RE: Age Of Abundance: The Basic Are Going To Be Very Inexpensive
Some interesting points indeed. I think that rather than talking about abundance, a better way of looking at it, is that cryptocurrencies will see in a large-scale re-distribution of wealth.
I don't think, certainly not in recent history, but maybe ever, has somthing happened to allow the poorest people to become wealthy, whilst making some of the wealthiest (who doggedly cling to what made them rich in the first place) relatively poor.
Even if you look at Steemit, right now. As a new user I see people who've been here for longer than me making huge amounts of money. And I know that, as I start to post my own content, it'll be hard to begin with, and I'll see very little in return. But, a few years down the line, and I'll be seen as an early adoptor, and be getting a lot more out of the platform than a new user. It's all relative.
Cryptocurrencies are a huge opportunity, but the sooner you make an investment (and on Steemit, that could be money, time, or both), and the bigger that investment is, the more upside you have.
In the coming years, some of the richest people on the planet will be those who invested early in cryptocurrencies. And whilst we're not at the beginning of the ride, you can still jump on today and make huge returns uf you're in for the long-term.
I agree with you about the wealthiest people down the road will be those who got into crypto early!
I just put pocket change into crypto the last couple years. The returns have been through the roof! I only wish I had it in me to invest more aggressively! I would have retired by now before the age of 40!
You got in before me. I invested about $100 in November 17 because I wanted to do a little trading, learn as I go and make mistakes with a small amount before I'm ready (and can afford) to invest more. I've made a good return on my $100 and learnt a lot of good lessons, and have made mistakes which cost me $20 or $25.
I know this is the best, and most sensible approach long-term, but it's been hard to see huge profits being made all around me whilst I'm playing with peanuts. Still, I'm a wiser investor and better trader moving forward, and this is a long game, not a sprint.
For me, I am a buy and HODL (and readjust my portfolio as time goes by).
Those who can trade and consistently make a profit...my hat is off to them. Personally, I find success, especially in crypto, in getting into quality coins and letting it ride. At present, BTS and STEEM are my two biggest hodlings. I did well with BTC, ETH, and LTC but have lightened up on them a bit....I still have positions but moved it to coins I think have a higher multiple for growth over the next year.
Overall, I think the most important thing is for people to get started acquiring tokens however they can. With STEEM and a few others, we are beginning to see the ability to get tokens for using the blockchain they are on. This is huge. It allows the average person to start amassing a stake without having to put in money.
And as we know, even a small stake can end up being enormous over a couple years in this realm.
That's one of the biggest lessons I've learnt - don't try to trade...invest. You'll rarely beat the market, or a particular coin by jumping in and out - your timing must be exceptional, and your own time cost is high. Better to research (and get past the hype/BS), look for an opportunity to buy on a dip and HODL.
One of my biggest mistakes was to jump in/out of ETH, and the night before it went on its incredible bull run, mid-december, I'd bought at a low and set a sell order at a [what I thought] was a ridiculous high - to try and catch a spike in price). When I got up the next day, I'd sold, but it'd risen about another 10% over that. So I waited for it to come back down, so I could buy in at even a small loss. It kept on rising, and I completely missed the boat. I think I missed out on about 3x-ing my [small] investment, and it hurt like hell.
By the way...thank you so much for all the upvotes you've sent my way. You've really given my faith in the platform and reassurance that I'm going to thrive on the Steem network. Thanks!
Not a problem @m-ssed-t
I am a believer in rewarding those who comment since I think it is central to this platform.
And here is a secret, if you look at the heavy hitters, all of them reward comments. It is only the small ones who do not.
As for ETH, I bought and held until it went to a point where I scaled back. I still have a bit of a position in it and so I am enjoying the run....I ll just let the rest ride.
You will thrive on this network there is no great secret to it...persistence and consistency is the key...and a bit of obsession/addition. LOL
The next phase is what you are starting to see on STEEM. Cryptocurrencies that people can acquire through the utility of the blockchain is the next big move. Instead of the average person having to buy in, which many cannot, the tokens will be given in response to whatever it was designed for.
This is revolutionary and why I believe people will be earning 25-50 different tokens each month in only a couple years. There is that much coming online on decentralized platforms.