IMPORTANT: Callenge Postponed because of practical reasons. Read more at the bottom of the post and in the comment section*
I challenge you to test your investment skills! Which coins would you invest now, and why? And how will this turn out for you at the end of the ride?
Nightmares
These last couple of months, crypto-investors from all around the world are living their worst nightmare. All prices are way down, and there seems to be no stopping that trend.
So, to take everyone's mind of the bearish markets, I thought it would be a good idea to change our mindset for a little while.
After all, we know this nightmare won't last forever, do we?!
The Challenge
I'm going to give you the opportunity to show off your (lack of) investment skills.
Today, I'm giving each and every one of you $10.000 (hypothetically speaking, of course).
I want you to use this fake money to set up a plan of approach:
Which cryptocurrencies would you buy?
Which coins or tokens would you definitely ignore?
How much would you buy of each coin/token, and for which price?
And, since we are all here to learn from each other, you are always welcome to share a little bit of background info...
You can use this fake money as you please: you can buy and sell whenever you think that is necessary.
The Only Coin That Is Completely Off-Rule Is BITCOIN!!
What You Need To Do
The only thing I ask from you is to post a clear overview of which coins and tokens you purchased at the end of this starters week.
Afterward, we'll switch to a different, bi-weekly schedule in which you'll have to post a short overview of all transactions you've made and how much money you've lost or profited.
All your profits and losses will be compared. Not only at the end of this challenge, but also after every bi-weekly evaluation.
After every evaluation, the person who has made the most profits wins a small prize.
The final balance will be made up in early November. Then will become clear who the absolute King (or Queen) of Crypto is.
He (or she) who has made the biggest profit by then
will win the MAIN PRIZE!
Please note that only coins and tokens that already have monetary value by the end of the challenge will be taken into consideration!
Honesty
I assume there is no need to say that I will hold you responsible for your own digital assets.
I'm not a professional bookkeeper myself, and you've all got way more experience in tracking your earnings than I do.
Of course, everybody uses the system he or she prefers. Still, I will need to build in a failsafe system. In case anyone is tempted to lose his or her integrity, I need to be able to make a quick check of the numbers myself. That's the reason for my request to use a markdown table in the articles you post on SteemIt during the challenge. These tables are straight and to the point.
You'll find an example at the bottom of this post.
There are countless ways to track your portfolio, online as well as offline, on the web as well as in the form of mobile apps.
Some Examples:
CryptoCurrency Portfolio Template Version 2 for Google Sheets
Source
For those of you who are terrible at bookkeeping, like me, I've added a link to a copy of @mix1009's CryptoCurrency Portfolio Template Version 2 for Google Sheets, which can be saved to your Google account for easy access.
Of course, you can also use one of the
Best Cryptocurrency & AltCoins Portfolio Management Apps of 2018
Source
You can find some recommended programs or apps on this page.*
Later this week I'll give you a detailed explanation of all data you need to collect to build a trustworthy portfolio.
Some Extra Challenge Rules
Only prices as indicated on Coinmarketcap at the times and dates of purchases and sales will be accepted.
All prices will be indicated in US Dollar.
You nééd to have the entire sum of $10k invested by the end of August.
To be eligible to win, you need to post your portfolio-update every time this is requested. (Of course exceptions can be made in special circumstances)
Anyone who is caught cheating will be disqualified instantly.
The Prizes
I am going to be honest with you: it is not easy to decide on a reward for this contest.
With the crypto prices being this extremely low, there is little use in telling you I will donate a specific number of SBD to the winner. For all we know, SBD could be worth 10 times the price it is now by the time the challenge has come to an end.
Which rewards will be handed out and how high they will be is something I still need to consider.
All I can promise you is that I'll definitely be handing out more than 50 USD as the main prize. Maybe even more, depending on the market prices.
The bi-weekly prices will vary.
Every other week, we will investigate who made the wisest decisions and profited the most.
These winners wil be rewarded with some smaller prizes: some @steemmonster decks or cards, some Steem or SBD and other sorts of prizes I can get my hands on.
The MAIN PRIZE will only be gifted once this challenge has ended and all profits and losses have been counted.
It's About Time To Get Started...
