Malcolm Henry
Bitcoin can kiss my ass. Let’s start there. Now that gambling on football is over, the NBA sucks, and it isn’t March Madness I am starting to dabble in the crypto game and all I see are headlines about Bitcoin. Well it is at $55,000 right now. Sorry, but no.
If you are like me and want something that is between Bitcoin and the equally bullshit Dogecoin, the crypto that every Liberterian THOT is pushing, I did the research for you and I got what some experts are saying so that you don’t have to trust some rando on the internet that you never met.
This dude told CNBC in a more polite way that Bitcoin can kiss his ass, too.
“There are things that you can do for indirect exposure,” Tyrone Ross, an investment advisor and CEO of Onramp Invest, said. “If people do that, I think it’s better and it’s safer before they actually start to delve into the [bitcoin] rabbit hole.”
He also said this: “The majority of people should be spending more time learning than buying,” Ross said.
So, the first thing I learned was that there are places that are more reliable than others for even making a purchase.
CoinBase.com was the highest rated place to start a crypto account. It is secure, makes it easy to buy in, and — more importantly — get your money out when you want. This isn’t me trying to get referral money so I wont give you some sketch link. You can sign up there or anywhere else, I don’t care… just saving you a step.
There are three main (sure others) plays to make with this.
First… there are the penny stock, pink sheet, crap that you will see getting spread around. This is the Dogecoin of the world. Worthless unless somehow a social media coup makes them interesting. Throw some money at something and hope it gets moving. This is your 10-team parlay. Most likely any money you put here will be wasted, but damn… if it hits you are going to remember it forever. Not a play I am going to make, though.
Second, from there you should look at what you are actually going to buy not just throw some money at. Inflection points generally happen at that first $1.00 mark after some fluctuation to get there. Once something get there it is likely to move bigger, but it could take some time. Also, look at the stability of its backing and market size. That can give some reliability and confidence that you aren’t just going to light money on fire.
The last part is probably most imporant. At least according to this Forbes writer, “The value of any currency is mostly determined by the soundness of its monetary policies and inflationary tendencies.”
This approach is more like Joey Knish in Rouders. Be patient, make your wins, and be good. Nothing crazy and don’t treat it like day trading.
A good way to know if you have a solid footing is look for something that has a sizable market cap and position in the crypto landscape — all of this information is actually readily available on Coinbase, so use it.
The third play is ask your dad for money and go all in on Bitcoin. It is the legacy play, so fuck those guys. It is as simple as it sounds… get a chunk out of the trust, throw it at Bitcoin, and hope it keeps trending up.
I don’t have it like that.
That leads me to what did I buy? That is probably where this all matters.
Stellar Lumens (XLM) was my first buy. It checks all the boxes for being a safe play. It has the No. 6 market cap with over $11B. It is also just $0.51 to get in, which means there is a lot of upside waiting to explode. It was at $0.22 one month ago, so people are noticing. Once it crawls up to $1, it is going to get to $1.50 or more in short order.
AlogRand (ALGO) was my second. It did not check all the boxes since it was over $1 already, which means it has been validated by the general crypto circles, but also means I missed the run up to it and probably have to be more patient. It has nearly $2.5B in market cap, so it is not likely to take a volatile drop. In its last month it was at $0.44 and then broke through. It is probably a hold until it gets to $2 or $2.50 and then look for something with a softer starting point.
Loopring (LRC) was my third buy. This had most all of the check marks as well, though it has the lowest market cap as its downside. It is now close to cracking that $1 mark, at nearly $0.75, so if you are into buying now, it is likely to pop that level soon and then have another quick rise to look a lot like the ALGO trend line. It is under $1B of market cap but has become the No. 34 most held in the last month or so. The time is right to get in now.
Oh… the disclaimer… I am not a financial analyst at all. I just read the internet and wrote this over here. If you buy… cool. If not, I don’t care. It is your money and your risk.
Photo by Austin Distel on Unsplash
I like money.