What’s my cryptoasset portfolio like? I’ve included an image of it as the cover art for this article. Seems a little paltry, doesn’t it? There’s a good reason for this sparseness. Actually, there are two reasons for it.
Seriously New York?!
The first is that I live in New York. There are very few exchanges in allowed to operate in New York. Bittrex was operating here, but they were given the boot, and my easy access to cryptoasset trading went with it. Most of them only have the major currencies: BTC, ETH, LTC, BCH, ETC, and sometimes XRP. Sure, that’s useful for day to day use, but if you’re looking for lesser known cryptoassets with a lot of growth potential, you’re pretty much out of luck in New York. The only way to get them is to use direct trading or, as I’ve recently found, a service called CoinSwitch.
Unfortuantely without a centralized exchange I have to go through a lot of work just to convert ETH or BTC into the asset that I want, and during that process, there’s a risk of making a mistake. I did that recently when I tried converting $250 worth of ENG tokens to TRX, a cryptoasset that I’ve been using a lot lately. Unfortuantely I accidentally sent the token to the ENG contract address, and lost them. So that’s one reason why my portfolio is essentially barren. And I still blame New York for that, but I also blame the poor UX design of bloclchain based applications in general.
The other reason why my portfolio is barren, and also the reason why I use TRX a lot, is because I’ve recently become hooked on a dapp game called Blockchain Cuties. Before I started playing, I had about $1,000 worth of various cryptoassets, including ENG, REP, and QTUM. Now I have a lot of cuties. Aside from the promo cuties that I purchased, I also purchased a few other cuties and started breeding them. Now I have over 400! So perhaps it’s not quite right to say that my cryptoasset portfolio is barren.
For instance, here’s a list of my “admirals” which are cuties that I’m trying to max out to help me go on adventures and get rare items. Four of these cuties t37649, Scarface, Tvol, and So Long Mo Ni (get it?) were promos as part of the presale for the upcoming expansion. They weren’t cheap.
I also have a fairly large breeding stock, that’s growing by the day. The more breeders I have, the more high quality cuties I can produce and eventually sell. I’m trying to breed rare cuties, whether they’re powerful or not. After all, rarity, if there’s any demand at all, can amplify the demand and thus the price of a token, or any asset for that matter.
And honestly, I do consider this game as much an investment as anything else. Unlike with most other games, dapp based games with tradable tokens have real monetary potential. With the upcoming Cutielands expansion coming out in Q1 of 2020, there should be an influx of new players and an increased demand for certain cuties and items. Getting in early could be much like getting into BTC or ETH early on. Even if I don’t expect to make hundreds of thousands or millions of dollars, just by hodling, it would be really great to turn playing a game into a way to make extra cash, or even perhaps a living.
So that’s my crypto portfolio. It’s a bit different than the normal coin hodling, and it’s also more active. Passive investing is wonderful, but trying to get rich by picking that one correct asset is just too much like playing the lottery for me. I prefer to take an active role. And if you take an active role and you’re doing it right, you should get a higher rate of return.
If you like my article, make sure to follow me. I have plenty of other articles on the works. Some are articles I’ve written elsewhere, but many are completely new, including an upcoming article on “cutinomics.”
I’ve written a few articles related to blockchain based gaming and B.C.U. specifically. Here’s a a partial list.
The Need for Better UX in Crypto
Ethereum and other cryptocurrencies are great, but the ability to send tokens to the wrong address, often with no way…
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Originally published at the Trading Politics blog on publish0x