Let me warn you: don't get lost! The number of coins and tokens listed on Coinmarketcap is HUGE.
Will you go for XPR, DGD, WTC, or maybe you will choose for NULLS, WICC, uCASH, LEO or PEPECASH? Don't forget to check out DMT and TNT, you know both can bring you into big trouble. :0)
Maybe you are more conservative and you will stick to coins and tokens as EOS, STEEM, Litecoin, ADA and NEO? Who knows...? Maybe Ethereum might skyrocket again...
All I can say is think long and hard, and do your research.
After all, research is the birth mother of good investments.
You can find some good tips on how to start researching whether a coin or token might be worth investing in:
My Guide on How to Research Cryptocurrency Coins by @neverxpected
The 3 Step Beginner’s Guide to Cryptocurrency Research by @coincheckup
Your Firt Assignment
Once this post has reached payout - in 7 days from now - , I'll write another one in which I invite you to show me your starter's portfolio.
This first time, it might take a little work, because I'm going to ask you to use a markdown table like the one shown below. If we stick to the same format, there is little that can go wrong. At least... I hope so :0)
(You can create your own Markdown table HERE).
Also, feel free to explain below the table why you decided to buy certain coins/tokens, and why you left other ones alone..
(I filled up the table with some unresearched, example values.)
| Date | Name | Price | Amount | Total | Profit/Loss |
|---|---|---|---|---|---|
| 14/08/18 | XRP | $0.265187 | 300 | $79.6461 | |
| 14/04/18 | EOS | $4.34 | 53.91 | $230.414 | |
| 14/04/18 | Steem | $0.816760 | 750 | $612.57 | |
| 14/04/18 | Augur | $15.51 | 200 | $3102 | |
| 14/04/18 | Maker | $384.37 | 150 | $57655.5 | |
| ... |
Draft saved.
[Challenge] You Get $10k To Invest In Crypto. What Do You Do?
IMPORTANT: Callenge Postponed because of practical reasons. Read more at the bottom of the post and in the comment section*
I challenge you to test your investment skills! Which coins would you invest now, and why? And how will this turn out for you at the end of the ride?"
Nightmares
These last couple of months, crypto-investors from all around the world are living their worst nightmare. All prices are way down, and there seems to be no stopping that trend.
So, to take everyone's mind of the bearish markets, I thought it would be a good idea to change our mindset for a little while.
After all we know this nightmare won't last forever, do we?!
The Challenge
I'm going to give you the opportunity to show off your (lack of) investment skills.
Today, I'm giving each and every one of you $10.000 (hypothetically speaking, of course).
I want you to use this fake money to set up a plan of approach:
Which cryptocurrencies would you buy?
Which coins or tokens would you definitely ignore?
How much would you buy of each coin/token, and for which price?
And, since we are all here to learn from each other, you are always welcome to share a little bit of background info...
You can use this fake money as you please: you can buy and sell whenever you think that is necessary.
The only coin that is completely off-rule is BITCOIN!!
The only thing I ask from you is to post a clear overview at the end of the starters week.
Afterwards, we'll switch to a different, bi-weekly schedule in which you post a short overview of all transactions you made and how much money you lost or profited.
All those numbers will be compared at the end of the challenge.
The final balance will be made up in early December. Then will become clear who the absolute King (or Queen) of Crypto is.
He (or she) who has made the biggest profit by then will win the challenge.
Please note that only coins and tokens that already have monetary value by the end of the challenge will be taken into consideration!
Honesty
I assume there is no need to say that I will hold you responsible for your own digital assets.
I'm not a professional bookkeeper myself, and you've all got way more experience in tracking your earnings than I do.
Of course, everybody uses the system he or she prefers. Still, I will need to build in a failsafe. In case anyone will lose his or her integrity, I need to be able to make a quick check of the numbers myself.
Below, you'll find an easy-to-use template I'd like you to use for your post updates. If we stick to the same format, there is little that can go wrong.
For those of you who are terrible at bookkeeping, like me, I'll create an Excell template which will be upoaded to the cloud for easy access. You can also check out which program or app suits you best on this page.
I'll give you some extra information about what is expected from your update at the bottom of this post.
