Chasing Chain Coin? A Word of Caution, Checking the Richlist, and Comparing it to Other Parabolic Moves
Do not be a potential bagholder, chained down by the heavy links of CHC. Please, for the love of all God, do not chase this coin. It has went to the moon over the few days. If you want to buy the coin, fine. My simple advice would be to wait for it to come back down to reasonable levels.
I'll be honest with you guys, I know next to nothing about the fundamentals of the coin. It appears to be another decentralized governance clone of Dash. It could be similar to ZEC, PIVX, Monero, or a host of others that already do the same thing and have huge followings and superior market caps. That being said, this isn't an attempt to downplay what CHC has done. It is fantastic that the early investors should be rewarded for placing their faith in the coin early on. I dislike seeing people get sucked in to the fear of missing out.
"Why not buy? It might not EVER come back down!"
Ummm, no. It will. Coins always do. Sure, if you bought at the top, it could keep going up for a bit, but if you don't own any presently, my opinion is you missed the boat. And so what? This is crypto. There is always another boat ready to leave the harbor.
The risk of it dropping 50 percent of its value in the next day or two is strong. I understand the FOMO though. I did the same thing with a couple different coins when I first started buying them. Looking for the next coin to moon is much more beneficial than buying into one that already has.
50 percent retracements are quite normal. Moves like what we're seeing are just flat out not sustainable. It happened with PIVX. It happened with XEM, XRP, and STR. It will happen with another coin. And another coin. The trick is finding the ones that have the potential to moon, and nibbling at them.
The Rich List is Your Friend
So what is a rich list? Quite simply, it shows the richest people in a particular category; in this case, I'll show you the Chain Coin rich list. It should be noted, that the number 1 on the list is the burn address, with 13.51 percent of all the coins. That being said, here is the image:
I'll let you guys decide how to interpret that information. It should also be noted, that most alt coins have similar rich lists, so this is not totally out of the ordinary. I want to be transparent.
What a MOVE!!
Starting to see a pattern?
How about now?
Ok, if you can't see it now, go ahead and buy high and sell low lulzzz
Be careful guys. Crypto is a ton of fun, but it can also wreck people. It can blow up their accounts. If you never buy coins at the top and wait patiently for reload zones, you will never, ever get rekt. That word won't exist for you. Sure, it is a possibility of the coins going up higher . . but don't play the odds. Play the charts, not your emotions.
Have a great day/night and thanks for reading! What do you guys think? Have you done this? Has it worked out for you? Or are you bagholding? Let me know in the comments. I did it with PIVX and had to patiently wait for the market to come back up to me. I think we all have at one time or another.
Good info. I also held a bit too long on PIVX the first time up. Still been one of my best investments though. Will be following!
Thanks man! I held PIVX a bit too long also. One of the first times I realized I shouldn't have done what the "herd" said they were doing. All the guys in the Slack were saying "BUY" and "HODL" but the experienced people were getting the heck out of dodge.
It took a couple months, but I was able to get out of PIVX with a real nice profit. But I had to wait to get it lol
haha yeah I was definitely high on the PIVX fumes and ignored the warning from others in the slack channel and on CCC, I first bought in at 17 cents though, so I am still holding and getting the masternode rewards, but I will definitely do things differently next time, Could be holding more now if I had just sold at the top and bought more after the retracement!
haha, I'm in both of those groups too! At least you are getting Masternode awards though, so that's awesome. Happy trading!
Yeah, you too man!
Nice post, I especially liked the charts. I'm fairly new to cryptos and I agree with you that it is better to look for the next coin to explode instead of putting money in the ones that just did; however I was wondering if you might have tips on how to spot such coins. I've been looking at many coins with low market caps to try to identify future winners, but so many seem unimpressive. Thanks!
Thanks for your comment @livewell . . yea, it's a task, that's for sure. But it's actually pretty fun now. After awhile of doing it, you'll start to develop a knack for it. This is what I typically do, especially if the coin is low volume and on less known exchanges like Cryptopia or Yobit:
I will read the Announcement page on bitcointalk.org . . every coin will have a thread where they basically announce their coin to the crypto world. A lot of real experienced (legendary or hero members) post in there too. If people are not positive about it, I move to the next coin.
Check the official website. That's a pretty big deal. Does it look professional? Does it read correctly?
