Hitting the Road

We’re gearing up for CryptoCoinCon this weekend in Valley Forge, PA, and since we’re overdue for an update I wanted to get a post out before we head out.

As they say, everyone is a genius in a bull market, and this bear market has given us ample opportunity to focus on the tech. We’ve (temporarily) ceased active trading, setup passive income growth with a masternode, and been actively building community with a small coin fork to hone our development chops.

Trading

We’ve refrained from all trading the last two months. After failing to hold to our 2% risk management rule with our holdings on IDEX (AURA and SEN), we decided that it wouldn’t be appropriate to continue until these open positions returned to profitability. We did have a nice gain on ZRX that closed in early July, but were offset by a stopped-out position in BNB.

Masternodes

We setup our first masternode (MN) in early July, finally picking XDNA after several weeks of research. We gave a presentation on MN at the July Blockheads meetup, and we’ll expand the discussion on the experience at a later date. 

SpecMining

Measured in USD, our mining portfolio for July and August so far hasn’t quite made up for June, but the last 90 days have been profitable, BTC-wise. 

PennyKoin (PK) is going to get a full write up here at some point, a lot of our attention has been on this one over the last month or so. For now we’ll say that it’s a CryptoNote fork run by a solo developer, and we’ve now functioning as one of the core devs/community leaders. We’ve setup a mining pool and block explorer, and have even contributed to the project’s Github. It’s also inspired a related software development project that has income potential, and we’ve learned so much about blockchains while debugging the code. 

We also spent a couple weeks mining TUBE, the token for BitTube, a decentralized YouTube clone that looks really interesting, but we’ve since switched back over to our profit-switching pool of choice, MiningPoolHub

Not rekt yet

If May was bad for crypto markets, then June was completely horrible. We’ve seen USD  drawdowns of around 35% in both our long term holdings and mining accounts, but have managed to hold some water, in BTC terms, with our active trading account. The real silver lining has been that we’ve been able to focus more on tech, continuing progress on our trade planning and management package, as well as starting a new project that involves our own ERC20 and 721 tokens. While the past few months have been painful, we’ve been working hard and aren’t rekt yet!

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Trade diary

The past two months have been a mixed bag for my personal trading portfolio. In USD value, it’s portfolio is exactly where it was on May 20, despite an overall swing of over 40% from top to bottom.  Measured in BTC, our bags have gained 12.5 percent over the past two months, despite making very few trades.

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