$10K/1-Year Crypto Experiment - 2-Month Check In
It's been about two months since I created this thread in which I asked all of you for advice choosing which 10 cryptocurrencies to invest my $10k of extra cash in. I was a complete noob at that time and have learned much since then, though still consider myself a noob. Here's a quick summary of what's happened in the last two months concerning my portfolio.
So I had been ready to buy the same day I made that thread, on June 4th, 2017. If I had, I would have bought in when BTC was $2552 and ETH was $224. However, I could not buy in at that time because as a European I found it impossible to get set up on any exchange and get my identification validated. The wait time would be weeks. It was frustrating to not have my skin in the game, but I decided to use the time to research and develop an investment strategy.
I quickly realized that between job and family, I was not going to have enough time to properly research all these different coins. All I could do was keep tabs on the bigger picture of crypto, particularly Bitcoin, and do my best to form a legitimate, if not superficial, impression of various alts. The following became my investment motto:
"Seek out coins that have strong development teams with business-minded leaders, have working use cases with wide future potential, and that haven't mooned yet."
Finally on June 14th, thanks to an American friend, I had an account that I could use to begin buying in. I decided to buy in at increments of $500 up until August 1st ($5k before Aug 1 and $5k after).
I bought in at various spots when BTC was valued between $1,900 and $2,750.
I bought in at various spots when ETH was valued between $328 and $362.
My initial plan was to buy something like 40% ETH, 30% BTC, and 30% alts. This quickly changed, however, after purchasing all my ETH and heavily researching the coin I became totally turned off of the project. I now own much less of ETH.
In total, so far I've invested $6300 of my money into various coins:
Bitcoin: 1.12 (~$2842)
NEO/Antshares: 150 (~$1592)
PIVX: 200 (~$400)
Ethereum: 1.79 (~$396.38)
WAVES: 102.61 (~$369.41)
Factom: 20 (~$378.68)
Golem: 1,000 (~$292.36)
Stratis: 50 (~$327.50)
Ripple: 1525 (~$265.41)
Litecoin: 4 (~$171.95)
XEM: 600 (~$138.17)
Siacoin: 10,000 (~$90.51)
STORJ: 108 (~$45.91)
XLM: 263 (~$5.67)
Total Portfolio Value: ~$7700 (+ ~$1400) *This does not include the BCC I theoretically own on Gemini.
I suffered my biggest losses investing in Ethereum and Numeraire (an impulse purchase and a good lesson not to invest after getting hyped reading a single reddit post).
I experienced my biggest gains from Antshares, which I bought into at various spots between $5 and $7 per coin, and BCC, which I exchanged for BTC when BCC was valued at $700 per coin (yay free money!). Unfortunately, I was only able to exchange half of my (theoretical BCC) as I had half my BTC on Bittrex (where it was possible to exchange) and the other half on Gemini (where it is not possible to exchange).
I still have $3700 left to invest. I'll probably be looking to put more into BTC as well as pick up some Monero. I'll check in again with another update in October.
[link] [comments]
Read More
