So after lurking for a while on this subreddit, I’ve finally decided to invest into cryptocurrency, more specifically in cryptos I personally believe in, and not just in some coins whose value I think will shoot up simply because of the ‘greater fool' theory. This is a long one, so buckle up, put on your tin foil hats and take out the pitchforks. If I’m not getting any lambos, at least I’d have some I told you so
’s. Before we start, we’re going to make some assumptions
, we’re all here for the long haul, i.e. for the technology, the possibilities, not for some quick money. Current price fluctuations don’t matter since they aren’t real representations of value. The amount of money you take out of your pocket does matter though. Well, do read this great post
, if you haven’t already. Second
, we love privacy
. “If you’ve got nothing to hide, you’ve got nothing to fear” is not an accepted argument, amongst others. Let’s not dig too much into it, we’re headed the other direction. Third
, everything is to be taken with a grain of salt. We’re all here to care for our own interests so keep that in mind. So this is what my portfolio will roughly consist of, for the time being, since these are projects I personally believe in. Monero(XMR) - 30%
Apparently it’s become quite accepted that Monero is the go-to coin when it comes to absolute privacy, the dev team seems pretty solid and legit. Stealth addresses, Ring CT, Fungible. This post
contains almost everything (probably written by a Monero employee, but still valuable). NAVcoin(NAV) - 20%
Transactions are reported to be pretty fast, the dev team is pretty ambitious and active; got some solid plans. I’m guessing they just have good marketing. Apart from the use of RSA encryption, which I find questionable, but still, the whole thing looks pretty promising. Overall, worth a 20%, maybe more. Sumokoin(SUMO) - 15%
Hard fork from Monero, so same technology as Monero. Use of RingCT. Fairly new, so a lot of room for growth. Pretty undervalued in my opinion, but it has a small market cap of $10mil, so beware of whales and bullies. To be kept in the same drawer as your Christmas cake, which, ta-da, is to be open for Christmas. Yes, we’re in February.
So, these are the privacy coins I’ll be investing in, no big surprises. I’ve got 35% left, that I’m going to put on some (in my opinion) darker horses. Before that, we’re going to talk about some problems of privacy coins, that is, some hurdles that are gonna have be jumped over before they become part of everyday life.
How do you get mainstream acceptance? I mean, Dash has done it, although they are not exactly private. But still, they’ve got some Visa card which converts DASH to USD and EUR which can be used in over 100 countries or something like that. Plastic card that I swipe through a machine to get money? Yeah I’ve used that before. Have you actually used bitcoin for anything? I personally haven’t.
It would be nice if your grocer started accepting the one cryptocurrency everybody, from Warren Buffett to NFL Superstars, has been talking about : Bitcoin. Well, better tell your kids dinner will be ready at 2 in the morning cause that’s going to take a while. Then Bitcoin 2.0 (Litecoin) comes around. Faster, better, you name it, it’s got it. Then Bitcoin 3.0 comes around, same deal. You see where I’m going with this.
The thing is, I can’t get my head around which currency everyday people might actually want to use. There’s is too much competition for the exact same product. I mean that’s good for us as consumers, but as an investor, I have no idea where to put my money at. I could put it on what’s ultimately the best project, but hey, look who’s smugly grinning at me, sport jacket on, cap worn sideways, chillin' with all the chicks. Google. He’s a handsome, possessive, controlling and privacy-invading maniac and they know it, but they still stick with him cause’ he is Google
after all. What I mean is : First-mover advantage, you could either succeed with Google 2.0 because you're better, or, you could fail because you were second. Where am I going with all this?
I’d like to keep my privacy, and I like safe bets; I’d like to bet on all the horses in the race. So, after skimming on everything that was on this list on reddit
, I wasn’t quite satisfied. Too much of the same stuff. So, I took a break, went to the corner shop to get a beer. I’m 24, got a beard, got ID’ed. Yay. Handed my credit card, cashier swiped it. I signed. Done.
Then it struck me. What the hell just happened. I’ve been writing this long-ass post about all this privacy nonsense, and I’m now just hoping that this kid straight-outta-school's got below-average memory so I don’t get screwed over in my sleep? No, thank you. He only
had to know two things, that I was over the legal drinking age (whatever that is), and that compensation for the beer was received. Instead, he got a free lifetime subscription to World of Warcraft. Wonderful.
So, after a few intense Binging
sessions, I stumbled upon only two similar projects working on platforms for secure Identity Verification, which I think will more easily be implemented for everyday use. Civic and IAME.
Now, I’m going to put my money on both, one will eventually come on top, or one might stray away to a niche. Either way, I’m winning, I hope. The question is, how am I going to partition the 35% that I have left. So let’s get started. Civic - 15%
So, website looks pretty neat, which for me screams marketing, not undervalued, so less bang for your buck. Offers secure ID, KYC and ID theft protection. Your information is protected from third parties, so pretty much what I was looking for. However, the database which stores your data is centralised
. Civic holds all of your stuff in one place, which makes it a perfect target for hackers. That’s especially an issue, considering IAME solves it. I’m giving it 15% because it seems to be a good project overall, but with some fundamental issues. IAME - 20%
This one is my dark horse since they are still in development stage and I’m convinced they’ve got great potential. Pre-sales are going to be cheap, and happening soon from what I read, so I just registered. Civic raised $33mil in one week from token sales for comparison with a weaker concept. Did a background check, team looks pretty solid. ID verification is decentralised
and fragmented for verification so no one but yourself holds the entirety of your information, which means hacking is pointless and data can’t be sold to 3rd parties since IAME holds nothing.
So that’s where I’m putting my money at. I’m still open for suggestions though, so if I’m wrong on my analysis, come at me. TLDR;
I love privacy. Monero
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