Psychology of the 1000x

but didn’t like the richlist

Amoveo didn’t have any premine and was distributed in the same way as BTC.

Check out the NYZO rich list, the team own like 95% of all coins

Harmony - 35m cap, Eh.

A scalable ETH that is out now seems like it could reach 35bn market cap imo

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What exchange did you buy XTC?

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Haha man is there alot of misinformation about taxes. CDA’s and taxes are still being worked on and will be for quite some time yet. I won’t get into the long story of my dealings with the CRA but short story is that the CRA and a few other professionals asked me when I disclosed my CDA holdings if it was really worth anything. When I gave a dollar value they still pushed it to the side ( and I am thankful for that ) and let me keep my CDA’s instead of liquidating them.
There will be laws put in place the longer blockchain is around and the Canadian Government will find a equal footing to deal with it accordingly and I am all for it.
I am not a person to hide from my government on purpose as I have only ever have had good dealings with them even when I don’t entirely like the results that come from it.

It will most definitely be a fun discussion with my chartered accountant this year being that CDA’s are being taught in the new accounting courses now.

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I’m gonna have to pass on XTC since their telegram channel was mostly gay porn pictures.
How can you take them seriously if they can not control their platforms.
This is a reminder to do your own research guys.

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thank God CDA isn’t aggressive and hostile and citizens don’t feel like they have a dark cloud that can ruin their lives hanging over them :raised_hands:

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we need decentralized anonymous dexes with lots of liquidity ASAP, its not about hiding gains, its about self reporting the correct amounts and not letting them incompetently attack you because they are doing the math…

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I can whole heartedly agree with that.

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I’m speaking purely about the amt. of tokens held by individuals (team included).

In VEO’s richlist, there are a lot of tokens, held by a lot of people (https://veoscan.io/holders?page=10).

In NYZO’s richlist, less tokens, held by less people (http://nyzo.xyz/top100).

In VEOs case: ~$10k req. to enter top 100 at current price.

NYZO: ~$2.8k req. to enter top 100.

If you are speaking about the dev fund tokens, that was recently addressed the other day (https://nyzo.co/buildingNyzo) - those tokens will only be unlocked as organic transaction volume permits. At current TX rates, it would take ~1200yrs to distribute these locked tokens, so unless NYZO becomes wide-scale adopted within the next 1-2yrs (unlikely), the inflation rate remains low.

Excerpt from article:
nyzo_lock

Again, just personal preference, I’ve bought into projects in the past where a large amount of tokens were already accumulated, only to be dumped on.

A scalable ETH that is out now seems like it could reach 35bn market cap imo

I agree with you, but will it happen in the next cycle? Probably not. Listen, Harmony & Chromia are both great projects, one just happens to be around 1/12th the price.

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Yes,
Their telegram is a mess (I’ve been following it since the stellite days).

But
They have made a concerted effort in recent days to clean up their discord, make marketing a priority, and also the development continues on. I never claimed it to be anything more than the next verge/electroneum. That’s all I’m looking for out of a project with the ticker ‘XTC’.

With all that said, it is still high R/R, but in my mind, I think this one is fairly obvious. It won’t take much to move from 1 sat to multiple sats during a bull-run, so when that happens I’ll make sure to update the group (I’ve already rode the past 2 pumps).

I’ll just touch on this briefly: One of the hardest things to do in crypto from an investors mindset, coming from someone who also ‘believes’ in the tech, in terms of its power to really do good in the world, changing it for the better, adoptability, etc etc, is separating your love of a project from its investability.

  • A really good example of this from 2017-2018 is AION - I think the tech is amazing, I still do. I also really like the leadership, but the downward sell-pressure from the Token Release Schedule put a bearish case on the token from a holders viewpoint. You would have lost money by simply buying and holding the token on FA hopes alone.

  • Another example, more recent: MFT, Mainframe, I believe is a great project. FA is on point, I still believe this, but for whatever reason (token unlocks? team selling? backers exiting?), there has been relentless sell pressure on the token itself. If you wanted to make money here, you must learn to love the project from afar, and not lose everything by holding its token in the mean time.

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I like AION also but I had to let my tokens go quite some time ago.
I did not mean to imply that you had not done your research. It was a reminder to all of us to take at least a quick dive into what we are willing to put our money on.
I enjoy checking out your suggestions and hope you continue bringing them to us here. You bring us projects that I would otherwise never hear of until much later. Keep up the great work K.

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:+1: We are all in this together.

@acfunderburk XTC is on T.O., there is an LTC market as well. Lots of little projects on there with potential, enter at your own risk lol

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You do know that people can open multiple accounts so looking at top accounts means nothing anyways.

With your argument, you’d have never bought into Bitcoin due to it’s richlist.

