If you’re looking for a reasonable, sort-term crypto gamble, this post is for you.
Apart from a long term hold (can’t bring myself to write hodl…) portfolio, I occasionally make short term investments in slightly more dubious coins.
After having spend a while looking at one such coin, Safe Exchange Coin (SAFEX), I’ve decided to make it my next short term bet.
Do I believe in SAFEX?
While the idea of creating a decentralized marketplace, where people can buy things and services anonymously is great, I’m not so sure SAFEX is able to pull it off. Here are a few reasons why:
Finally...the wallet was released. But it doesn’t work. Some people can’t install it, others suddenly have zero balances, and yet others can’t get their coins out of their wallets: https://safe.exchange/
According to various message boards, the developer team has a track record of not being able to meet deadlines. Normal in crypto/programming world? I’m sure. Conducive to credibility? Hardly.
I’m sceptical.
Why am I buying it, then?
Looking at the chart for the past couple of months, the price is characterized by volatility, which is exactly what I’m looking for.
Paired with the fact that the coin or the project has not been widely discredited, - there should be room for some major gains in a near future.
The real reason I’m buying, however, is the anticipation of the Chille blockchain integration. From the developer blog: “I anticipate our full launch will be in August/September.” (https://safe.exchange/t/chille-blockchain-and-network/532/6)
This seems to be what the ‘SAFEX community’ (yes, it exists) is currently waiting for, and I consider it highly likely, that it will have a major effect on the price. This may turn out to be a pump and dump situation, but I see no reason why I wouldn’t want to take – say – a 100% profit on my money. The chart certainly suggests, that a target price of around 600 satoshi is within reach, which would roughly equal a doubling of the money from the current price level at 314 satoshi.
In other words: although the Chille blockchain hasn’t launched yet, - it is very likely to do so in a near future. This will create hype, which will lead to price spikes.
Buy/bye now, thank me later.
Please note that my predictions aren’t necessarily founded in any type of technical analysis, insider knowledge or anything but my personal current understanding of what a reasonable price level for the currency in question is.
My Bitcoin wallet address:
1CjRBYqPpMqNC19d2eK82chHM4gsms94Yd