Weekly Rundown - May 29, 2022
As I mentioned in my most recent update, the super-whales continue to trim their holdings. When I checked this morning, they were still doing it.
Not an ideal situation. I’ll talk more about this in my next update.
Meanwhile, catch the most recent market update and changes to my plan.
From private emails, it seems like the new plan elicits mixed reactions. Let’s see how it goes.
Next up: altcoins.
Bitcoin’s dominance hasn’t hit the 50% level I had originally targeted for my first altcoin purchases, but when you include ETH and the largest stablecoins, their combined dominance surpassed 75%, one of two “switch to altcoins” signals I’ve talked about for a while.
Blood in the streets.
If history is our guide, we can expect altcoins to bleed more against bitcoin in the coming weeks and months.
As a result, I’m now raising my allocations to altcoins. Each payday I’ll buy one altcoin, cycling through all the altcoins that I want to raise my allocation for. Same amount for each.
Help me and your fellow subscribers find good projects! Comment or reply to the threads on the page called feedback on altcoins.
A lot of people are giving up on great projects because they got burned on JPEGs, meme coins, and supercycle moonshots.
In 2018, I bought AAVE and MANA near the peak, then gave up on them because they dropped 90% that year. Figured I’ll sell them whenever I need the tax deduction.
Fortunately, I didn’t sell them. MANA went up 20x higher than what I paid for it. Had I bought more after the 90% drop, that 20x would have turned into 200x or more.
(I still have my AAVE and likewise wish I’d bought more in 2018 when it was called ETHLend.)
I bought ADA at $.66 then came back 10 months later and bought it again at $.06. Still have it. In fact, I used some to buy an estate on Pavia (see if you can find my logo on the Pavia map).
Buy low and grow.
In last week’s poll, I asked at what bitcoin price will you buy more crypto?
12% of respondents said they’re waiting for the price to drop to $14,000. 44% said they’re doing it now while 40% are waiting for a drop to $22,000.
What do you think of those results?
Scroll down for some content you may enjoy.
Did you read May’s issue of Crypto is Easy?
GameStop Launches Self Custodial Wallet for Crypto, NFTs
Bottom line: GameStop’s going full-force into Web3.0, presumably with NFTs and play-to-earn games.
My take: GameStop has lost money almost every quarter for the past four years, so it’d do wonders for crypto’s reputation if they can make money from it. “Crypto turns around failing business” and “crypto’s good for business” headlines will encourage other big names to test the waters.
Why we care: because once big businesses make money from crypto and crypto-related products and services, they’ll stop asking “what does it do?” and start asking “what does it do for our bottom line?”
NFTs will revolutionize the way people protect, distribute, and monetize their creations, but not until governments revisit their commercial and intellectual property laws.
For example, is there a difference between owning the property and owning the right to use the property? If somebody buys an NFT with the expectation that your actions will make it more valuable, does that make it a security?
Next Decentrum Technologies poses deeper thoughts in this article, “an NFT purchase does not automatically give you ownership rights.”
Relax and enjoy the ride!