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  1. Amoveo has an ordinary rich list.
  2. Rich lists are a useless metric because of ^
  3. This doesn’t affect whether Amoveo will do a x1000 or not.

I agree with you, but will it happen in the next cycle? Probably not.

Why not? If we’re heading to a multi trillion dollar market cap for crypto then I don’t see why there won’t be many projects worth in the tens of billions.

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  1. What do you classify as an ‘ordinary’ rich list?

  2. Rich Lists are one of, if not -the- most useful metric by which to judge potential long entries on bottomed out alts. Simply put, if there are large wallets, there are large holders of the coin, and potential for a dump at some point, and yes, BTC is not exempt from this, but at a far larger cap, the dumps are not as drastic as they are in a coin with a much lower cap, the swings will be much more severe.

  3. I never said it did?

Why not? If we’re heading to a multi trillion dollar market cap for crypto then I don’t see why there won’t be many projects worth in the tens of billions.

Why not? Because it would take appox. 35b injected into the project to achieve, within the span on 1-2yrs. Yea, it could happen, but like I said, unlikely. ICON at its peak achieved around about 4-5b cap? It is possible for Harmony to reach 8 times that, but my personal feeling is that the majority of these Binance IEOs are over-priced. You are not going to acheive a 1000x on anything over a 5m cap, in anything but the most extreme edge cases within the next 1-2yrs summation of this cycle.

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I like the project, but didn’t like the richlist, just seemed like the smart money already accumulated on this one

I’m just curious what this means in regards to Amoveo’s gains. If it’s richlist doesn’t affect it’s chance to do a x1000 then what was your point in mentioning it?

Because it would take appox. 35b injected into the project to achieve

Much more than that actually as the inflation for ONE is really high. But I think it’s fundamentals are strong enough that it’s possible.

ICON at its peak achieved around about 4-5b cap

Completely different project with different fundamentals. Why aren’t you comparing ONE to ETH’s market cap as they’re much more similar? Probably because it doesn’t support your argument.

You are not going to acheive a 1000x on anything over a 5m cap

This is very hard to say. We don’t know how high the total crypto market cap will reach in the coming years. If crypto is worth trillions of dollars then 35bn market cap doesn’t seem that big. Even a 100bn market cap doesn’t seem that out of reach for many projects

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If you are speaking about the dev fund tokens, that was recently addressed the other day - those tokens will only be unlocked as organic transaction volume permits.

What does that mean? The team will sell more coins as transactions increase? Sounds like a lot of dumping to me.

If 10x more coins are released in the next couple years, NYZO will need a 10,000x growth in market cap to get a x1000

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I will reiterate…

The most important tool outside of a chart for analyzing the workings of smart money is to read the Rich List. It is only a single factor, but IMO, it is the final factor I use on finalizing a decision of investing/not investing in a low cap alt.

It does not however preclude said alt from achieving a 1000x alone, it is a single contributing factor.

If you want to read more on the subject of reading and analyzing addresses on rich-lists, and interpreting the mindsets and actions of their holders, please do read page 115 of Nik Patels ‘An Altcoin Trader’s Handbook’… at the expense of writing a book in the form of a reply here at 3am, he really goes into more depth than I can in this post.

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don’t fancy buying a book. Can’t you sum up what he said? I literally cannot understand how VEO’s current richlist in any meaninful way affects it’s price growth.

I can however see how NYZO’s richlist does due to rapid inflation.

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Check DM’s, don’t want to turn thread into 1-on-1 discussion.

EDIT: Also just wanted to make it clear, just because I or someone else happens to have a preference for one project or another at a certain point in time, does not mean the other is without merit. Case in point w/ VEO above, I actually really like the project :+1:

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I forced myself to watch all 9 minutes.

The idea of going towards the crypto’s with the best network effect in the long-run: yes, this is the goal, ultimately, if you want to sit and hold something for decades. Adoption is good right?

But, this is not a logical market. Holding a crypto based on its network effect alone, unless the network is tied directly to its supply/demand token economics (I.e. real world utilization of token to fuel license agreements, or something similar), you will ultimately end up buying someone else’s bags, and hold them to the ground in the inevitable 90% downturn.

Speculation is what drives this market in the mean time, speculation leads into network effect, but speculation is the initial spark (the fuel that sets off the greed/fear), so following this logic instead, if you did the complete opposite of what Thomas suggests:

-Don’t follow the herd
-Don’t invest where money has already largely invested (gains made)
-Do be a contrarian (give and take)
-Don’t always hold long term (take profits that the market gives you)

You will be able to take advantage of the market valuation inefficiencies, make gains along the way…And by not holding through the 90%+ downturns, you can have your cake and eat it too by realizing profits.

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