Market Overview
Bitcoin is the black knight, it is invincible, but how many limbs do we have left?
There is a lot concern around the price, a lot of charts and whatnot going around trying to explain why prices aren’t breaking out for another run, but there is also unprecedented progress being made on projects. I have stopped really looking at the price too much and evaluating everything in relative value. Also, when projecting what a fair price is for a token my back of the napkin calculus looks at the current price in BTC or ETH, the relevant supply (circulating or total, depending on use case) and adjust based on $1000 ETH or $10000 BTC. Does it still seem like a good value, then I’ll get in, if not, it may be best to hang on the BTC/ETH for right now.
What I’m Buying
With the down market its hard letting go of some big losses but its necessary to move funds into assets i consider to have a higher probability of success. Not actively buying too much new, but I am growing my positions in the below.
- EasyDEX.PB — Can contribute by sending bts to easydex-pool from a bitshares DEX (can help with that if needed). PBs sent daily EOS style — https://medium.com/@easydex/the-easydex-portfolio-builder-token-campaign-e371e1c67fac
- DALA — New roadmap coming up with some great additions. Trade this account in forkdelta — https://etherscan.io/token/0xa87c3ec87eb802aad080df0adb331e504d327e5d (NEVER follow a forkdelta link directly)
- AURA — See podcast link below
Weekly Case Study
Something I have done that worked out well, didn’t work out well, or maybe just warrants further thought.
Yesterday was the conclusion of the Metronome token sale. They held a reverse auction of 8 million tokens over a whole week. With around 30 minutes left less than 1% had sold and the price was around $5 or so. As the price went down every minute a few more tokens would be purchased. I thought anywhere $1–5 was a pretty good price, but there were so many tokens left I held on hoping for $1. Around $1.50–2 range %50 of the tokens disappeared, and before I could unlock my ledger they were all gone. One address bought %20 of the supply and the top 10 addresses hold %40 (and judging by the amounts held I think many of the top 20 holders are the same entity). The tokens are already on forkdelta, you can buy though their wallet, and they will hold a daily auction in perpetuity so I am hoping to find some good opportunities to accumulate, but immediately after the sale the price was 3x the best sale price. So what can be gleaned from this?
- Whales run the show in crypto
- No one has figured out a good ICO model to distribute tokens to a wide audience (not just getting whale-hoarded)
- Everyone needs to remember #1 when planning for participating in this industry
*As an individual you will NOT get the best price in ICOs or other similar activities, don’t think you will - Make a plan and stick to it. The worst plan is no plan in such a volatile industry
Coming Up This Week
Etherisc token sale kicking off (only accredited for US). Some live products and 25+ in development.
I’m moving! (This has been distracting so I haven’t been paying that much attention to crypto events this week)
Recommended Media
Podcasts
https://multicoin.capital/2018/06/19/podcast-tushar-and-kyle-on-invest-like-the-best-podcast-with-patrick-oshaughnessy/
https://soundcloud.com/crypto-street-podcast/episode-71-alex-wearn
https://thebitcoinpodcast.com/hashing-it-out-12/
Reading
https://medium.com/@wmougayar/a-guide-for-blockchain-usage-metrics-bed86b58df94
https://medium.com/spankchain/development-update-008-june-22nd-2018-85d95f766153
https://multicoin.capital/2018/01/17/an-overview-of-stablecoins/
Follow Me
twitter: https://twitter.com/Tompkins_Jon
linkedin: https://www.linkedin.com/in/thejonathantompkins
telegram: https://t.me/joinchat/FqrpRUo8CKHV8gGKRuNNNQ
Weigh in on what I should write about next: https://pollev.com/jontompkins005
None of the above should be considered investment advice
written on graphitedocs.com