Note: This post is NOT intended as investment advice. I do NOT have any kind of inside line to where cryptocurrencies are going to go this year. I just have opinions, which you are free to accept or reject, and other than a referral link to a crypto mining outfit where you can choose from a number of currencies, and my intention to re-post this to Steemit and possibly collect some rewards, I don't expect to directly financially benefit from this post - KN@PPSTER
A brief recap of KN@PPSTER's 2017 crypto experience with future intentions:
- I gave up on
BTC, aka Bitcoin Core, aka Wrecked Bitcoin after real Bitcoin became
Bitcoin Cash and Wrecked Bitcoin became, well, wrecked (last time I heard the average transaction fee came to something like $15 US, with long wait times; "bubble" doesn't even begin to describe this train wreck).
- I invested what little Bitcoin I had in
Ethereum mining at
HashFlare (yes, that is an affiliate link -- you can buy mining power for several cryptocurrencies there, and if you do so via my link I get a taste). I've continued to throw $5 and $10 into that on a sort of "mad money" basis. That is, whenever I catch myself thinking about buying something for $5 or $10, and judge that I can afford it, I ask myself whether I'd rather have that thing, or some more hashing power. When the answer is the latter, I go for it. I'm into the low three digits invested now, and unless Ethereum collapses in some catastrophic manner, I expect to turn a profit.
- I've had 0.19
Monero trapped in my Monero wallet for some time, with it telling me I needed 0.3 to send it anywhere. This morning, I tried, and it supposedly sent me Ethereum in an exchange ... but the transaction hasn't hit my wallet yet hit my Ethereum wallet. Since the amount involved is about $70 US, I'm going to be pissed if it just disappears. Although Monero seems to remain the golden crypto for people who want privacy (
here's Bloomberg getting the vapors about it), I've decided to stop messing with it.
- I have to say that I am bullish on
Steem. When the Steemit site rolled out, I was skeptical of its "by your bootstraps, your writing earns you crypto" model, messed with it a bit, then forgot about it for several months. I went back a few months ago, and without a whole lot of work on my part -- mostly reposting stuff from elsewhere -- the value of my account has grown to more than $100 US. Is it real value? This morning I tested the proposition by selling 2 Steem for Ethereum, and yes, the Ethereum DID hit my wallet ($11.40 US worth). Color me convinced. I'm even mulling the idea of moving this blog off of Blogspot and onto
my Steemit presence.
So: At the moment, my three-digit crypto holdings are in Ethereum and Steem, with a few bucks in Bitcoin Cash and a tiny Dash mining contract.
I find Bitcoin Cash and Dash interesting, but my prediction is that Ethereum will replace Bitcoin and its variants as the dominant crypto in 2018. It's not geared so much as a medium of exchange as it is a foundation for investments in enterprises ("Initial Coin Offerings" and pre-buying of goods with digital tokens. I suspect that this year we will see some major enterprises (even Amazon, maybe?) do token sales that allow customers to take a discount on future purchases and the enterprise to take a prospective profit on the rise in Ethereum value. For example, you buy tokens that, in commerce with the seller, are as good as cash of $1 each, but you only pay 90 cents each (in current Ethereum) for them. So when you go back to buy stuff from the merchant, you're getting 10% off. But if Ethereum goes up, the merchant profits on that end.
As for Steem, it's been around for a year-and-a-half or so and it's still trucking along. I know that there are people profiting handsomely from their writing on Steemit. Having just taken my first payout into something other than Steem itself, I think I might be able to as well. What do you think? Should I just move KN@PPSTER to Steemit entirely? Let me know in comments.
Side Note: I've changed my crypto contribution options in the sidebar to reflect my 2018 priorities. If you're want to support my work with some other kind of crypto, I suggest either using
ShapeShift to send me Ethereum, or hitting
the contact form to ask for an address on the crypto you have in mind.