IOTA Case Study Week 1
IOTA Case Study Week 1
12/6 - 12/13
Introduction:
Welcome to week one of my IOTA case study. I want to start off by giving a little bit of a background on my experiences with crypto. As most of you probably know, the past week has been enormous for the crypto world in terms of publicity and money driven into the markets. I have been keeping a bird’s eye view on the market for the past few years but never made the move to get into it. This recent spike in attention made me dive head first. With the price of Bitcoin rising higher and higher(way too much for me to even comprehend with my lack of knowledge and experience) I decided to take a look at smaller cryptos that I would get a decent chunk for the small initial investment that I was wanting to put in. IOTA stood out from the crowd seeing as though it was not another blockchain coin. I still do not know too much about how things work with the market and the tech behind it all but I am here to learn so if you are able to clarify anything that I state I am confused about that would be amazing. This case study is going to be a way for me to learn a little bit more in depth about the markets and mainly how to trade.
The Buy In:
This may be a little bit confusing so bare with me. Hopefully the chart below will make it easier to understand. Due to not being of legal age until December 28th, I was unable to purchase through Coinbase on my own so I decided to also buy each of my brothers a share of IOTA as Christmas gifts to be able to get myself in with the parents to be able to buy in myself. I bought in with $45, $10 for each of my brothers and $25 for myself. During this case study I will only refer to the four(55%) coins that are mine. So, I went through Coinbase and bought ETH. After the fees I was left with $42.44 or 0.096 ETH. From there Binance looked like a decent exchange to get on, so my next move was to send the ETH to my Binance account and exchange it for IOTA. Binance only allows you to buy in wholes(as in whole coins/values) so I was only allowed to buy 9 coins, 8.99 with the fee, at the price of $4.12/each. 0.0066 ETH is left in the exchange since I did not have enough to buy another whole. I have four IOTA to trade freely as I explained earlier. Hopefully I was able to make that clear.
End of Week Results:
I included the results in the chart above to not flood you with graphs and I am going to elaborate more on what I have learned from the first week. This first week has been wild in terms of price and volume fluctuation. One minute the price was $4.12 where I bought in and then two minutes later it was $4.50. I was going to give trading a go but to be honest I felt uneducated and scared so I didn’t. Mainly uneducated on the movements and Triangles? This week’s HODL has net me a loss with a loss of around $1.44 if we include the ETH rise in price. At the time of writing, ETH is sitting around $750/piece and it has really saved our butt this week. Without including the price hike in ETH, we are at a loss of $3.74.
Conclusion:
All in all, it isn’t that bad of a first week considering that the market dropped 15% when it was announced that the Microsoft/IOTA partnership was not official. I think that IOTA could be successful in the long run if they can get their shit together and listen to their community. I have not been following the reddit discussions as hard as I should be, but from the posts I did look at people were upset. They were having wallet issues. Most of the responses to it were something along the lines of “Get your shit together IOTA and fix your damn wallets!”. Amongst the anger I was able to find some of the let us say “educated” individuals and they pointed out what the actual issue was and that it had a solution. It seems like most of the so called “IOTA investors” or maybe just “investors” across the board have no clue what they are putting their money into. I will admit that I do not know anywhere near enough about the crypto markets, but that does not mean I am going to go on forums and bitch and moan. To all of you new investors, ask questions. There are people that are willing you help us learn. Feel free to ask any questions you have about IOTA, or cryptos in general and I am sure someone here on Steemit can give you some help.
Questions:
Do you see IOTA beating out Bitcoin in the long run? When?
What price range do you see IOTA being at by the end of January?
What other cryptos have peaked your interest lately?
I will be going on a Christmas/Birthday vacation on the 23th, so next week’s Study should be out on time. The plan is to hopefully be able to put a little more money into IOTA while it is low with Birthday money. Thanks for reading. See ya next week!