As I started investing in ICO I noticed a coin Bitquence being promoted by a FaceBook guru. Since I had bought his course and his facebook grouop was really bullish on this coin, I bought this by doing a little bit of research.
By mostly it was an impulse buy because I was in this group where this coin is promoted.
Web Site : https://www.bitquence.com
But it was a huge mistake even though I made money on this token.
First let me give you the numbers.
I bought Bitquence (BQX ) on Jul-06-2017 for 20 ether at the price of $250 for ether.
My total investment = $5000.00
I sold all of my 100,000 tokens plus the 20,000 tokens which I got from the above mentioned facebook group for a total of 3.02 BTC
Total amount I sold for = 2732 today's price for BTC X 3.02 = $8,256.00
Total Profit = $3256.00
So from a monetory perspective this is not that bad. But why am I whining.
Lessons learned
1. Never buy a ICO just because a guru suggest it. Do you own research.
2. Look for the team. If the team is ordinary then dont buy it.
3. Look for the advisers, if there are no recognizable advisers then dont buy it.
4. Marketing and social media engagements. Apart from the facebook group, no one was not talking about this coin. I didnt do any research about the hype of this coin outside of the facebook group.
5. If the ICO didnt hit the big exchanges its almost sure that there wont be any buyers when the coin hit the exchange. There should be some marketing involved as well as the market cap. If there is no market cap for the coins, exchanges are not interested in listing the coin because of the low trade volume.
exchanges make money for each trade, so low market cap means, low trade volume.
6. Is there any existing product. BQX didnt have a product.
In short I barely escaped this ICO only because I realized these shortcomings early and sold everything at the first glance.
My strategy is to cash out ICO when it hit the exchanges. If your strategy is to hold on to coins and waiting for a year or two, then this might work for you.
But why do you do that when you can double your money in a month instead of investing in too many coins and hoping one of them hit the moon?
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