When things are on sale, people like to buy. It's a great deal, right? That is often true for our crypto investments also.
The question we have to ask ourselves from time to time is this: are we proceeding according to a plan or are we all over the place, hoping something will pump and make us rich?
I used to be in the latter category in my early crypto journey, and that part of the journey didn't end up well for me. Now all I do is with a plan. And sometimes with backup plans too, in case the primary one doesn't work out as I thought it would. And sometimes I do tests outside my planning, to see if a change or different approach would be beneficial.
My plan is simple: focus more. As opposed to diversifying more. And set goals for the projects you focus upon.
I have 3 main focuses:
- Splinterlands
- HIVE and HBD (HBD is currently on hold to favor HIVE)
- Leofinance products
Unsurprisingly, all of them show up in my weekly Hive goals posts. And nothing else.
I willingly let some opportunities slide by me. And I understand I may not see something like that again. Even in Splinterlands, with all the resources I generate there, I can't be involved in everything without hurting my other objectives and thus, becoming average in everything, rather than closer to the top on my focus points.
One has to think about the cost associated with opportunities. By taking one opportunity, you automatically use a resource that had a different purpose. Even when you use cash or any liquid asset just sitting around doing nothing to buy something, you trade something liquid (and often more stable) with something often volatile or illiquid. Obviously, there are times when the potential reward and the associated risk look (much) better than the opportunity cost.
I don't necessarily believe the number of projects to focus on is the best metric, by itself. In my case, it is a combination of how difficult the goals are and how much attention the projects need from you. I'm thinking next year I'll have more goals, but less strict. But we'll see. Most likely the HP goal will be less demanding.
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My plan right now is to focus on building up my stacks in a couple of income tokens, namely, HE-INDEX and LISTNERDS. And of course, get to Dolphin Status in Hive.
I only have so much to use for my DCA so I have to be very focused.
In Rising Star, I am getting what I can with the Starbits I earn at the moment.
!CTP
!ALIVE
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That's very focused. I like that. You're practically focused on two things: Hive Power and CTP-related projects.
Thanks, @gadrian! If I tried to be everywhere I wouldn't get anywhere. Have a great day! 😀
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Though LEO is not part of my primary focus, for now, I see it more as part of my long-term target. My priorities, for now, are HIVE and Splinter cards. To grow them, I look at CENT, CTP, and SPS to provide the fund. SME, SPT, and LISTNERDS require no maintenance to grow but they can also add to the fund to increase my first two targets.
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Yep, we often have to use tokens that are not in our primary focus to boost those that are. Although for some tokens I am reluctant to sell, I still do sell a portion, especially if the stake regenerates through activity.
Great points, Adrian.
There are so many interesting projects on Hive Engine it is easy to suffer from FOMO.
Like anything else, it requires discipline.
I am 8 months on chain, and I can see how tempting it is to get involved with many projects and spread yourself too thin.
This post is a double bonus. Great content and awesome dialogue in the comments.
!CTP
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Yes indeed. Some of the comments were really insightful and thought-provoking. It's awesome when something like that happens.
I agree and I need to start focusing more on a few tokens. I am just not active enough to worry about some of the other tribes and it will work out better for me overall.
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Focusing is even more important if you have less time than before.
As a former stockbroker, this is a good read.
Having a plan, doing your research, and following through are great things.
Very important that you mentioned doing your research as well. Focusing on a project without researching it first can be even worse than not focusing at all. If it goes under and it was obvious it would, that's a lot of time/resources wasted that could have found a better usage.
There is the saying, if you chase too many chickens, you end up with none.
Wisdom from the people is often the best to describe a situation. When sayings like this become widespread it means the problem they are describing is quite frequent among regular people.
When looking at my own hive goals, I also have this problem. Lol 🙈
Then you need to prioritize. Because otherwise I still have smaller goals. Like CTP and LISTNERDS, they are on my list of projects I am involved with and build up the stakes from the rewards, but they don't make it to the top 3.
Thanks for the tip. 👍. !WINE
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I kinda have a plan but I don't think I took advantage of the "sale opportunities" we've had so far. The plan is pretty simple, get to at least 100 EGLD, stake most of them, and start unstacking once it's above $200 per coin again, and sell at least half of the stack if and when it reaches $500. I'm still waiting for some crash to pick up more around $30 a coin.
The economy might help us pick up coins at a higher discount than we currently have. So maybe you'll have a chance to pick up more EGLD cheaper. But have a backup plan in case they don't dive again.
what's EGLD ?
Native token of Elrond.
I agree, before we start thinking about spreading ourselves thin we should think about the cost.
And the next time we want to invest in something, we shouldn't look at how rich it will make us become in a while because it might not work out completely instead we should have plan B
I admire your investment positioning. That's admirable and worthy of emulation.
