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RE: Taking the Risk: ICOs
I did Heidi, but I bought Genesis Mining contracts which I will never do again. That was my worst crypto investment yet.
I did Heidi, but I bought Genesis Mining contracts which I will never do again. That was my worst crypto investment yet.
Cryptocurrency is also about removing 3th party risk... investing in any 3th party (crypto involved) company, brings back 3th party risk. That's why you should not buy 3th party mining contracts.
Great post Heidi, you make so much steem, keep it and you will be a very rich lady.
Steem on!
Lasse
Just hold ETH, BTC. Unless, you really know what you are doing and even then picking the right ICO is a gamble. If Steem has any future 20 million market cap seems dirt cheap.
Newbie question: why is Genesis a bad investment?
Genesis has had mixed reviews in my experience. Many feel that the amount you pay to set up the cloud mining is far too much for the return in investment you receive, usually you won't see a profit for at least a year. In fact, the gains we've been seeing in BTC and ETH lately, it would've been far more profitable to just buy the coins outright and hold them long term.
Others on the other hand see value in the long term investment (I believe Genesis offers a lifetime mining contract) and aren't bothered by the trickle profit.
Some call it a scam, others think it's a great thing.
I'm happy with my decision to just buy BTC and ETH and hold onto them for the long term. :)
I suggest looking further into it and see how you feel.
I appreciate your taking the time to explain it to me that way. Thanks!
Any mining contract is the worst investment ever imo. Why would anyone want to give someone money to mine a currency, and trust and hope they actually pay you out, if and when the mining company goes bad? It's happened quite a few times in the bitcoin space. I don't even know if there is an upside for the risk? Is it even possible that returns from mining contracts can be better than just purchasing or trading for the currency you are mining and holding? I've asked this many times to people promoting mining contracts. I've made money on Bitcoin, Dash, Zcash, Ethereum, etc., all without trusting a 3rd party to pay me. Unless the payouts are going to be way over the profit margin of buy and hold, I don't understand it. I hope most of these newer people in the space do not get burned, but I believe it's bound to happen to many of them. At least that's your only bad investment :) I had to learn a few other hard lessons from 2012-2013 before really saw any profit in this space (lending, holding the bag on some bad alts, and a bad ICO or two).