Ten months of Digitex Futures.
In January 2018, I took part in my first ever ICO. I was simply investing in a great idea delivered by an enthusiastic pit trader but today this project is on the verge of redefining a $12.7 trillion industry.
The early stages.
I think you know, don’t you, in your heart of hearts when you’ve made the right choice about something. For me, that moment was captured in a video update from Adam Todd on the 22nd of January, probably at about 15 seconds in.
At that time, just 7 days earlier, Digitex had raised just over $5million in 17minutes at ICO.
That 7 days, post-ICO was filled with an equal mixture of extreme excitement and complete doubt. Excitement for the fact that I had managed to get some tokens and nailbiting doubt that collectively as investors we had all just chucked a life-changing amount of money at some random bloke on the internet.
So that video, at that moment, was important and Adam aced it, delivering a calm, transparent and direct update about the project. In that short 12:32min dispatch, we learnt a lot. We learnt about a CEO that was willing to learn from advisors, be open about adapting his thoughts and approach and cared passionately delivering on his idea.
Calm before storm.
With early doubts put to rest, a token buyback from a huge whale, a dutch auction and quite clearly a lot of work for the Digitex team to do, the first few months didn’t really have any huge milestones. Adam continued with his well-timed updates, always enthusiastically talking about his team, introducing us to the Dublin offices, as slowly, the idea and team started to coalesce.
Meanwhile, the crypto market went through perhaps what can only be described as a cut to the jugular. Mania and utopian decentralised dreams gave way to unfulfilled expectations and disappointment, crypto portfolios turned from eagerly refreshed greens, to barely looked at reds.
On May the 14th Digitex Futures listed on exchanges. Finally, the open market would get to set a value for this awesome idea. I was excited, the crypto market had made a moderate comeback after reaching new lows and there was a general optimism that the worst of the bear market was behind us, I quietly expected more up… we, in fact, got down.
Despite this, I could see as a business owner myself, the telltale signs of a team and a concept that was gathering steam. Despite the strong market headwinds, a constant stream of great content, important hire’s, improved branding and timely video updates helped keep the faith even as the token value dipped to half a cent.
In the last two weeks of July, a few things both personally and professionally didn’t go in my favour, these things happen of course, but it affected me and I think it contributed to my general bullish mindset.
I sat there after a particularly bad day looking at my rather sad crypto portfolio and remembered buying my first Bitcoin in March 2017 “if only I had bought some more and held” I thought…
So with the echoes of 2017 at the forefront of my mind, I decided there and then to stop messing around, liquidated all my crypto holdings and went all in on DGTX. It was clearly a great project, it was on track, it was ridiculously undervalued, it had built-in utility and a huge market to address.
I didn’t have to wait long on my bet. The teams excellent marketing effort began to ramp up.
Below are some highlights from July to Mid August courtesy of the Digitex Twitter feed.
Just as I had hoped and believed the simplicity of the idea and potential of the project really began to gain traction, well-known crypto YouTubers started to really pick up on the massive promise of the project and of course the potential of the DGTX token. For me, it was awesome watching these video’s and visibly seeing the excitement and potential register in the eyes of the host. You got a distinct feeling that the moment anyone caught on to the idea they would be straight over to an exchange with their BTC or ETH to buy a bagful.
At the time I think one particular YouTube video stood out for me, and for anyone who was on the DGTX Telegram chat around this time. Not just because Adam perhaps met his equal for casual cursing on live streams but because Keith completely summed up the strength of the concept. It was almost like a huge lightbulb came on as he fomo’d into DGTX on the live AMA cursing at the viewers for buying as the price kept going up.
With so much momentum and awareness happening, you could literally feel the potential growth ready to take off and by late August we’d hit an ATH of $0.02. However, nothing was to prepare me for what happened as both the interest and price exploded in early Sept and then doubled again in Oct.
Such was the momentum that I managed to trade my rent for October! Looking back at the charts it would have certainly been worth being late paying it, I could have quadrupled my investment!
In all honesty, it was a rather surreal moment as holder and I remember vividly getting back from an MTB trip and to check the DGTX price on Friday 14th October and nearly falling off my chair, I had to check a few times to believe it but the token had hit an ATH of $0.15 a gain of well over 1000% or 10x from ICO.
Malta, Mercatox & Co-ordinated FUD
Malta had been on the horizon for a while and not only had the project been gaining serious momentum in the run-up to the event but it was to contain a first look at the exchange interface. The DGTX Telegram group was its usual mix of wild speculation and excitement but it was also (I imagine) a big moment for the team too especially after many months of focus.
The generally expected narrative was that Adam would smash it, the demo would be awesome and the project would at the very least consolidate if not reach new highs in the post-event excitement. In retrospect, that's exactly what did happen but with an unfortunate cruel twist.
Late that Friday, when the team were all deservedly celebrating the incredible achievements of the conference a number of events lead to a serious retrace in the project's market value. Initially, the Mercatox order book seemed to let some tokens get sold way below actual market value, this bug temporarily lowered the price from around $0.12 to $0.03 and managed to make it’s way to key price tracking sites like Coinmarketcap.com and Livecoinwatch.com and on to Blockfolio.
I think this issue set in motion a number of things, firstly it made a lot of token holders twitchy and concerned a “sell the news” event was about to occur, secondly, either a premeditated or opportunistic FUD campaign started in earnest across multiple channels. A lot of people were shaken out and the token price bled out only stopping 24hrs later to rebound sharply from $0.047 to $0.097.
As usual, Adam settled the ship with a very timely, direct and honest AMA dispatch. I think it’s clearly visible at out the outset of this video just how much this situation had pissed him off. Not only had this dampened a great conference for the team it had likely contributed to some people panic selling allowing for a what Adam termed a “Poop & Scoop” scenario.
Poised to change an entire industry.
Despite the recent ups and downs and inevitable market irrationality around the project, it seems that nothing fundamental has changed about Digitex Futures.
and if anything the case has become even stronger to back it and get involved.
With Futures Trading on ETH, BTC & LTC at launch, talk of spot markets, later the addition of commission-free exchange markets, an awesome, slightly sweary platform demo (see below) and huge growing latent interest (as of Nov 8th, 2018 Digitex Futures already has nearly 1/2 million people on its early access waitlist) it’s very hard to see how demand for the DGTX token won’t be both massive and sustained once the exchange launches. As an investor since ICO, I’ll just say fortune always favours the brave and thanks to both Adam and the team for running a fantastic project so far.
Thanks for reading…
Oh, and make sure you give us a clap or 50!
As a little disclaimer, I’m of course invested in this project and will be moved up the waitlist for early access if you sign up to the early access program via my link.