I’ve owned a stake in the up and coming New Economy Movement (NEM) coin for several months now. Although I am not interested in selling my stake, I am happy to report that it is now trading for 26,500 NXT, which is right now equivalent to just a hair over three Bitcoins. This represent almost exactly a one hundred fold return on my investment of 0.03 BTC. If it was possible to sell just one hundredth of my stake I probably would, but I don’t want to part with an entire tenth at this point. In fact, I don’t even have a NEMstake token to trade as I have not requested one. I’m still concerned that one of these days my NXT wallet will blow up and I’ll lose it or something. In any case, I am confident I will do far better than breaking even when the NEM coin is finally released later this summer.
Over the weekend I made the wonderful discovery that years ago I was building up my stake in a future cryptocurrency by simply logging in to my VirtaPay account, and that this cryptocurrency is soon to become a reality. I have no idea how well it will do, but I suspect that it will at least get off the ground. The team has certainly put a lot of time and effort into this. This stake cost me nothing but time to acquire.
I’m now the proud owner of yet a third stake in a future cryptocurrency. This one is set to be launched July 1st. Late Sunday evening I received an email from Graviton with some very exciting updates about DGEX. Getting the update boosted the share price a bit, which is good for me since most of my NXT are currently tied up in DGEX shares.
One of the updates concerned a soon to be launched NXT spin off for the people of Finland. DGEX customers were invited to contribute some BTC or NXT towards the project and be awarded a proportional amount of the coin once it launches. The coin is called FimKrypto and takes NXT a step or two further, so that it is called a Generation 2.5 coin. I read a little bit about the coin, noting especially that the development team members all have Scandinavian names. This is important because alt coins for specific countries have been launched in the past but that doesn’t necessarily mean it actually benefited the people from that country, or that the people from that country even knew about it. FimKrypto at least seems to be originating in Finland.
I don’t know too much about it, or exactly what its chances are of succeeding or of truly benefiting the country. However the fact that Graviton endorses it is worth at least a few hundredths of a Bitcoin to me. I bought in yesterday and I may buy in a bit more in the weeks leading up to the anticipated July 1 launch date.
This brings my total stake ownership to three soon to be released cryptocurrencies. As well as the NEMstake is doing even months before NEM’s launch, I’m actually pretty excited to hold small stakes in several cryptocoins.
DGEX is administering the distribution of FimKrypto coins after launch, which is another great deal for me as it means I will have my new coins delivered to my DGEX account. With NEM and VirtaPay, I am going to need to set up wallets and then do whatever other steps are necessary in order to collect my coins. As far as I can tell, with DGEX, I do not have to do anything but log on sometimes after July 1 and see my shiny new coins in my account along with a ready-made market so I can trade it into NXT, and possibly BTC or even fiat. Part of the benefit to DGEX of handling the FimKrypto distribution is that the FimKrypto team already has the ability to process fiat transactions and DGEX will have access to this as well.
If FimKrypto does as well after launch as NEM is doing before launch, then I am likely to make at least a Bitcoin out of my small investment, and perhaps two or three. Hopefully I can earn that amount without liquidating my entire interest all at once.
Stakes in future cryptocurrencies are considered high risk investments. Apparently one of the biggest risks to buying such stakes is that the solicitor could be a scammer and simply disappear with all the “invested” funds. This is why I only bought into the two stakes I paid for on the recommendation of other people with whom I have built up some trust. It is also the reason why I only invested a small amount. If I lose it it’s really no big deal. The other risk of course is that even with completely honest developers, the project might not pan out. It’s not especially difficult to go through the technical steps of launching a new cryptocoin. The difficult part is getting the new crypto widely adopted and then keeping the interest level up. This requires a lot of public relations and marketing skills.
With all the risks involved in getting stakes in new cryptocurrencies, when the crypto does pan out, the returns are astronomical. The ability to make back one’s investment a hundredfold even before the currency launches as I could with NEM if I requested a token and sold it now is a case in point. And apparently people who sold their stake in NXT before it launched made out at this level or better as well.
My opinion at this point is that buying stakes in up and coming currencies is worth it as long as you do your homework and really truly only invest what you can afford to lose. If you buy stakes in several cryptocurrencies it’s statistically probably that at least one of them won’t materialize for whatever reason. Stakes in future alt coins shouldn’t be one’s only investment, but having it be a part of one’s portfolio certainly adds a lot of excitement to the game.
And if I managed to snag stakes in three up and coming cryptos without even looking for them, this must mean there are lots of opportunities to buy such stakes out there–a proliferation of stakes. Have fun and be careful out there!