It has been a pretty brutal week for cryptocurrencies this week... Crypto-Twitter seems to be all blaming Elon Musk. However, if you are going to start blaming all of this on a handful of tweets, well, I think you are going to be ignoring fundamentals and real market forces and are instead being reactive to relatively insignificant events.
In general, I'm still quite optimistic and idealistic about the long-term future of public blockchains, but like always... I think the future will be a hybrid of public and permissioned chains due to the fact that retail investors can be fully public and with minimal regulation, but institutions, banks and companies need more certainty in their dealings as they need to responsible to their shareholders and government regulations.
If you have been disciplined, you have likely been taking little snips of profit (denominated in fiat) over the past few months. For me, it has been a a few targets getting steadily hit and then sticking to the plan and snipping off some crypto in exchange for USDT/BUSD. These stablecoins then sit on stablecoin-pair pools or savings products as a hedge until the time is right for deploying them out again.
Plus, having a hedge that is available to deploy does take the sting out of days and weeks like the one that we have just had!
Earlier in the week, I had spent some of that hedge... and quite possibly the time has come to spend a little bit more. I had been quite disciplined with the crypto to fiat targets on the way up... but I had dawdled a bit on doing the reverse fiat to crypto plans. So, this spending is a bit on the undisciplined side, as I hadn't really set targets on when and how much of the hedge to spend. Still, now seems as good a time as any other... and I will get immediately on setting up those reverse targets and plans soon!
So, what to think about purchasing. Bitcoin and Ethereum are always there for a little bolstering... no harm in picking up some more of the grand old projects! However, I do have interest in some of the hedges against Bitcoin and Ethereum... namely, coins that challenge Bitcoin by having privacy built in by default.
On the Ethereum side, there are number of other projects that are on the smart-contract side of things challenging Ethereum... most of these are nowhere close at the moment, and it appears that it more that it is more likely that they will succeed IF Ethereum stumbles. So, much depends on the coming London hardfork and the results of that... and then the ability of short term sidechains and L2 solutions (of which, the L1 migration fees are still a bit of a killer for newcomers... but if adoption picks up, then exchanges might eat that cost for users?)... and then in the longer term, the transition to PoS with ETH2.0. So, in my eyes, it is Ethereum's game to lose...
...on the other hand, there are projects like Polkadot which have the ability to join and integrate Ethereum rather than challenging outright for dominance.
So, deploying fiat hedges to crypto hedges, hedges upon hedges upon hedges! We are still so so early in the grand scheme of things... hedges are all important, because the only thing I can be sure about is that I have NO IDEA what is going to be a winner in the marathon!
Handy Crypto Tools
Ledger Nano S/X: Keep your crypto safe and offline with the leading hardware wallet provider. Not your keys, not your crypto!
Binance: My first choice of centralised exchange, featuring a wide variety of crypto and savings products.
Kucoin: My second choice in exchanges, many tokens listed here that you can't get on Binance!
Coinbase: If you need a regulated and safe environment to trade, this is the first exchange for most newcomers!
Crypto.com: Mixed feelings, but they have the BEST looking VISA debit card in existence! Seriously, it is beautiful!
CoinList: Access to early investor and crowdsale of vetted and reserached projects.
Cointracking: Automated or manual tracking of crypto for accounting and taxation reports.
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Who knows what to buy, I did buy some more ETH this morning, not at all tempted by BTC.
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BEER.I took a bit of Reserves form my USDT and picked up some ETH and ADA so I couldn't resist the prices now that you mentioned it.
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