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1 Year Alt-coin DCA Experiment - Week 1 Update

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by COINS NEWS 213 Views

So I'm a little late for this post because work and life have been a bit busy over the past week. I had previously announced a plan to DCA into a total of 16 new altcoins over the next year at a rate of $25 every 4 weeks for each coin. The method is that I will put $25 each into 4 coins/week and there is a 4 week rotation. Original post on the plan is here: https://www.reddit.com/r/CryptoCurrency/comments/q9z379/one_year_altcoin_dca_experiment/.

One other thing I did promise is that I would provide some level of due diligence on each of the coins I have chosen which explain my rationale for including it. Currently I have only provided this type of post for VET the first coin I decided to include which you can read here: https://www.reddit.com/r/CryptoCurrency/comments/qada64/basic_dd_on_vet_as_part_of_my_upcoming_altcoin_52/.

This update is post my first week of actually buying in and includes the first 4 projects, however I haven't had a chance to do a DD post for the other 3. Those are still coming, but in the interest of moving the project forward I wanted to update with the 4 that I've now invested in as well as give people a chance to suggest additional tokens. For those who didn't see the original post, I am not investing in coins I already have a reasonable stake in, which excludes the following projects:

BTC ETH DOT HBAR ADA ALGO ONE XLM 

The opportunity for the community is this. At the end of 2 years (1 year of actively DCAing and 1 year of growth/loss) I will donate at least 25% of the profits of the highest performing coin to a charity that will be chosen by the first person who recommended that coin. The ground rules here are only 1 suggestion per person and only the first one to suggest it is up for it.

The current list of suggestions is as follows:

User Suggestion Decision
u/Awkward_Potential_ EGLD Invested
u/Mau120 ERGO Undecided
u/BillTheCommunistCat RVN Undecided
u/whowouldanewman CKB Undecided
u/Moose_Habs TRX Undecided
u/Suspicious_Thing1039 BAT Undecided
u/LegitimateSeconds LUNA Considering
u/BigStonkHunting COTI Undecided
u/j0-hn-dea-ux RUNE Undecided
u/newbonsite VET Invested
u/StackerNoob GRT Undecided
u/Ultra_burger OCEAN Undecided
u/HacksawJimDGN TRAC Undecided
u/Significant_Abies_98 SHIB No
u/Proud_Appeal_6807 ATOM Invested
u/AllInOnAnacottSteel SANA Undecided
u/germrrio XTZ Invested
u/jetlaggedandhungry AAVE Undecided

As you can see, the first 4 projects I've invested in are VET, EGLD, ATOM and XTZ. These were bought at different times over the last week and a half as I made my decisions. Now that they are part of the project the next investment into these projects will be at roughly the same time 3 weeks from now.

My current holdings as part of the project are as follows:

Coin Qty Current Value % Gained/Lost
VET 210 $27.51 +10.04%
EGLD 0.093 $24.22 -3.12%
ATOM 0.638 $23.77 -4.92%
XTZ 3.71 $23.48 -6.08%

Obviously there's not a ton of info to report yet, but there will be more each week as this goes on. The big thing I need from the community this week are some new suggestions. I have a few projects in mind that I already want to include in this experiment that haven't been suggested yet, so those would get an instant green light from me. I also still need to look into some of the projects on the above list but as I have been pretty busy lately I'm behind on that.

One last point, any LUNA advocates here, I'd love to hear why you love the project so much. I had planned to invest in LUNA as I had heard a bit about it and it sounded interesting but I started to do my DD on that last week and got a bit spooked. I don't quite understand the project. Reading the whitepaper it sounds like the stablecoins are the whole thing and UST definitely seems to be somewhat popular, however the whitepaper talks about SDR as being the flagship product but it seems to not be catching on at all. Further, looking into the Terraluna subreddit all I could find people talking about were Anchor and the amazing APYs they are able to get on LUNA. As I dug I had a really hard time understanding what fundamentals are driving the growth that allow that type of APY. This combination of questions are giving me some pause in investing in this project. So if you are a LUNA fanatic and have some information to share on this, I'd love to hear it while I finalize my decision on whether or not to include LUNA.

submitted by /u/Pokoire
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