Some Extra Rules
Only prices as indicated on Coinmarketcap at the times and dates of purchases and sales will be accepted.
All prices will be indicated in US Dollar.
You nééd to have the entire sum of $10k invested by the end of September.
To be eligible to win, you need to post your portfolio-update every time this is requested. (Of course exceptations can be made in special circumstances)
Anyone who is caught cheating will be disqualified instantly.
The Prizes
I am going to be honest with you: it is not easy to decide on a reward for tbis contest.
Not only will the winner have made the most financial profits, with the market being this red there is no use in telling you I will donate a specific number of SBD to the winner. For all we know, SBD could be worth 10 times the price it is now.
Which rewards will be handed out and how high they will be is something I still need to consider.
All I can promise you is that I'll definitely be handing out more than 50 USD. Maybe even mote, depending on the market.
Go Out And Find Those Promising Coins
Let me warn you: don't get lost! The number of coins and tokens listed on Coinmarketcap is HUGE.
Will you go for XPR, DGD, WTC, or maybe you will choose for NULLS, WICC, uCASH, LEO or PEPECASH? Don't forget to check Both DMT and TNT, because both can bring you in big trouble.
Maybe you are more conservative and stick to coins and tokens as EOS, STEEM, Litecoin, ADA and NEO? Who knows...? Maybe Ethereum might skyrocket again...
All I can say is think long and hard, and do your research. After all, research is the birth mother of good investments.
Schedule
Once this post has reached payoit, I'll write another one in which I invite you to show me your starter's portfolio.
This first time, it might take a little work, because I'm going to ask you to use a markdown table like the one shown below.
(You can create your own Markdown table HERE).
Also, feel free to explain in short why you chose those coins/tokens.
| DATE | COIN/TOKEN | CMC $ | BUY/SELL | AMOUNT | TOTAL |
|---|---|---|---|---|---|
Reason: If you are reading the replies I made to the reasonable remarks, you'll notice a lot of things need fixing before we can actually start this challenge.
For examle, I created the challenge from a hodlers perspective, while there are a lot of traders out there too. I was asked some questions about how the trading would be according to the rules, and I had to admit I didn't know a thing about trading.
My initial intention was to learn as much as I could about identifying coins with potential
potential and how to make the most of them.
By reading through the comments I came to.the conclusion that I know way to little about the subject.
If I want to run this challenge I need to solve quite a lot of problems first.Both myself and other potential participants will need to be taught some basic info about both the hodling strategy and the trading strategy. For the challenge to be fair, more and very clear rules need to be set. Also, I need to think about handing out bi-weekly rewards to the people thatbwill never win a round, because of their lack of skills.
This is my imagination running wild, but a perfect scenario could be to organize mini masterclasses (1 expert, 2 or 3 people who want to know more), to cover the basics.
Believe me, I've read hundreds of articles on the topic, but they often gave me more questions than answers. If we could arrange a more personal approach, a lot of people would be learning a lot faster.
Thre problem with this is that everyone here is extremely busy. I'm afraid my one-on-one informational sessions will never happen because people are simply too occupied.
If you read further down the comments, you'll notice even more things need to be addressed before I can pull this off.
It sounded like a great idea when I wrote this post, but meanwhile I realized I've bitten off more than I can chew.
another thing that hasn' t been mentioned yet is that if I want the prize pool to be adapted to the work that will need to be done, this means I'll need to find some sponsors. I don't mind giving away what I have, but I have no intention on ending up completely broke.
So, my first thought is to see who might be interested and if there is a way to pul this off as a team. I'm not capable enough to do this on my own.
If luck is on my side and we can form a diverse team, only then we will be able to host this challenge for a bigger purpose than just winning the prizes.
I'll pour all this in a post later, so everyone will know they won't have to rush into things before there is a solid plan.
If no team can be formed, I'll be testing the experiment by myself to see how far I can get and what I can find out, hoping that one day I'll be ready to consider everything that need to be considered.
Insert images by dragging & dropping, pasting from the clipboard, or by selecting them.
