This is a transparency announcement:
Not that I’m obliged to provide you with one, but I like to play open-cards with my readers
I have dumped my Waltonchain bag.
Okay, it’s more like a “baglit”. Perhaps a “bagling”.
I’ll be the first to admit that my initial Waltonchain buy was poorly timed, but…
I spent over $1000 on WTC back in January of 2018. Yeah. I know. Bad bad BAD time to buy!
That is NOT a small amount for me, but back then my financial and work circumstances were very different and I was able to risk it. These days I wouldn’t be able to do that in my wildest dreams.
I DID get to see that investment grow to over $2000.
When I dumped it last night, it was worth $15.
This is NOT me pinning my mistake on somebody else
I did NOT dump Waltonchain because I have lost money on it!
I DO take full responsibility for losing money on that trade. (Please note how I will not be running to the SEC to cry about it and beg for help in recovering my lost value – something which has all too common these days.)
I hold many bags which have lost around 99% of their value and are almost worthless in dollar terms. And that’s the thing, I hold them, I don’t dump them.
The reason that I continue to hold them is that I continue to believe in the projects. I’m a long-term investor. Price dips don’t bother me. Price crashes don’t even bother me. Bear markets do not scare me.
As long as the project team is actively developing, marketing, driving adoption, I’m still happy to hodl my bag of whichever coin they may have issued, even if it is a $1000 investment that’s now only worth $10.
Walton has, in my opinion, failed to deliver on that. I believe that I gave the project more than ample opportunity to prove itself, and I am wholly unimpressed by what it has (or rather has NOT) achieved to date. I’ve now cut my losses.
Obviously I should have traded my Walton back when it was worth $2000. But having clearly missed that opportunity, and having so little value left in it, was it even worth my while trading it now? Would it not have been better to just keep holding my $15, and seen if it perhaps grew in value? What’s the risk in losing another $15 when I’ve already lost $1000 (or $2000, depending on whether you measure from time of investment or time of ATH)?
Well here’s the thing: I dumped it because I have lost faith in the project. Because I believe that the project is on the road to doom, I don’t see how the price could ever recover. If you browse the Waltonchain Reddit or Twitter pages, you will see that I am not alone in this belief! Of course you will always find people who speak badly of any project, but when the vast majority of investors turn on the project – and they do so because of valid concerns, not just price – then one must realise that the project is in extremely deep trouble.
So I’m taking my 15 bucks and putting it into something else. This also forms part of my consolidation plan which I alluded to in recent posts: getting rid of the failing/failed projects and shifting those funds into more promising projects which I’m already invested in. This makes my portfolio both easier to manage, and also far more likely to grow in value during an altcoin season.
What do you buy when you only have $15 to invest?
Fortunately I have considerable low-cap coin investment experience. I love the risky tail-end of the market! It has yet to pay off for me in a meaningful way, but the timing of my investments is such that I wouldn’t expect my strategy to have paid off yet. With a little luck, my strategy should bear fruit over the next few years.
Shopping around, I had to find a way to spend $15 meaningfully. I considered buying Litecoin and Monero again, after my recent buys of those. But spending $15 on such high cap coins is probably not really worth it, relative growth potential is too low. Better to go for a higher risk/higher potential ROI option.
What I did was to combine the $15 with about 10 more dollars I had made staking Binance coin (BNB), and I then split those funds two ways. About half went to Voyager Token (VGX/BQX) – which I recently bought, and the other half went to Neblio (NEBL).
Both of those lie in my altcoin shopping sweet spot, between the market cap positions of 150 and 500. Neblio is particularly attractive because it lies near the very bottom of that buying window, in market cap position 498 on CoinGecko. But the crucial difference between these two coins and Waltonchain (which also lies in the 400s by market cap), is that these coins are ACTIVE. Despite losing massive value, their teams are pushing hard!
Voyager token is only worth 1.2% of what it once was. Neblio is worth a mere 0.8% of its ATH value, and I don’t care! I’m happy to hold them both and will continue to do so as long as they show promise. In fact, I see them as good investments which could potentially become highly profitable.
“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” – Damn I hate quoting Buffett, but he really did hit the nail on the head with that one.
I guess the mantle of my primary logistics coin now lies squarely on the shoulders of VeChain (VET). It’s hardly been performing in a stellar manner itself, but I’m still absolutely happy with it and hopeful for its future. Of course those who’ve read my blogs for a while may also remember that I’m a huge fan of the little known Slovenian project CargoX (CXO), an ultra-low market cap coin which I am also still absolutely bullish on. If that coin goes big, and it may well do so, I get stinking rich – that simple.
Adios Walton, I’m out.
It’s not me, it’s you.
Yours in crypto
All charts made by Bit Brain with TradingView
“The secret to success: find out where people are going and get there first”
~ Mark Twain
“Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful”
~ Bit Brain