Seeing as everyone's jumping on the #MyCryptoOutlook2022 bandwagon in the hope of earning up to $1 200 in Ethereum from #BitYard, I might as well give it a go. I'm not going to lose anything but my time if I don't. For this, I'm going to focus on only the currencies I currently have in my portfolio.
- Ampleforth (AMPL), DAI, Ethereum (ETH), Harvest Finance (FARM) and Other ERC20s: Here's definitely a blockchain/environment/network to watch closely in the coming month to a year. If Vitalik Buterin, Ethereum Foundation and other interested/related entities/organisations don't do something to resolve the problem of ridiculously high gas fees and network congestion, Ethereum is dead in the water and people will abandon it as impractical and unworkable. We're beyond disillusioned and frustrated with it. Otherwise, Redcoin and Netbox (NBX) are probably going to have some company in the ranks of worthless crypto, quite soon.
- Band Protocol (BAND), Cardana (ADA), Cosmos (ATOM), Ontology (ONT), Tezos (XTZ) and Ziliiqa (ZIL): I have no idea. I staked it and ignored it (other than sporadically claiming rewards).
- Basic Attention Token (BAT): I have no idea, but I want more of it. I should use Brave more than I do (particularly for cryptocurrency and Web 3.0 sites), but it is so horribly slow and resource-hungry and still doesn't support multi-account containers.
- Binance Coin (BNB), Binance Dollar (BUSD) and other stablecoins (USDC, TUSD): Given the Fed's messages and meetings about its intent to engage in quantitative tightening (the opposite to easing) and put effort into FedCoins and CBDCs (laughable concepts, no doubt for which gullible idiots will fall), I anticipate stablecoins will see a lot more interest and investment. Considering that Binance has a very spotty/sketchy track record (bans, scams and hacks), it could also drop like a hot potato.
- Bitcoin (BTC): Despite the brutal pounding it (and everything that follows it) has received over the last three months, will bounce back stronger. It always does. [Cue Chumbawumba's I Get Knocked Down here.] If people who had opportunity and means to buy on the 23rd and 24th didn't buy, they're idiots.
- Bitcoin Cash (BCH): Given that SmartBCH is now a thing, I think that if there's going to be any contender for a cryptocurrency that replaces fiat this year, BCH will be it. I'm certainly hoping so, anyway. While it's definitely not going to earn me enough that I can live off it, Noise.cash has been a nice little crypto-for-jam earner for me, more so than Pub0x has ever been (or possibly ever will be). I'm grateful for and appreciate my fans here, but I wish I could figure out how to get them to follow and tip me on read.cash as well.
- Doge Coin (DOGE) and Shiba Inu (SHIB): Like with the memes on which they're based, nobody knows for certain when their popularity will wane (but that's true of all crypto, to some extent). I'm just hoping that, this year, SHIB does at least half as well as it did last year, because there are potentially massive gains to be made there. It could also plummet like a lapdog falling off an item of furniture, for all I know.
- Fuse (FUSE) and Good Dollar (G$): I don't anticipate G$ taking off and reaching the moon any time soon, but I'm going to keep claiming it daily for as long as I can. One good thing about it does seem to be that the amount one can claim per day rises by about 1.014% per claim. Another is that the cost of exchanging it to USDC seems to be falling over time. Maybe one day, 1 G$ will be the same as 1 USDC, but I don't know when that will be. I'll keep a watch on it.
- Ripple (XRP): As far as I was aware, Ripple is supposed to be the FUBU cryptocurrency of banks and forex traders. Clearly, either it's not working so well at its intended purpose if FedCoin and CBDCs are on the table or I'm missing something vital here. Ripple is generally pretty stable, so I'm not expecting big moves from it.
- Solana (SOL): As with Shiba Inu (SHIB), I'm hoping it does at least half as well as it did last year. There are also big gains to be made here. I'm certainly going to acquire more of it if I can.
I had intended to keep this short, but so much for that.
“I have only made this letter longer because I have not had the time to make it shorter."
― (Letter 16, 1657); Blaise Pascal; The Provincial Letters
If there's one thing I have learned from the last year, it's not to over-diversify my portfolio. I have put in hundreds of dollars worth of fiat and now have too little in any one currency to exchange or move (except for BCH and Cosmos, which I'll unfortunately be selling due to unfortunate financial circumstances). If there are things I've learned since getting involved crypto in around 2018 (and my subsequent misadventures), they are these:
- Always keep your secret keys/phrases and backups in a safe place (especially off site). If you lose them, your crypto is gone for good. Nothing you do will get it back.
- Always keep some ETH in reserve for if/when you want to exchange or move ERC20s.
- Binance has two chains. What goes into BEP2 isn't accessible from BEP20. Moving between them will cost you.
- Selling your crypto is for losers (in more ways than one, because income/gains tax). HODL as much as you can for as long as you can.
- If you're going to go full crypto, you need to pump in an eye-wateringly large amount of fiat first. Working for it and trying to earn passive income in it (from faucets and for-pay blogging) is not viable.
I'm apparently supposed to shamelessly schill BitYard to you at this point, but I'm not going to do that, because I'm not some slimy, spineless salesman trying to move a product or service in which he doesn't have full confidence. (This is not because BitYard is necessarily bad, but because I know diddly squat about it. I'm not throwing shade here, either.) Despite all I've been through and how badly I need the ETH in order to move and exchange my ERC20 holdings, I still have my principles and won't sell out.
That is all for now. I hope the rest of the year is a good one for you and your investments bring you many happy returns. Snark out!