Viable Altcoins (crypto)

Business Money
61

I have some money in Crypto.com’s native coin, CRO, and it looks like it will be going somewhere soon. It is already up almost 100% since I first bought some for my Visa card stake, and even since I upgraded my card tier a few days ago it has gone up a fair bit.

Crypto.com looks like it is in it for the long haul - F1 and UFC sponsorship, a rumored campaign coming up with the Superbowl, and just this morning they announced they bought the name rights for the LA arena? Wow. I am excited to see where this goes.

62

Haha it’s on a big run alright. It’s nice when you catch the ride like that. I noticed crypto is getting a lot of mainstream VC and slick marketing involved now .How much of their budget are they spending on the marketing ?.

Many of the coins that have been running recently have been heavily promoted and invested in by VCs such as Sandbox and Solana. I see big YouTuber videos such as Coin bureau coming out with videos of these coins exactly at the same time as they announce some ‘news’ , it’s all a bit dodgy (and always was I guess). Those YouTubers must be making a fortune getting free coins for 'educational purposes ’ and then pushing the popularity thus making them ride in value.

I’m not saying these heavily marketed cryptos won’t be successful, they might well be.

It’s inevitable but I feel it is getting away from the decentralised money theme that I like. Still gains are gains. Hopefully DeFi catches the attention of investors , they are overlooked but platforms like AAVe are really storming ahead in their platform interoperability and functionality.

1 Like
63

I’m pretty dubious about XRP too. Things may have changed, but as of a few years ago Ripple’s whole business model didn’t quite make sense – they were basically trying to do the same thing as Swift’s GPI, but not getting serious customers. I’ve heard they’re also having regulatory problems recently, which is bad given that they’re much more about compliance than the actual blockchains are. So it’s worst of both worlds.

1 Like
64

Yeah I wouldn’t go near them. The founders will sell.out a huge bunch of XRP every time the price pops up. They always do that.

I don’t really see the need for XRP so many crypto platforms and stable coins and in the future central bank digital coins can do that same thing.

65

Apparently back in the late 90s when everything called “.com” was on fire, many of them were getting naming rights to buildings and crap like that. Spending money frivolously isn’t a sign of stability. I was going to try crypto.com but the reviews for their Android app are terrible. That’s where they should be investing.

66

The app can be slow at times, but other than that it is fine. Most people’s biggest issue with it is the inability to do limit orders - but a phone app isn’t really the place for that imo.

67

Defi and the nft craze needs to find a way to properly integrate KYC and tax reporting capability otherwise it will get smashed by US regulators. The latest infra bill, which will only be implemented in 2024 kind of killed all defi and nft stuff in its current form imo by making crypto transactions over 10k USD mandatory to report to the tax authorities. It’s just a new additional hurdle and can be overcome, but it will take some time to figure it all out. Eth wallets can already be KYC verified today and other apps can be used for tx tax tracking, its all there in its infancy, just needs to be put together.

1 Like
68

Is KYC Know Your Customer?

1 Like
69

Yes

1 Like
70

For Americans…But yeah it has a chilling effect.
The crypto platforms have long needed to up their game in terms of generating statements and reports…At least they will have to implement that now !

71

Bitcoin and cryptocurrencies goes way over my head.

But say I have a spare grand (because I do have a spare grand) what’s the best one to dump it in–I assume the major ones, Bitcoin and Ether? Or have they kind of hit their ceiling now where they won’t go up much more and will just go down.

I tried, a few months ago, with that NFT fad—and there was this nonsense about gas fees and gas charges to even put anything up, so I knocked that on the head pretty sharpish.

Does bitcoin and others also have hidden fees and charges?

Also, buying it–is it risk free? Or if I say try and buy a grands worth of bitcoin is also likely that i’m not going to end up with any bitcoin and they’ll just do a runner? I remember reading about Squidcoin a couple of weeks ago which the papers all touted—then it turned out to be a complete scam.

