Okay, so we’re back with some words on the things that happened in crypto over the past week. We have to talk about the scam of Bitsequence and of course take a look again at my portfolio and what’s changed since the last post.
First things first: Disclaimer
Okay so, I am using Cointracking.info to track my movements. Most of my numbers rely on this service. Cointracking has it’s own connections on where to pull values and prices from and therefore might vary from other sources and calculations. To make things simple, I will just use this source to give you some insights. Also please be advised, that I will not show you how much money I actually invested in one altcoin. I will show you the percentage distribution of my portfolio, but not the actual volume I bought in fiat or amount of coins. Thank you for your understanding. Plus another disclaimer: I am not a financial consultant. Please do your own research and do not rely solely on my posts if you are investing or planning to.
Let’s have a look at the price of Bitcoin first, so that we have the same level to start the discussion again:
(Info) As you can see, this chart includes some days of calendar week 6. This is because I am actually posting this blog a bit late. Hence this I am most probably going to post another update later this week and maybe shift my posting schedule for the cryptotalks to friday. We’ll see.
Bitcoin (BTC) has dipped even further this week. This is affecting altcoins as well, but altcoins seem to be falling a bit more slowly. If you want to make more BTC out of your initial BTC, you can trade altcoins into BTC now and wait for it to get back on track.
So what has happened?
Well, let’s get this out of the way first: Bitsequence turned out to be scam! Although their statistics looked very good overall and also their concept gave them some room to do their tradings, the service turned out to be one of the biggest scams in crypto. Last week they deleted their websites and social media accounts and transferred all coins to new wallets. I am not sure, if this was a reaction on all the negative newsposts that happened over the past weeks or if it was planned long before, but what I know for sure is, that a huge percentage of investors didn’t reach ROI before the site ceased business.
What did I lose? Well, I did only invest a small amount of ETH in BS. Also I think that I ended up being lucky in the end: The payout scheme of Bitsequence was, that they pay you out in US-Dollar – you would then have to exchange back to coins, using their website, which was using the current price of $/ETH. Since ETH had a major dip over the past weeks, I ended up getting more ETH for my payout, which helped me to get closer to my intial invest, without reaching full percentage ROI. In numbers I still lost about 30% of my invest. It was a lesson learned but as you can see in the following paragraphs, my portfolio hasn’t changed much overall.
Changes to my portfolio
Nothing really this week. I pulled out of Tether (USDT) for a profit. Well profit at least on the Tether / BTC exchange rate. This is by the way the exchange rate you want to be trading in primarily at the moment. Trading in Coin / Fiat doesn’t really make sense now and never did, if you ask me. I’m going to write a blog post on that topic sometime in the near future, to tell you why.
As I said, this blog is a bit late. This is why I am gonna end it a bit roughly today. Talk to you in a bit! 🙂