Can't FOMO-ing in sometimes work to your benefit?
Dunno, why people look down so much on FOMOing in! When it comes to investing in cryptocurrencies, sometimes I don't go by what project fundamentals, its white paper or tokenomics tell but with the influence and charisma of its promoters.
I'd be honest to reveal that I invested some insignificant amounts in Justin Sun's projects TRX & BTT in the hope that these will get pumped hard someday; though it's been so long a wait that you start losing all hopes of an anticipated price pump.
Recently a similar pump and dump celebrity announced the launch of a new privacy coin called GHOST. Yes, I am talking about John McAfee.
GHOST was being airdropped to all ESH holders in 1:1 ratio. ESH is a token for Ethereum based Switch DEX.
[Interestingly, McAfee DEX (mcafeedex.com) points to the same orderbook and UI of Switch DEX]. What a launch of McAfee DEX!
What more, last week, an existing privacy coin project PIVX alleged that Ghost has plagiarized its 2018 white paper. They posted comparative snippets of both the White Papers side by side to demonstrate that 80% of their White Paper was copied as it is.
In past, Tron project had also received similar criticism but it kept moving anyway.
Going by the influence and fan following John McAfee has, I decided to put half an Ether into this Ghost coin to see if it can do any magic.
To my surprise, the little known Switch Exchange coin $ESH was trading over $1. Perhaps people were anticipating that Ghost will give a run to Monero or may be at least Zcash.
Timing is the key
Price was fluctuating up & down fairly quick. But it was late night here and I was feeling too sleepy to keep an eye on price movements. So I paid the high market rate and went to sleep, thinking to sell the ESH as soon as I receive my GHOST airdrop.
In the morning, I was a little late to wake up. Timing is so critical in cryptocurrency, that people who get late are brutally penalized. Just half an hour after I received GHOST, this was the market for ESH:
Ghosh! Now I was calculating, if my ESH can even fulfill the minimum trade amount required! No, it couldn't (at IDEx). So I'm stuck with two coins now - ESH & GHOST.
With a little over 100 ESH, I can't expect any significant dividend from Switch Exchange as it's a very low volume Exchange. Also, I don't expect any significant GHOST by staking unless it performs exceptionally well. (Masternode staking needs a minimum of 20,000 GHOST!).
The word "wait" was probably created keeping all bag holders in mind!
I'm waiting for June 22 mainnet launch for GHOST.
If Corona can become a pandemic, why can't a shitcoin moon?
Why do I never learn basic lessons in investing? Because more than fundamentals, I pin my hopes on marketing.
You know how Corona / COVID19 was / is being marketed? It's being pumped hard to the moon! That's the kind of marketing effort I'm looking for success of a shit coin (yes, Corona is akin to a shit coin to me).
Am I wrong?
Tell me, if it's called an investment or a gamble?
Is this Ghost for real?