Those alt-coin impulse buys

Author's note: This article is part of an ongoing blog about my adventures in the world of alternate currencies.

I’m not one to impulsively spend money on alt coins. There are so many of them it would be really time consuming to carefully study each one and pick a few winners. I’m also not trying too hard to profit from speculating on alt coin future values. I earn Devcoins and I regularly cash at least half of them out and this helps my present financial situation. I don’t usually spend the ones I hold back on more alt coins.

But when you find out that Dogecoin has sponsored a NASCAR race car driver, actually raising the necessary $55,000 from donations, and you also find out the big race is in less than two weeks, what do you do?

I couldn’t resist. I sold off about a million Devcoins at their current gutter prices and bought as many Dogecoins as I could with the Bitcoins. The price of Dogecoin wasn’t the lowest I’d ever seen it, but it was not anywhere near the high where I sold the last time I owned Dogecoins.

NASCAR is a big sport, often televised. One of the race cars is going to be all decked out with the Dogecoin meme—that cute little “doge” that says all the “much,” “such” and “wow” stuff and gets all over the Internet. People at the race are going to see that car; people watching on TV are going to see that car. The reporters will probably talk about the Doge car. The TV stations might even run a little feature about it. This is the first time a cryptocurrency has sponsored a sports competitor. If within six months of its launch Dogecoin could fork over $55,000 to sponsor a NASCAR racer, then what next? Today NASCAR. Tomorrow the world. Much NASCAR; such world; wow!

People are going to hear about it. People are going to see it. People are going to wonder what it is. People will take to Google. People will learn about how easy it is to buy Dogecoins. In fact, you can buy them directly with US Dollars on Cryptsy once you complete the KYC verification steps. Some people, perhaps many people, will get a sudden itch to buy a few Dogecoins. Perhaps Wolong will even pump it for good measure. If the Dogecar wins the race, things could really get wild.

Then maybe I can sell my own Dogecoins at a profit and buy back my Devcoins before their price starts to go up again. After the race.

I have a lot to learn about DNotes, the cryptocurrency launched by the same entrepreneurs who brought us CryptoMoms. One thing I did learn about them is that they are somehow structured to resist wild price swings and repel speculation. I have no idea how one could do that, but the creators claim they have, and they warn anyone buying in to not expect a rapid rise in value, but to consider it a long term investment.

With that said one of the random pieces of advice I read this morning on the CryptoMoms forum was to give up your specialty coffee once a month and spend the few dollars on DNotes instead. At their current price of 120 sat, one could accumulate several hundred thousand of them in the first year. And if DNotes winds up becoming all that and their price approaches a dollar you could be sitting on a nice little nest egg—all from giving up your specialty coffee once a month.

I’m considering it. Not the giving up the specialty coffee part (I already do my coffee drinking at home where one cup costs much less than a few dollars). But perhaps the gradual accumulation of them a few dollars worth at a time. If DNotes truly has the great fundamentals its creators are claiming, and all the new people joining the CryptoMoms forum find out the same things about DNotes I just did, then there may be no time like the present to throw some pocket change at it and see what happens.

Devcoin, Dogecoin, DNotes. One thing all these cryptos have in common is that they start with a D. Maybe I’ll do something truly impulsive and make a point to buy some of every alt coin that starts with D on both Cryptsy and AllCoin. Sometime when I have some extra gambling money lying around.

It was only a few short months ago that I bought a little over a Bitcoin’s worth of a hot new second generation cryptocoin called Next (NXT). I bought at a very low price and at one point my holdings surpassed $5000 in value. I didn’t sell them at the high because I bought NXT as a long term investment. More recently DGEX ran an IPO on shares which would pay dividends in both NXT and BTC. I put half of my NXT into that while the other half got sent over to the NXT Blacksmith Workshop. By then I was getting tired of trying to forge on my own.

The last time I checked the value of DGEX shares their price had grown by over 50 NXT each, and I had already accumulated 30 NXT and 0.01 BTC in dividends. I’m working on buying more as the dividend payout in NXT alone is way better than what I was getting from forging. The price of NXT has fallen some since the high point, but I expect it to go back up again. I hope that it will follow a path similar to what the creators of DNotes are projecting for that currency, a gradual and rather boring climb. If the DGEX shares keep growing in value and paying dividends, then I benefit from all kinds of sources of profit. I’m hoping that like Bitcoin, Devcoin, and Next, DNotes will also develop some internal investments in the near future.

So it’s true that I don’t buy a lot of alt-coins. But I do enjoy picking some winners every so often. I’m back into Dogecoin for the time being, and I’m looking at picking up some DNotes on a regular basis. I always have Devcoins on hand, and I plan to hang onto my Next for the foreseeable future. And hopefully soon my stake in NEM will also materialize. Between all that I’m starting up a regular little portfolio.

You just never know where those alt-coin impulse buys will lead.

Devtome Writers

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