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Update Post Cancel
Markdown Styling Guide
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IMPORTANT: Callenge Postponed because of practical reasons. Read more at the bottom of the post and in the comment section*
I challenge you to test your investment skills! Which coins would you invest now, and why? And how will this turn out for you at the end of the ride?"
composing-3557009_1920.jpg
Nightmares
These last couple of months, crypto-investors from all around the world are living their worst nightmare. All prices are way down, and there seems to be no stopping that trend.
So, to take everyone's mind of the bearish markets, I thought it would be a good idea to change our mindset for a little while.
After all we know this nightmare won't last forever, do we?!
The Challenge
I'm going to give you the opportunity to show off your (lack of) investment skills.
Today, I'm giving each and every one of you $10.000 (hypothetically speaking, of course).
I want you to use this fake money to set up a plan of approach:
Which cryptocurrencies would you buy?
Which coins or tokens would you definitely ignore?
How much would you buy of each coin/token, and for which price?
And, since we are all here to learn from each other, you are always welcome to share a little bit of background info...
You can use this fake money as you please: you can buy and sell whenever you think that is necessary.
The only coin that is completely off-rule is BITCOIN!!
The only thing I ask from you is to post a clear overview at the end of the starters week.
Afterwards, we'll switch to a different, bi-weekly schedule in which you post a short overview of all transactions you made and how much money you lost or profited.
coins-1015125__480.jpg
All those numbers will be compared at the end of the challenge.
The final balance will be made up in early December. Then will become clear who the absolute King (or Queen) of Crypto is.
He (or she) who has made the biggest profit by then will win the challenge.
Please note that only coins and tokens that already have monetary value by the end of the challenge will be taken into consideration!
freelance-1989333_1280.png
Honesty
I assume there is no need to say that I will hold you responsible for your own digital assets.
I'm not a professional bookkeeper myself, and you've all got way more experience in tracking your earnings than I do.
accountant-1794122_1280.png
Of course, everybody uses the system he or she prefers. Still, I will need to build in a failsafe. In case anyone will lose his or her integrity, I need to be able to make a quick check of the numbers myself.
Below, you'll find an easy-to-use template I'd like you to use for your post updates. If we stick to the same format, there is little that can go wrong.
For those of you who are terrible at bookkeeping, like me, I'll create an Excell template which will be upoaded to the cloud for easy access. You can also check out which program or app suits you best on this page.
I'll give you some extra information about what is expected from your update at the bottom of this post.
Some Extra Rules
Only prices as indicated on Coinmarketcap at the times and dates of purchases and sales will be accepted.
All prices will be indicated in US Dollar.
You nééd to have the entire sum of $10k invested by the end of September.
To be eligible to win, you need to post your portfolio-update every time this is requested. (Of course exceptations can be made in special circumstances)
Anyone who is caught cheating will be disqualified instantly.
The Prizes
I am going to be honest with you: it is not easy to decide on a reward for tbis contest.
Not only will the winner have made the most financial profits, with the market being this red there is no use in telling you I will donate a specific number of SBD to the winner. For all we know, SBD could be worth 10 times the price it is now.
money-1428584_1280.jpg
Which rewards will be handed out and how high they will be is something I still need to consider.
All I can promise you is that I'll definitely be handing out more than 50 USD. Maybe even mote, depending on the market.
Go Out And Find Those Promising Coins
Let me warn you: don't get lost! The number of coins and tokens listed on Coinmarketcap is HUGE.
Will you go for XPR, DGD, WTC, or maybe you will choose for NULLS, WICC, uCASH, LEO or PEPECASH? Don't forget to check Both DMT and TNT, because both can bring you in big trouble.
Maybe you are more conservative and stick to coins and tokens as EOS, STEEM, Litecoin, ADA and NEO? Who knows...? Maybe Ethereum might skyrocket again...
All I can say is think long and hard, and do your research. After all, research is the birth mother of good investments.
Schedule
Once this post has reached payoit, I'll write another one in which I invite you to show me your starter's portfolio.
This first time, it might take a little work, because I'm going to ask you to use a markdown table like the one shown below.
(You can create your own Markdown table HERE).
Also, feel free to explain in short why you chose those coins/tokens.
Go Out And Find Those Promising Coins
Check the stats, the forecasts and research every seemingly interesting coin you come across.
Remember, you have $10.000 to spend.
I'm already curious to see which decision you will have made by the end of next week...
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