The Week To Be In Crypto [03/04/2019]
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Market Overview
Maybe its the extended bear market but it seems like some of the snippiness and salt is back int he community. I am largely gleaning this from cryptotwitter which may also have just gotten so distilled as people leave the space and stop interacting as much that people, like fish in a pond that is evaporating, are running into each other more. Two folks I follow pretty closely —Anthony Pompliano and Chris Burniske got into a tiff about legitimacy of twitter followers and traded some jabs on investment thesis. There are also countless examples of “chartists” getting into it about whether or not the bottom is in or if there is another leg down.
The funny thing about these types of fights — no one knows if Pomp or Burniske has the better investment strategy — and we wont know for another 10 years. No one know if the bottom is in or if we will go into the 2000s or lower. ALL of these people do agree though that bitcoin will eventually go up A LOT and that there is massive investment potential across the space.
What can the individual take from this? It isn’t helpful at all to take any sides or spend time caring about who is going to be proven “right” or “wrong” in these debates. Perhaps there are some different perspectives that get shaken out but largely they reduce to name calling and (since its over twitter) mis-interpretation of what each other are saying. One of the main things I have learned through the bull and bear runs over the past 2.5 years I have been in the space is that the most important perspective is your own and the most important way to approach your own perspective is to have “strong opinions held loosely”. It doesn’t matter if the bottom is in or not if you believe the price will eventually reach new highs, the ratio of time and effort it would take to “call the bottom” compared to the monetary gain from it is negligible and twitter clout doesn't pay the bills last I checked.
What I’m Buying
Nothing really new on the radar this week so heres about where I am right now portfolio targeting-wise
- Core: BTC (In for the long term, maybe some range trading if feeling crazy)
- Secondary: ETH, MKR, REN (some active in and out)
- Moonshots: XOV, NIO (wait for 10x, sell on the way up to hopefully 50x+)
The key with moonshots is getting in at a low price. As stated before, anything with a sub 500k marketcap that has a committed team and enough money to stay afloat for another two years is worth looking at.
Recommended Media
Read
The five camps of crypto
A quick guide to understanding the different motivations of crypto
medium.com
Listen
With an appearance from yours truly:
From the Slack
A collection of content from The Bitcoin Podcast slack group the past week
Follow Me
twitter: https://twitter.com/Tompkins_Jon
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telegram: https://t.me/joinchat/FqrpRUo8CKHV8gGKRuNNNQ(we have a few people now, join in!)
