Portfolio: A mess
Real portfolio: £143,659.83
It’s funny to look at a loss of over £100,000 in the space of two weeks and feel nothing about it. There are lots of emotional people freaking out and selling left right and centre, but even though I’ve only been in this space for 8 months I’m already used to this sort of thing happening – losing a third of your portfolio in a fortnight is naturally possible if you can make a third within a fortnight too. As I write, bitcoin has just pinged off $8k like a schoolboy firing a rubber band and is already at $8800. It remains to be seen of course if this is just a hand on the bottom rope or if the old dog is actually hauling himself to his feet to fight again, but it’s good to know we might not have too much further to fall before me see an upward trend. Once again the media overblew some crypto comments made by lawmakers, this time in India where they conveniently left out the word ‘illegal’ when a minister was talking about their desire to outlaw cryptocurrencies. Still, this is nothing new, and all part of the same old thing. Talking of the media…
I try not to get too involved in online messageboards over crypto, but when I see comments like this it tips me over the edge and I feel I have to respond:
This just displays ignorance of several areas in varying degrees. I just don’t understand the vitriol these people have towards something they clearly know nothing about – it clearly speaks of an unhappy life. As I’ve said, one of the main reasons I got into this game is to be able to buy a house for my autistic son, and, as I replied to him, even if I was only in it to make money, what the hell is wrong with that? What does he (I’m assuming he) think about the banking sector, the stock market and finance in general? Why does he go to work, for the sheer fun of it? I just don’t understand. I also got fed up reading one too many ‘ponzi-scheme’ throwaways from people who only say it because it’s what they’ve heard. I spent a very satisfying hour at work dissecting in great detail why it wasn’t a Ponzi scheme (outlining Bitconnect as an actual Ponzi-scheme) and never got a response. I like to think this person read it and actually learnt something, but no guarantees. I do want to educate people rather than just lay into them, but sometimes the lines get blurred! It all stems from a lack of knowledge, and I just don’t get people who don’t want to learn about something so prevalent in the news and clearly something very important to them. Unless they’re looking for a reason to vent at anyone, but that’s a whole psychological thing right there. Like I said, happy people don’t behave like that.
I also took the opportunity to buy more PPT at under $50. I have real hopes that this platform, whose working Beta is due to launch any day now, will be very successful and lucrative. I’ve been trying to take a more holistic view of my involvement in this space and thinking about the long term, which is the only way to cope with 50% pullbacks – I’m very confident that this time next year Bitcoin will be up to about $50k and we’ll be looking back at this month as just another January except on a bigger scale with more scared noobs who bought XRP at $3.20 because CNBC told them how to do it (by the way, an important part of a Ponzi scheme is the active pushing of the product promising huge returns…hmmm).
This long term planning involving the probable price of Bitcoin and other key alts, as well as the passive income I hope to generate, has led me to make a bold prediction – by 2020 I will be working 1-2 hours a day and earning a six figure salary from cryptocurrencies. I think this because I believe my VEN masternode will be earning me upwards of £70,000 (VEN needs to get to about $150 to achieve this, eminently achievable within 2 years) whilst PayPie and Populous will be generating five figures themselves through the invoice factoring I will do on their platform. This is where I think I will be spending my working hours – choosing invoices to buy. This isn’t taking into consideration any other passive income or the value of any coins I still hold and trade. Getting in early is going to pay off hugely I think, as is getting in on solid projects. Of course there will be bumps in the road, but I believe that by 2020 cryptocurrency will have made huge strides in acceptance and the market will be much less volatile, allowing for security and stability. I’m quite a humble person really – no yachts or lambos for me (I don’t even drive) – but I’d love to be able to spoil my wife and give my kids the best start in life that I possibly can. It’s all about family at the end of the day – they’re the ones who support me and show me love every day, and this is just one day I can (hopefully) repay them.
Today’s lesson: It really is only money