Don't get me wrong it is good to explore and find new projects in crypto, but one needs to pay attention not to get into too much noise and lose focus on the important cryptocurrencies that are truly providing value. You can experiment and discover new projects, but after surpassing the evaluation phase you simply need to step over them and simplify your routine. Why? Because you will simply not have enough time for all of them and simply spending time on some that are providing less value and earnings, simply isn't efficient these days.
I know that once you start and get involved in a crypto project and gain some tokens one way or the other, it is hard to stop on the way and recognize that it is not worth the time and move on. We are stubborn people and want to believe that we cannot do mistakes, but preserving the wrong path will simply slow us down from our real growth and potential. It happened to me as I have reached more than 30 crypto assets in my portfolio and some of them are barely providing value, but for their easiness of them I keep on doing daily activities to get some tokens.
Thus I have decided to downsize and keep my focus just on a bunch of cryptocurrencies and blockchain projects. That should allow me to make the best of these projects, instead of spreading everywhere and losing focus. As projects expand also we need to keep track and be informed on the new opportunities within the asset's ecosystem and that simply eats time. Thus spreading everywhere and losing chances is way worse than concentrating on fewer options and making the best out of them. This will be my strategy going further and I wonder what's yours and how do you see the entire crypto space exploding and keeping up the pace with it....?
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So very true, I'm mainly focused on the HIVE Blockchain and that alone is enough to keep me on my toes. There is so much opportunity its easy to spread ones self too thin.
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Yeah, HIVE provides great earning opportunities with HIVE and HBD, but also some of the second layer tokens. And let's not forget about gaming where Splinterlands alone made some millionaires within this ecosystem.
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Very true. The narrow your portfolio the better. But that too takes a long time of research to know which of the cryptos would date better.
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I think that through experimenting one can narrow the portfolio as after some time he figures out what really works and what does not. Or better said what really provides for the time spent.
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I did this 1 year ago and there are definite benefits as you are not diluting your time and investment. Having many of a few is going to pay off compared to having a few of many.
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Time is priceless and also the investments will not perform if not nurtured. And to do that there is only so much that we can do...
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I like the noise analogy. I noticed on CoinMarketCap the other day the number of listed projects is getting close to 19000. Insanity. I think there is too much going on and many project will see consolidation. A lot of consolidation.
It's a typical emerging tech cycle. Someone makes a cool thing, everyone else makes a version of the cool thing.. Eventually the market selects a few and those survive.
I don't know exactly how it plays out because there are a few categories. Crypto that is meant to be a currency, smart contract platforms, defi/synthetics and other.
So many a few in each category survive the test of time.
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Right and lately I simply feel I am just losing time rather than earning something meaningful. Thus is better to go big on fewer projects, be really informed about them, and act in due time and optimize your assets.
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Whaaaaaat? Last time when I checked that number it was without one zero... looool... Under 2000! Time flies and tokens are multiplying!
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That's just it. Over time the system sifts off the fake projects. Sustainability and stability are key to every succeeding crypto Project. But we're tempted atimes to look at APYs.
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I'm actually tired of the accumulation phase that sometimes make you FUD and the other times FOMO in crypto. Whales are playing the game beyond shaking the weak hands 😅
In the middle of a psychological war 🐂🐻
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Better a whale in a specific blockchain ecosystem than plankton in many of them.
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There is just too much. I use to split my funds and invest into other projects. Then I realized that quality is better than quantity. I bought some atom to stake, then also telos. But then I found out, that you need a minimum amount of atom to get airdrops. So diluting assets into smaller not necessary efficient. But I have allocated more money into Polycub !
Well said, quality is more important than quantity.
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I suppose that all of us have been there... I remember early 2018 when BTC began its fall down... I was desperate to find a token that I can accumulate in bearish times, and I bought a bunch of tokens just because they were POS... Except for HIVE (former STEEM), all of them went down the drain... lol...
Today, I'm fighting against the noise with #MyHiveGoals and like you, try to focus only on a couple of others outside the HIVE ecosystem...
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It will always be a personal responsibility to Research to know which asset to keep or to shake off the portfolio.
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If we don't get rid of noise we will be smothered by it. Few assets and make the best out of them!
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Hype is high in crypto space
I agree with full heart! Crypto can MORE than fill your day and probably might not be worth it. Even more if you play games just to earn tokens without enjoying it!
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If it is true, diversification is important but you have to focus on clear objectives otherwise you run the risk of not being effective. I personally use 10% of my time to research and the remaining 90% to a couple of projects that I believe in.
Exactly...
We need to be more focused rather than sailing on different boats.
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I find that when I lose focus, nothing really gets done, and falling into counterproductive situations becomes troublesome.