It's time to take a next step in my relationship with cryptocurrency. I know, that's kind of a weird way of putting it-- "my relationship" with crypto, like I'm thinking of proposing to Bitcoin or something. I suppose in a way I am thinking about a greater commitment... Last year, after sitting on a small % of Bitcoin for 3 & 1/2 years, I sold it to start buying some alt-coins, and although I'm far from batting 1.000, now that the market is bouncing back, I'm back in the black.
For the most part, I've stuck with a conservative approach-- just spending what I can really afford to put out there, so it's been the old slow and steady wins the race (hopefully) approach. But, now I'm thinking of making a larger move. Not a retirement account's worth, not taking out a second mortgage on a home (I watched as some of my colleagues did this when a startup I worked with in the late '90s went public -- it did not end well.) Just a next step.
There's two things I keep bouncing around in my head, though: 1) which coin(s) or token(s); and 2) Do I want to go long on one cryptocurrency that I think is undervalued and about to moon, or is it time to trade more actively and see how quickly I can grow this upcoming investment.
If it's choice #1, that doesn't make deciding a lot easier. There's a lot of choices, even when you narrow it down to companies that have good reputations for their tech, their team, roadmap, etc. So, do i want to play it relatively safe and go with something like NEO or Monero (both of which I own very small amounts but would love to add to)? Or do I go for choice #2 and buy something that's fairly new to the market, but is already causing a stir -- and I don't mean a pump & dump kind of a stir, I mean something that is maintaining a respectable 24-hour volume without a bunch of hype. Something that has an actual utility that people are likely to want to use, or maybe they already are using it. Fortunately, I've always loved doing research. And then do I set a % of profit at which I'd sell, take some of that profit, and re-invest in something else that I thought, through fundamental and technical analysis, might go on a run soon.
I do recognize that it's nice to have choices like this. I'm not complaining.
I'm not an investment advisor. I'd love to hear any thoughts that anyone will share, and I won't take what you say as investment advice.
Spring '18 is here, finally, and it marks one year of a much more intense focus on crypto for me. I'm thinking commitment.