Join the Slack of a coin, if it has one. Here is a post I wrote about how I use Slack. It's an app.
https://steemit.com/cryptocurrency/@shawnfishbit/why-i-use-the-app-slack-to-find-out-about-cryptocurrencies-and-how-it-could-help-you-too
I check coinmarketcap.com. I check the github. Is there active development? Or has no one worked on the code in 2 years? That's important. Dead coins can still be traded, but the ones I'm looking for are the solid ones that are relatively undiscovered.
Those are a few of the things I do . . . hope it helps you. Beware, it's a rabbit hole haha
Nice, these are awesome resources @shawnfishbit
I've been watching TerraCoin today, @livewell - any experience here?
Devs seem to be back on board, they definitely could use a rebrand / marketing push
Wow thank you for your thorough reply; that's super helpful and I will definitely use those tips! I'll send you a tip when I strike gold ;)
FOMO wiped me away when I started out. I wasn't totally silly though and only traded with about 80 bucks. I kinda know better now.
Yea, it got me too, early on. Thankfully, I was still a very timid trader, and didn't put that much btc into it. There is nothing that will motivate me to learn that getting nailed with a 50 percent decrease in value and going, "What the heck?"
People told me the same thing too though. Don't chase, etc . . but I had to get burned once.
Nothing motivates improvement like a little bit of failure.
Lol! I started out with 2 btc and lost 1 btc FOMOing. I know better now :) Making marginal gains is a lot more consistent and less riskier than trying to double your money.
Nice post, I was going to buy it at when it was around 2$, was listening to HighonCOins Guy and Randomtandoms, I didnot think it would go till 5$ and now I think I missed the train! So most probably gonna wait for the price to calm down to around 3$ then will move in and buy some chain coin! HighOnCoins-HODL, I love that guy. Fidget spinners and selling wife and stuff complete entertainment.
Thanks! You just got your first follower! There is a great wealth of crypto knowledge on Steemit. Do your introduceyourself post and have some fun. I don't follow those guys. But yea, CHC got shilled really hard. If it can catch some healthy buy support, it won't be too big of a crash. . . hopefully. It's way too high for me to even think about buying it now.
It just took a decent dip.
I have to completely disagree with you here. At the current market price $5.59 one masternode will net you $335 a month in passive income. Why on earth would people sell those? For a coin to drop in value there has to be a massive sell off. If you are not paying attention to what the community is doing behind this coin we are all HODLING. We set buy walls at a certain level to stop the coins from crashing and sell wall to stop it from going parabolic. The community is what makes a coin and I have not seen one this passionate about a coin in a long time. I'm not selling!
Price is at 3.33 according to CMC. You could have sold all of your coins at 5.59 and bought them back at 3.33. Someone sold coins? Probably the people who are telling you guys not to sell. HODLING doesn't mean anything. Why try to even get the price to move if you aren't going to sell? What are all you guys going to do with the MN rewards? HODL them too. Seriously? No way.
The price DID go parabolic. If that move wasn't unsustainable I don't know what is. I appreciate your enthusiasm @dekm , @pandorasbox, @mykelzor, and @jallieum but the people who bought at the top just got wrecked. That is exactly what I was talking about when I wrote this post. You guys aren't all holding. You've been tricked into holding while people are dumping it down to what the current price is.
https://coinmarketcap.com/currencies/chaincoin/#markets
and the people who bought ETH at 350-380 USD are not wrecked today that its at 140USD??? always people who buy at the tops are gonna experience dips.Also the HODL movement is to allow the coin to grow and protect it from whale attacks and speculators.90% of the people in the cryptospace just buy and dump bro and most of them are lunatics because they buy a coin and expect to become millionaires in a couple of days and dream of lambos and when the dips come they cry like little bitches....I hope the current crash leaves the more experienced players in the cryptospace.
What I do not understand is that you didn't do some research about the HODL team. When you do that you'll find that they use a very different technique than other coins, an advanced community based HODL and buy walls technology. You will see that although it has natural corrections it won't dip like you see with other coins, I hope you will correct your artikel in the future when you see that you're wrong.
Read this: https://steemit.com/crypto/@jallieum/chaincoin-chc-hodl-manifest-welcome-to-the-future
You do realize that the price of CHC is tied to a floating currency?
@jallieum
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