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RE: Live Trading 9: BNB

in #cryptocurrency7 years ago

Ah dude! You sold BNB! BNB is an incredibly solid hold - for two main reasons:

The first is a decentralised Binance with it's own blockchain. BNB will be converted to the coin of the Binance chain, and should rocket in value.

The second is that Binance is right up top on the crypto exchange size list, so it sees serious volume. As you are no doubt aware, BNB is used to discount trading fees. As more people use Binance, especially institutional money with large trades, so your BNB will continue to climb in value.

Buy the next dip. And hold it. And never let it go again! I sold off two thirds of my BNB not too long after buying it from a very young Binance. I regret that sale to this day.

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@bitbrain, while I do agree BNB is a solid coin and Binance is a solid company I am a bit more upset about the fact I've not stuck to my plan this time and sold prematurely. All the coins will come back down again at some point. There have been several occasions over my relatively short cryptocareer where I though that I will never see a coin at those levels again and they all seem to come back down sooner or later. I can remember a couple of examples:

  1. Steem - Jan 2 and Jan 23

  1. Lumens - Jan 3rd

  1. Even Cardano at the beginning of this month

An they all came back to down :) I have to admit though, I really like Binance and their coin. When I buy BNB I don't feel it's likely it could go to nothing in a few days.

Absolutely, they have a nasty tendency to drop unexpectedly, this is why I always keep a bit of something or other on an exchange for emergency buys.

Not sticking to the plan has burnt me several times. Selling early is a sure way to lose money. I'll probably still do it several more times in my crypto career!

Cardano should still drop a lot relative to BTC. It's been way too high for way too long. A coin should earn it's keep, and ADA doesn't. That value is chiefly speculative.