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RE: Cryptochannel - Investment and Diversification #2 - OKCash
Do you just see alt coins like this one as short term trades only, or assets to buy and hold? If it's long term, how do you sort out the ones you think will survive and grow beyond the clutter of the others?
I think its more of a long term thing, they have released some new casino lately and working on new updates like crazy, hired new developers and collaborators and expanding localization to 5 more countries. I think there is some potential there, but its gonna take a few months I guess. Either way, now its sort of cheap, so its maybe a good start point for entry. I think we might see it go 2-5x in a few months.
Ok thank you @silverlining123. I'm always curious on how you know which ones are "legit" with long term stability or growth.
What do you mean? It sounded like sarcasm. I can't know anything for sure, but I know the devs from some forums and chats and they have been talking about some things they are working on and it's looking good IMO. They even found some serious people being interested in it and from what I've heard are negotiating with Liberland to list OKcash as one of the main currencies.
Im sure it's legit but I never said it's something with long term stability or whatever. I'm just saying, that it is looking good, the devs are very active and based on their efforts, recent updates and large community+good tech it seems very unlikely for it not to go up and perform decently in the horizon of several months. IMO a few months is not long term, I honestly don't have any idea what will happen to crypto in 3 years or more (that is sort of long term to me), and OK is a crypto too, so ...I wonder, who can know anything for sure, we are all hoping/predicting/analyzing to the best of our wisdom and abilities, don't you agree?
That is true. The reason I joined Steemit is because I understood there was a stabilizing platform behind it to continue to hold value to the STEEM crypto. The currency has a purpose. Most new ones are just "coins" or token, I don't understand enough to trade, or which new ones have a stronger purpose than another to even do a shorter term buy/sell. That's why I always try to ask when different people post about buying/trading crypto. Just to try to understand how people sort it all out.
I appreciate you taking the time to give your opinion back. Thank you.
That is actually a good approach, I feel exactly like that - that is why I like and believe in Steemit because it has a tangible product I actually want to use and see purpose for it. And like you say, I can't say the same for most coins out there. And even though I spend a lot of time researching all those coins I am not very confident about too many of them or at least not when it comes to real life use or long term success. Some are good for speculation but very few I could say it's something I'd stand firmly behind. IMO you have to know a lot about the whole market, trading strategies and principles and preferably have some good intel to be successful at day trading. I think a better way to go about things for a newer traders is holding. Just research some coins through and through, find something you really believe in and can see being used, something you want to use or are already using (like Steemit e.g.) and just buy that and wait.
I don't know if OK is something like that, not yet perhaps, but it's growing so we will see, where it goes. Like I said, it has a very good tech, the transactions are very fast and cheap and the system is truly decentralized, which is paradoxically sort of rare it seems in this decentralized revolution. It's a currency coin not really a platform like Steemit, so you can't really compare the two, better to compare it with the same category of coins (btc, ltc, pivx, dash, etc. ) and see where is which better and consider the context and situation of those coins what they are trying to accomplish and how well are they doing the job. IMO OKcash is doing its job very well - that is being an easily usable and efficient way to transfer funds. If you are a privacy freak you might want to look at Monero, that one is master at that, but its not very user friendly so I think it's less likely to be adopted by masses. Really depends, what you are looking for.
I'm definitely with steemit for the long run. Thank you for your thoughts on all of this.
happy to share them, thanks for the discussion :) best of luck to you.
You're welcome, same to you my friend.