My own S&P 500 for crypto
I own about 140 different cryptocurrencies. Basically the top 140 from coinmarketcap.com. I aim for equal distribution by market cap, which right now is around 40% bitcoin, 25% Ethereum, and 35% alt coins.
I'm 44 and have invested my retirement savings, now about $100k into target retirement date funds. If I was picking my own mutual fund outside my employer's plan, I like the S&P 500 the best. I don't own any individual stocks and don't have desire to.
Is anyone else doing this? I know Iconomi and other coins aim to be mutual funds. I don't want to do that because I basically don't trust them.
I like crypto currency because it represents cutting out the middleman, no 3rd party, no company or business, and no government between me and others I'm sharing the crypto with. I hold my bitcoin and ethereum on trezor and paper wallets generated on my airgap PC. I hold Ripple at Gatehub. I have minimal cash at coinbase for scheduled repeat buys, before moving it elsewhere. I do keep about 80 tiny coins on exchanges, most worth $10 each because I don't have time or interest to run nodes or wallets for each coin I buy.
I've been buying crypto for the last 3 years at the rate of $50 per month and I'm considering raising that to $100 per month. With $1800 in, my balance is about $15K after taking some out for some crypto related supplies and fun. I dream of the day where I can direct deposit half my paycheck into crypto. My partner is preventing that more than technology at the moment though.
Do any of you guys try making your own "S&P 500" or am I the only crazy one? I think it'd be cool if someone would invent a fund where I could have 500 minus 10 and have the fund exclude the top 10 coins so I can maintain them myself in my own wallets. If Bittrex can't even own the top 200 coins, how can I expect anyone else to. For now I think I want to keep doing this on my own.
How are you able to manage 140 cryptos? Which exchanges do you use?
Coinbase and Bittrex are my main exchanges. Others are Liqui, bitfinnex, etherdelta, gatebub, hitbtc, and and more. I don't use poloniex because my us state doesn't support it. I don't have a vpn account yet, but getting one next. I've participated in a out 5 ICOs so far. Most for $10.
Very interesting post @raymetz100 . Congrats on your success through your in-depth crypto investment efforts so far. I think it's a great idea to look at the cryptosphere as a whole. There's currently 997 coins listed on coinmarketcap ..........hmmmm......
So far, I've done well mainly with BTC and Steem, but I've only been at it since last Sept. I've messed around on a smaller level with other coins, mainly to educate myself. I'd like to expand my investment strategy and I'm very intrigued with your ideas :)
Great post. I must follow you b/c you are definitely smarter than I am. I like to learn, that's what I do best! Cheers.