Yesterday I asked my readers advice on which cryptocurrency I should add next to my portfolio, and after carefully thinking about all the options and advice I got, and watching some informational videos, I have made up my mind and decided to buy XRB first.
HESITATION
I'm not sure if choosing Nano/RaiBlocks is the best choice and I did buy my first XRB with some hesitation. After all, I have many doubts about XRB and it's chances of getting adopted or ever having the same network effect as Bitcoin.Sure the technology is interesting an attractive and there exists a lot of hype. But really, any project that's faster than Bitcoin, is 'better' than Bitcoin. I myself have doubts wether the technology is really important when it comes to the value of crypto. It plays a role, but only as a secondary one I believe.
Also, XRB has seen quite a run up already. I was following it since $150K market cap and waited for a dip all up to $3 billion. Buying in now made me feel a little grumpy, as I knew I could've had so much more.
TIME IN THE MARKET
The main reason that made me choose XRB over my other frontrunner options like more IOTA/EOS, is the fact I have some of the latter but had zero XRB. One thing that I've learned, and it's something of a saying among investor is:Time in the market is more important than timing the market
The basic gist of this saying is that if you keep trying to perfectly time the market for the perfect buy-in opportunity, you will often find that you're waiting in vain and the price never dips to where you want to buy in, resulting in even more non-actualized gains. This happened to me with XRB as well, which like I said I followed since $150M market cap. If I had just bought in, instead of waiting for the dips I would've made a lot of money already. Instead, my hesitation kept me out of the market... nullifying my strategy entirely.
From experience I also know that in the long run, it doesn't matter if you bought in at $15 or $17 dollars, if it ever goes to $200, or something similar. It's really nitpicking to try and maximalize, in those cases.
Since I already have quite some time in the EOS and IOTA markets and have a position in those, I'm already 'on the train' for those. Yet, if instead of EOS/IOTA it would be XRB taking off I'd never forgive myself for not picking some up - no matter how little of it! Even having invested only $50 into something, will make you feel pretty good if it goes up a lot. But if you hold none, you'll only feel grumpy about it.
So I decided to get my first XRB yesterday, to at least have a position in it, no matter if it's the perfect buy-in time or not (probably not). I had bought some GAS a while ago when it was cheap, and traded that in to Kucoin for my first XRB.
Then later the same evening, I also traded some SBD for XRB. And yes! To do this I had to use some tricks. First I used the XVG transfer trick which I wrote about yesterday to move my funds to Binance for about $0.02. Then I performed a similar trick by trading my XVG into GAS (with BTC in between) and sending that to Kucoin. GAS withdrawals are free on Binance, so this allowed me to move my SBD profits from Bittrex, to Binance and on to Kucoin for a mere $0.02 in withdrawal fees. Wow! I did lose some money due to the many trade fees of course, but at a fraction of a percent a couple times this was greatly offset by the fact that I bought in smart - waiting for a dip to make the transfer, so that by the time my XVG arrived on Binance I had made 4% profits on it.
I tried the same on Kucoin with GAS but unfortunately everybody uses the GAS method to deposit on Kucoin. Since people transferring this way will sell their GAS upon arrival, this made the GAS price on Kucoin (or atleast the open buy orders) quite a bit lower than on Binance! I took a small hit because of this.
Regardless, I did keep track of the dollar value of the transaction during all this moving and trades. I'm pretty happy to report that when I had my SBD profits on Bittrex it was worth about $27 and by the time I had purchased XRB with it on Kucoin, I had bought $26.50 worth of XRB. Not bad! I can live with that, especially since I made a loooot of trades to get from Bittrex to Kucoin. If I had been more patient I could porbably have gotten a better sell price on my GAS too, but I wanted my XRB before I went to sleep.
Since I sold some GAS I got a little bit of a headstart in my XRB collecting. Using just SBD profits would be a lot slower. I intend to keep investing in XRB for the next few weeks, until I have a stack worth a couple hundred dollars. I am aiming for $200-500 worth of XRB total, not sure yet.. I will probably find a nice round number.
At least now I can rest comfortably, knowing that if the price of XRB shoots up due to the upcoming Binance listing, atleast I'll be in the market!
After this, I decided I will probably switch to improving my IOTA position and likely EOS after that, if I have not figured out a new, better plan by then. I hope they won't have risen too much by then, but if they have at least I can comfort myself with the thought I already have a position in it.
Thanks everybody for the suggestions and advice!
I was looking at XRB as well, but I'm scared to make any investment now with the whole Tether fiasco hanging over the markets. I'm just afraid I'll wake up tomorrow and find out the market is down 50% across the board due to Bitfinex/Tether being shut down in some kind of international take-down campaign by the U.S.
I understand but for me that doesn't apply as I am using my SBD profits to buy into XRB. Since Steem/SBD moves with the altcoin market like anything else, and will drop if the market crashes, it doesn't matter if I put it in STEEM or XRB.
But investing new fiat I am not sure I would do right now either
VERY informative on Gas price suppression on Kucoin due to everyone doing it that way. Similar to what happened on BitGrail when the stopped allowing XRM withdrawals.
Again, if your readers are interested in Nano/Raiblocks (XRB), we've edited our recent Nano article with improved formatting for readability and added some information...
https://steemit.com/cryptocurrency/@harpooninvestor/raiblocks-master-crypto-series-because-everyone-deserve-their-own-blockchain
Hi there!
Definitely in a must have HODLers list for this year.
Will load up first chance i have.
Cheers!
This post has received a 2.32 % upvote from @drotto thanks to: @pandorasbox.
Exactly what I was looking for!
Upvoted, resteemed and following!
This post has received a 2.46 % upvote from @morwhale thanks to: @pandorasbox.
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