented token (MANA being #1) and is usable for any game. I foresee ENJ flipping MANA in the short term, especially since they just rolled out an upgrade to support NFT’s which resulted in a massive 50% growth spurt. Samsung chose ENJ last year to use on their ecosystem as well, which bodes well. If ENJ is picked up by the gaming industry at large, I think it will explode. The use-cases are endless, but imagine what would happen if it is used for store transactions for games like Call of Duty or DOTA. These are things that are not possible with MANA.
- OrganizerMarch 5, 2021 at 11:25
Good to know. I have been looking into SAND, ENJ, and MANA and for some reason, I chose MANA as it appeared to cater to a very specific subset with tech power.
Only invested small crumbs. I knew it was a massive gamble.
I will definitely look further into ENJ – saw the Minecraft integrations a few weeks ago.
- OrganizerMarch 5, 2021 at 14:00
I was looking into Sandbox, Enjin and Decentraland, not so much for investment, but for realising a project. I saw that MANA was ridiculously cheap to buy, and also that one of the most expensive NFTs sold was a piece of land in Decentraland. So I put a minimal amount in MANA just for the hell of it. It has already doubled, but I doubt I’ll make a fortune from MANA tbh.
Enjin is much more interesting, since it allows transactions in many different crypto currencies, and also allows for NFTs to be traded and used between different blockchains. They recently opened up a collaboration with Microsoft and their software development seems to be top notch. But who knows? Nothing says Decentraland will stagnate if Enjin flourishes. An acquaintance called Decentraland “MySpace of the blockchain industry, but already dead before it started”.
- OrganizerMarch 5, 2021 at 09:19
Hey Dan! I have a question. We got a tip to look into Celsius, which is predicted to explode within the next few months. Do you know anything about CEL?
Also, interesting and accurate way of labelling who is into crypto currencies ?
I think I’m a combo of many things. I had to get ETH for an arts project and started reading up from there. So far, I’ve never invested in anything that I haven’t read up on, and I’m amazed by the potential in DeFi and Blockchain technology. Also, I’m an opportunist and I want to make money passively ??
- OrganizerMarch 6, 2021 at 01:03
DeFi is the current narrative of this cycle – it has such a huge reach and its definitely the most exciting aspect of Crypto for me at the moment. Celsius is up there with the best of them, has an amazing team behind them and they are being used by real people! I would say its one of the Blue Chips of Defi at the moment (I also like Compound and Bancor).
Accurate way of describing crypto people? Degens? haha
I think Cryptocurrency Advice is probably safe – no one is really an expert, its all opinion with a bit of research, those who understand the tech are quite important though however I have made decent money by “Ape’ing” into coins that are getting social media traction – thats how bull markets work 😉
- MemberMarch 9, 2021 at 16:58
- OrganizerMarch 5, 2021 at 22:10
So here’s my present wallet: mainly BTC and ETH, then DOT and ADA, then ENJ, then small grains of SNX, AAVE, LINK, MANA, ZRX and UMA.
- OrganizerMarch 6, 2021 at 01:06
Very similar projects to mine, my Top coins list is:
ETH, RSR, ADA, SNX, REN, DENT, HBAR, SRM, MATIC, SOL, RAY
My uniswap Ape portfolio is:
UNI, SUSHI, LINA, FRONT, BIRD, GDAO, BAO,
- MemberMarch 9, 2021 at 17:01
My bag currently holds BNB, DENT, ENJ, HBAR, MATIC, OGN, and VET. I’ll create a post per coin outlining why I’m holding them. I also want to add CAKE and MDX.
- OrganizerMarch 9, 2021 at 19:33
I’m very interested in Celsius. Know anything about that?
- OrganizerMarch 9, 2021 at 22:52
Glad to see another DENT holder here – It’s possibly my favourite one as its one I have actively used when Travel used to be a thing!
- OrganizerMarch 10, 2021 at 08:06
I’ve never heard of DENT. Definitely something new to check out.
I’m learning LOADS in this thread. Thanks, guys!
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