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Originally Posted by boost
I similarly got into crypto recently, via interest in the GME/DOGE madness.
Why did those coins stand out to you? I haven't had the time to really dig deep, but ETH seems to have the most potential. I think it's the #1 alt coin in terms of name recognition, and because it's Proof of Stake and seems to have the biggest dapp ecosystem, it actually seems like it has more real world applicability when compared to BTC. BTC seems to just have the first to market advantage.
Does that resonate at all, or am I way off? What's got you sold on these other alt coins?
First of all, it's important to reiterate that I'm a complete noob at this, I'm not even going to pretend to know what I'm talking about.
That said, I didn't like DOGE because it's volatile, doesn't have an actual use (yet) and there's 128b coins in existence. It's not going to go nuclear. If it gets to 50c, the coins are worth a total of around $64b, which is just under 1/10th the size of bitcoin. If it reaches the same value as bitcoin is now, that's $5 a coin. So, a 100x return on the gamble that DOGE actually has a future.
I like ADA because it does have a use, it's already used in agriculture and education, and has a solid community base. I picked it up at 55c as Keith points out, it's nearly a dollar now. I don't think this coin has long term growth potential, again because of its max supply, which is 45b. So a $100b coin will be worth around $2. That's only twice what it is now, so I think once we get into $1.50 territory, I'll probably move off ADA.
The coin I'm most interested in for long term is ETC, Ethereum Classic. Currently trading at $11.50, it has a mere 210 million, roughly ten times the supply of bitcoin. So if ETC gets as large as bitcoin, then we're looking at $4,500 per coin. That's obviously highly optimistic, but in the future it could easily be worth half of what BTC is now, which gives us a $2000+ coin, currently trading at $11.50.
I have no idea if this logic I'm applying is solid, but it's surely better than pump-and-dump coins like DOGE, which is driven by FOMO. The crazy thing is, while lots of people are parked on DUGE, they're actually missing out of better performing coins like ADA. It's cost me money to learn these lessons, but it's money well spent imo. If I bought DOGE and left it alone to grow, I'd have doubled up by now, but I'd still be living in the delusion that it could reach bitcoin levels, which is impossible. I paid to move my coins about and learn how it works. I've found I do better when I do nothing... if I try to ride the waves I make mistakes that cost me. Just buy a coin I like and hold it until it peaks, then sell it off and invest in another coin. That's my game.
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