Bitcoin: $8,755.69
Market Cap: $429,727,508,453
After a weekend of drifting the market seems to be showing signs of an uptrend. I sold all my BTC on Saturday morning when things were looking bearish, hoping it would drop to around $7k or $6k but it doesn’t seem it’s going to go that low so I bought back in again at roughly the same price. I also finally bought into the QASH hype, buying a little amount this morning that I want to add to as time goes on, which means now I have to divide my profits between NEO, ETH, BTC and QASH! Although I think QASH has trumped ETH in terms of priority, at least until I have as much as I want, which is five figures worth in USD value. It seems that in a year or so QASH could be one of the key ways for institutional investors to get into crypto, and if so I don’t want to miss that boat. Plus the team is absolutely stellar. I got in at $0.83 in the end, which I have no doubt will turn out to be a steal. There are talks of eventual gains somewhere between 100-150x, but we’ll see.
I sold a little of my PPT yesterday what with the constant delays and now some FUD regarding the founder, but I still have a decent amount to use on the platform. I also picked up some ETC at £25, which should rise and hopefully double this month in the lead up to a fork in early March, so I’ll probably sell a few days before that. Now my portfolio is fairly settled I don’t intend to do many trades, but the revelation that I need to track and retain proof for every transaction for tax purposes has ensured that I don’t make any decisions on a whim, which can only be a good thing for a HODLers mentality. If I want to buy a coin, I must really want it!
One success I did have over the weekend was the realisation of profits in my masternodes – I sold all the INN I had received passively throughout January, and even in this market it more than covered my groceries for the month, which was what I was aiming for, so that’s quite exciting. It was the biggest expense I had each month, and to know that I’m getting my groceries for free by doing absolutely nothing is a very nice feeling indeed! In combination with my other passive income elements, both present (SMART, LUX) and future (Caviar, THOR, PPT, PPP) I will probably end up earning more than my annual salary through crypto. If this was a stable market that would be a very tempting proposition, but as it is it’s far too early in the game. I do find myself edging towards being the hare rather than the tortoise in this game. I there’s probably only going to be two bull runs this year, one in the spring and one in the autumn/winter, and I don’t think I’m going to be in the position to make the most of them to the extend where I’ll hit £1m. I think I’ll get there eventually, but it won’t be sitting there in a portfolio – I’ll be taking out bits and pieces here and there, as well as not counting the passive income, most of which I won’t be tracking. The aim I guess is to be in the position where I can live off crypto and either afford private care for my autistic son or at least be able to spend some time looking after him and taking the pressure off my wife.
I also took advantage of a pre-sale for the TE Food ICO, a farm-to-table food tracking system using QR Codes to assure customers or the authenticity of their food. I had initially considered using it as a quick flip but I was only able to put in about 2 ETH, so unless it does a 2-3x on listing I’ll keep it long term. It does seem the days of being able to throw five figures at an ICO are over unless you have very privileged access, putting more pressure on spotting gems early.
