I recently bought a Shih-tzu for my daughters. My younger daughter wanted a French Bulldog and the older one wanted a Toy Poodle. A battle was brewing at the pet shop until they compromised and decided on a Shih-tzu. Before we officially decided to buy it, I had my daughters sign a contract with a list of their duties for taking care of the dog since I saw it as an opportunity for making them more responsible. After all, who really wants to clean up dog poop and piss.
Buying up a storm
When you first are given the opportunity to try something new, some of us rush in it while others take the wait and see approach. Both have their strong and weak points. In the case of buying Bitcoin+ coins, it appears that when buying and selling, timing is everything, so both rushing in and waiting are part of an overall strategic tactic.
I remember looking at the amount of Bitcoin+ coins that I had purchased. In some ways it was similar to owning stocks of different companies with the stock ticker replaced by the Bitcoin+ symbols used for the various coins. Besides Bitcoin, I had decided to purchase Ethereum and Litecoin since they seemed to be the most prominent ones available on my exchanges and had a relatively big market cap. Using the funds that I had deposited in the btc+ exchange made for a fairer trading price and each transaction that I placed was instantaneous even if it most likely wasn’t registered in the respective blockchain immediately.
While pondering over my bitcoin+ coins, I started to find myself drawn to the other altcoins that were listed not only on the exchanges that I used, but belonging to the top 100 cryptocurrency market capitalization list. This is when I started searching forums and websites for what others were saying they were buying, had bought or were thinking of buying. I should say that researching is usually helpful but as Nassim Nicholas Taleb hints at in The Black Swan and Fooled by Randomness, don’t be coerced by others because nothing is truly predictable in the stock market or in this case, the cryptocurrency world. It seems that some people are rather opinionated about certain coins and have strong feelings about the growth potential, which doesn’t bother me since everyone is entitled to their own opinion, but I often wonder if they are opinionated because there is a hidden agenda and not an objective bias.
Armed with the word of others and other cryptocurrency news sites, I decided to look into getting other altcoins.
Next up – Change it for me Changelly