72

Why no posts about Avalanche (AVAX)? Good returns

73

I believe anything in Ether has gas fees

74

I’m currently in hotel quarantine and bored to tears so here you go:

Yes most cryprocurrencies have tx (transaction) fees in one way or another and they aren’t usually hidden. Fees often play a crucial part in securing decentralized cryptographic networks and in defining the coin’s tokenomics. That said, the ultra high fees of Ether this year and of Bitcoin in 2017 are/were more signs of its underlaying scaling issues. ETH 2.0 and various Bitcoin core upgrades are meant to solve this issue, but ETH 2.0 isn’t there yet and Bitcoin development moves steady but even slower. Brings me to:

Depends on you risk profile. My view is as long as there is fiat reserve currency inflation, i.e. USD inflation, there is no ceiling for bitcoin, just as there is no ceiling for inflation. Once interest rates are raised (currently planned for June 2022), the carousell stops (temporarily) and bitcoin will suffer, but so will the tradfi stockmarket.

So if you are shy with that 1k, and don’t need to see quick returns Bitcoin or Ether are still solid longterm investments imo, but it would have been a lot better a year ago, i.e. earlier in the crypto boom and bust cycle that has defined crypto over the past decade.

If you want to take on more risk (with potentially higher rewards) than the two bigboys, but don’t want to go full degen, the above ETH tx fee explosion has lead to the success of ETH competitors such as BNB, DOT, SOL, AVAX, ADA this year. Anyone of those might still net you juicy returns as long as the market is in bull mode (try not to buy into recent pumps of any of those). Promising newer, but even higher risk contenders in that category are CSPR, KDA, MINA and ROSE (which two days ago announced Meta aka Facebook will work with them). Any of these are available on binance, huobi or kucoin and wont rug like squid did. (Pro tip: Ideally, you want to get into those as early as possible, i.e. at ICO stage. Check out coinlist for that, SOL, MINA and CSPR all had their ICOs on coinlist)

Aside from those Layer 1 chains a new fad has been kicked off by Facebook comitting to the metaverse only a few weeks back, literally renaming itself to “Meta”. Promising related plays in the cryptosphere are MANA, SAND, ENJ, AXIS, BOSON, ALICE.

Hard super high risk degen plays are often new tokens released on those Layer 1 chains above. Squid was one of those, lots of dog tokens too. I wont go into that, too many to mention really. Wouldn’t recommend unless you are 100% willing to loose your investment.

2 Likes
75

Well the believers are counting on ETH 2.0 to substantially reduce gas fees.

76

I bought a fair amount of AVAX, I like it because its compatible with Ethereum EVM and they integrated with some dapps that I use. When I see adoption that confirms to me it’s something viable.

I also have Polygon , small amount of Solana and some Defi. Defi coins haven’t done well but they’ll bounce back eventually

I’m mainly Eth though.

77

Im not sure how much Eth 2.0 will drop fees. I think an ecosystem of L2s around Eth will solve that though.

ETH is expensive because there is massive demand for it. I don’t think that’s going to change.
ETH 2.0 is important to boost scalability and also make it 99% greener.

I think it’s not easy to make big quick money in crypto reliably. It’s mostly true that for every winner there’s a loser.

By the time you hear about some of these coins they have already blown up like crazy. It’s better to invest over time and hold it for a few years. I invested in maybe 30 or 40 coins, buying and selling, but I only ever got one 100x…That was ethlend (Aave) and it took about three years. For some of that period Aave was down multiples and my whole portfolio was down maybe 70-80% at one stage.

1 Like
78

I saw GALA a few months back and thought it sounded like it had a lot of potential, but couldn’t find anywhere to buy it. Coinbase added it the other day and it jumped 3-4x :confused:

Really sucks there’s not a good exchange for US citizens that has a wider selection

79

You could just open an account on any exchange .

80

Not sure what you mean. You have to do proof of residency and all that. I tried Binance US but they don’t allow residents of Texas. Tried saying I still lived in my home state but they require proof of address.

I have a regular Binance account, before they excluded US users, but I think it tells me I can’t use it anymore.