October 2019 recap - Recovering (a bit)
Again a month has passed and it was a slightly positive one (thanks to the last week). Let me show you how my portfolio did.
Market update
The total market cap of cryptocurrencies went down from 219 bn to 245 bn. Bitcoin dominance was stable, from 67.7% to 67.4%.
Looking at the prices of the individual currencies, Bitcoin went up from $8,250 to $9,150 this month. The price of Ethereum performed was more or less stable from $176 to $182.
Current Portfolio
Again I didn't invest more money in Bitcoin and Ethereum. My overall portfolio value is now about €220 higher than one month ago. My portfolio shifted a bit more towards BTC. My personal BTC "dominance" is now at 74% (from 72%).
In total I have invested €2,600 in Ethereum and Bitcoin, so I'm at a (very) small overall loss now.
I did manage to increase my Steem Power holdings the last month from 2,040 to 2,165 SP.
Will we see more upward price action this month? Or are we going down again? We'll see it in the coming recaps.
I started to take some moonshots at altcoins with a working product that got beaten down 99%, some new altcoins that haven't got bag holder who will dump them at the next pump and some projects that pay dividends.
With all the wars and "newsteem" bs that have been going on on this platform, I'm no longer enjoying it and I'm quite bearish on Steem. I started powering down to reinvest in some of the more promising coins until there is a reason to believe Steem can actually work (current model is as broken as can be) and have valid reasons to power up.
The altcoin fomo is real hunting for something that has the potential to outperform Bitcoin :-)
It's true that a lot of alts don't are not the best investment. That's why I only invested in ETH and Steem. Steem isn't looking good indeed. I'm happy I have some BTC, so hopefully the mother of all crypto will save the day...
Do you plan to stay active on the platform? The @upvoteshares initiative can't do without you I suppose.
The Alts are often hit or miss, but I like the gamble they offer as it's quite inevitable some will make it in the longer run.
I will stay active as I mainly make my content for myself regardless of the post-earnings. I will also continue the @upvoteshares project and still like to play the daily steemmonster meta-game. I will all put less time into all of it though. I mostly mentally left the platform as I just can't relate with any of these new rules and don't see a single reason anymore for anyone to power up while plenty of reasons to just cash out. We'll see where it all goes, I guess it won't be long before it becomes clear that "newsteem" does way more harm than good.
I see. I also feel that the changes didn't improve the system at all. I've continued to power up but you might be right that powering down could be a better strategy now. I'll have to think it over a bit more.
What are the alts you are watching right now? Any interesting new kids on the block or more the longer existing ones?
Posted using Partiko Android
I've been fomoing into Betterbetting (BETR), it was the first thing I bought with some of the Steem I sold and it has doubled in value since. One of those betting projects I am actually using myself. Right now it pretty much limited by Ethereum while they are looking for solutions.
I'm also fomoing into SBET which is a new bookie on EOS that pays weekly dividends to tokenholders. Looks legit even though I still have some doubts.
Some others that I haven't got yet but which I'm looking at are Enjin, BAT, RAVEN, Nash Exchange, Matic, Tierion, RCN,Crypterium but haven't done the needed homework yet.
The idea is to power down partially and hopefully outperform Steem to convert it back if this blockchain ever gets to a point where it actually becomes viable. Right now it's nothing more than ponzi game where everyone just want to get a piece of. It doesn't have anything to do with blogging, let along building a real community. It's quite sad what this platform has turned into.
Hi @erikklok!
Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 2.357 which ranks you at #20174 across all Steem accounts.
Your rank has not changed in the last three days.
In our last Algorithmic Curation Round, consisting of 98 contributions, your post is ranked at #92.
Evaluation of your UA score:
Feel free to join our @steem-ua Discord server