Happy Thanksgiving everyone. Can you believe the holidays are here again? It seems like just yesterday we were readying for the great altcoin bull run of 2017. Last year around this time, Bitcoin (BTC) became a household name as futures contracts permeated the chat rooms on our social media sites. Everyone around the water cooler was discussing their new investments as the topic of cryptocurrency went mainstream. A lot has happened since then. And while many of us are still waiting for our initial investments to catch a break, new and exciting crypto-choices are presenting themselves to a savvier public.
Unfortunately, many newcomers to this wild-west of markets will get caught off guard as their investments are stripped of their packaging and the product behind the fanciful wrapping reveals a lump of crypto-coal. Like a child saddened by yet another pair of socks left under the Christmas tree, investors without experience in the cryptocurrency arena may be disenchanted with their top-picks after the hype that brought them to the table wears thin.
So as the US readies to feast with their loved ones during a well deserved holiday break, it may be a great time for all of us to look a little deeper into our crypto-investments and shake out the poor performers before the new year. After all, none of us want to get caught holding the bag for an overvalued company during the next bull run. So put down the eggnog for a minute and open up your wallets as we explore three turkeys that might just ruin your holiday spirit!
The first turkey on my shortlist of under-achievers this year is Vechain, whose token (VET) sits at just under US $.01 as I write this words. I never have been a fan of sensor tech, but this overcooked bird keeps sinking further as it’s mainnet fails to impress a new investor class.
Vechain has introduced a dual token system recently, though Vechain Thor (VTHO) cannot yet be traded on Binance. Like NEO and the GAS that users are rewarded with for hodling the NEO token, Vechain Thor is rewarded to the bagholders of the VET token. Vechain is down from highs reaching over US $8.00 under the VEN token in early in 2018.
Next on my list of stuffed birds to avoid as we ready for 2019 is ETHLend (LEND). ETHLend (LEND) started the year as an altcoin favorite of mine. Attempting to disrupt traditional banking with peer-to-peer loans based on an expanding list of ERC-20 coins, Ethlend (LEND) stood out from the pack with this interesting and lucrative concept. The dApp developed by the Ethlend (LEND) team failed to excite investors however, and adoption slowed as the market sank.
While this token showed potential at the end of 2017, the current move out of the ERC-20 market will likely intensify in the near future. And as Ethereum killer platforms make headway, Ethlend (LEND) may get caught in a negative feedback loop of their own creation. Ethlend (LEND) now sits at US $.01, down from its high of over US $.40 in January of this year.
Finally, (and I may catch some flack for this one) a top 5 crypto-turkey I am personally avoiding this year is Bitcoin Cash (in any of its derivative forms). Having caused a crypto-panic recently with its hardfork, the resulting fight between awkwardly named products leaves new investors with a difficult choice. BCHABC and BCHSV are now caught in all out brawl being played out on your favorite exchange. The result will likely be a product somewhat less popular than the original Bitcoin Cash (BCH) could have become without the infighting and disruption of the current hard fork.
What will new investors think about the newest Bitcoin Cash derivatives? I’m not sure they will think much about it at all, as more attractive currencies make their way into the forefront of their minds and wallets!
Whatever coins you choose to invest in with your hard-earned fiat is up to you! And luckily, most of the coins available on your favorite exchange have a great chance of making you some gains in the next bull run. Some, however, will need some extra gravy to remain palatable. While the crypto-turkey’s presented here may have been fine holds in the past, the new year will bring new challenges to be solved and new products to catch our eye. Relying on yester-year’s investments might not make as much sense as we once believed. And as we get ready to celebrate our holidays over a fine assortment of fantastic foods, it’s a great time for investors to watch their wallets, before being stuffed!
Follow me, Micah C. Miracle as we blast off into a new year! You can also catch me on You-Tube!
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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