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Thank you! Especially when a new and often hyped opportunity comes along, few take to time to research it and the cost of moving funds from a different investment to the new one, in the hope of catching the early adopters' benefits. On top of that, does that align with your plans? If a great opportunity requires you to move funds away from your goals, maybe the cost is too high.
But then, the phrase, ' Cash is King ' should apply somewhere. I mean if we had cash lying around doing nothing, we could Jump on the hype and get out before we get burned.
Now, typing this, I realized you already said that the cost might be too high because we could literally be taking probably stable assets and risking it in a volatile asset.
And of course, you did say, there are times when we don't get burned and we gain from those high risks ventures.
This still boils down to us doing our research, considering the cost, and investing the sums we can afford to lose.
Thanks for responding, it made me ponder on your points and even understand them better.
The "Cash is King" saying is something I disregarded in my actions for a long time. And it always came back to bite me. Whenever I needed "cash" to invest in something, I had none or very little, because I had it invested in something illiquid or which was at a price point that didn't justify selling it.
I finally came to a point where my stables or cash holdings are always a good portion of my portfolio.
I understand you, sir. I think all of us cy relate. We had to learn the hard way that cash is king whenever Opportunities shows up and we can't jump in as a result of being cashless.
It's great that you have reach the point where your stables or cash holdings has become a priority.
And now we also have Stablecoins to the rescue so we can always have cash in that form and we wouldn't be worried about inflation.
JOMO - the Joy Of Missing Out 🙂
I like that. Although it's not always the best choice to miss out, but JOMO seems better than FOMO and FUD. Less caveman-type emotions too.
It's recognising what you say: whatever decisions you take there will always be a cost. You'll miss out on something somewhere because it's not possible to know and do and afford everything.
I'm not sure where the phrase originated, but I came across it in this book.
I didn't pay attention to leofinance when it started and still haven't catch up. I understand Hive / HBD and I understand Splinterlands. If you had to explain in a few phrases why LeoFinance is a good focus, what would you be saying ?
Thanks
I think of Leofinance (their entire suite of applications, not the Hive interface alone) as probably the most important bridge the Hive ecosystem has to other ecosystems that don't go through a centralized exchange. Splinterlands is another one, but they externalized their bridging operations, afaik.
Apart from that, Leofinance has the potential to onboard serious numbers of new users, if Project Blank (the successor of LeoThreads) will be a success.
I have seen people joining Leofinance from other ecosystems and remaining faithful to the blogging platform. Possibly, they come through their defi projects on BSC and Polygon, but maybe from their presence in traditional social media too.
What is the "suite of applications" you are thinking of ? I know of LeoDex which is a Dex I find mediocre (prefer TribalDex instead), PolyCub which looks like a cheap knock-off of an older version of Pancakeswap and ... what else did I miss ? Also, what is the entry point ? I seem to only hear about these "second hand". I didn't know there was a "Project Blank", where did you find ut about it, what should I be following ?
I prefer TribalDex too. LeoDex hasn't been updated in a while (I use it when I want the total USD worth of my HE tokens).
I agree, PolyCub's interface is doing it a disservice. It's worse than the one from CubDefi too, which was first.
But the bridge to and from BSC and Polygon works and I used it more than once (it has a 0.5% fee which goes into the Protocol-Owned-Liquidity, which buys back and distributes POLYCUB on PolyCub and, buys back and burns CUB on CubDefi, respectively). Easy to move HIVE, HBD, and LEO between these ecosystems. And SPS too, from Splinterlands. The liquidity pools could be deeper for someone with more funds, but it's a start.
Project Blank has been talked about for close to 2 years already. This is not its real name, it's a placeholder. LeoThreads is a precursor to Project Blank, which will be stand-alone, and probably will have a mobile app and a token of its own. There will be an airdrop for LEO stakeholders. No details yet.
Regarding first-hand details, they come from their official account @ leofinance and their weekly AMAs (announced on discord and Twitter, and sometimes put out as posts).
thanks for the answer!
What is your opinion on delegation? Is it a good thing to have delegation in order to diversify portfolio?
I feel apart from the one you listed, it helps to have delegation and weekly rewards for the same.
Ah, sure. When they provide a passive income, delegations can be viable options. I tend to delegate only to a few projects and generally keep most of the HP myself. But passive income projects are good particularly because they are passive and require little management from your side. From time to time it doesn't hurt to check and see what they actually distribute as dividends. Personally, I prefer the ones that pay HIVE, that's why I delegate to BROfund and that's why I have SIM Power on dCity (which is more of a passive investment than a game).
Research before a Plans or a step lead to a path of success.
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Very true. Without research a plan is worthless. Could be even worse if you plan to build a stake in a shitproject and execute it.
You definitely need a plan. Without one, you might as well use a magic 8 ball to tell you what to do. Thanks for sharing.
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Exactly.
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