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Crypto20 - Anyone following it?

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  • 13-10-2017 4:39pm
    #1
    ToxicPaddy
    Moderators, Business & Finance Moderators, Society & Culture Moderators Posts: 9,764 Mod ✭✭✭✭


    So a bit of an overview, Crypto20 is an indexed based token that tracks the top 20 crypto currencies at any time. So as prices change and move, some currecnies will be dropped and other will be added.

    Anyone who invests in the stock market should know about this setup. I have to say its definitely an innovative approach and certainly has the ability if implemented properly to balance the risk for investors.

    However when reading this article, I came across the photo of one of the exes involved and its not a flattering pic. :D:D:D:D:D

    Kind reminds me of this

    By the way, there is a annual maintenance fee of 0.5% per annum on owning this too/

    There is a ICO happening at the moment with $1 per token and I'd be half tempted to throw a few hundred $ at it and see how it goes.

    Any opinions?


Comments

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    #2
    pro_gnostic_8
    Registered Users Posts: 1,223 ✭✭✭pro_gnostic_8


    I gotta say I like the idea of it, and the 0.5% is a small price to pay for the convenience of having a stake in the top20 crypto's without all the attendant hassle of putting them into their own wallets, tracking the prices, buying and selling them weekly, etc.
    The one issue I do have, tho', is that you won't actually own the coins in the real sense. "If you don't have the private keys, you don't have the coin".
    How do you feel about that aspect of it?


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    #3
    ToxicPaddy
    Moderators, Business & Finance Moderators, Society & Culture Moderators Posts: 9,764 Mod ✭✭✭✭ToxicPaddy


    pro_gnostic_8 wrote: »
    I gotta say I like the idea of it, and the 0.5% is a small price to pay for the convenience of having a stake in the top20 crypto's without all the attendant hassle of putting them into their own wallets, tracking the prices, buying and selling them weekly, etc.
    The one issue I do have, tho', is that you won't actually own the coins in the real sense. "If you don't have the private keys, you don't have the coin".
    How do you feel about that aspect of it?

    I've been working my way through the terms and conditions associated with the whole concept and there are a few areas that require further investigation.

    To be honest I'm not 100% sure how I feel about it. While it may be hassle buying, storing, tracking and trading crypto currencies, they are at least yours to own.

    Another issue is the fact that they only accept bitcoin, etherum and litecoin as payment and not any FIAT currency which makes it more difficult to track any financial transactions should it all go pearshaped. But hey, they will be sitting on a stack of valuable crypto currencies at that stage :D

    Nice of them to have their HQ in the Cayman Islands too. :cool:


  • Options
    #4
    pro_gnostic_8
    Registered Users Posts: 1,223 ✭✭✭pro_gnostic_8


    ToxicPaddy wrote: »
    Another issue is the fact that they only accept bitcoin, etherum and litecoin as payment and not any FIAT currency which makes it more difficult to track any financial transactions should it all go pearshaped. But hey, they will be sitting on a stack of valuable crypto currencies at that stage :D

    Nice of them to have their HQ in the Cayman Islands too. :cool:
    Yeah, too much a risk associated with this one, I think.
    But I do like the idea in theory. It's the lazy man's entre into crypto, but there is a substantial counterparty risk here -- you need to put 100% trust into the scheme's promoters. Er, no. :cool:


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    #5
    ToxicPaddy
    Moderators, Business & Finance Moderators, Society & Culture Moderators Posts: 9,764 Mod ✭✭✭✭ToxicPaddy


    pro_gnostic_8 wrote: »
    Yeah, too much a risk associated with this one, I think.
    But I do like the idea in theory. It's the lazy man's entre into crypto, but there is a substantial counterparty risk here -- you need to put 100% trust into the scheme's promoters. Er, no. :cool:

    And a face like in that pic isn't inspiring confidence :D

    I tend to throw €50-€100 into the odd off the wall bets and see what happens. Doing that with Siacoin at the moment, at 0.0045 cents, I get about 10k coins for feck all. If it even goes up to 5c I've made a very very decent return if not then it's nothing more than a decidedly average night out :D


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    #6
    ZeroThreat
    Registered Users Posts: 2,180 ✭✭✭ZeroThreat


    ToxicPaddy wrote: »
    And a face like in that pic isn't inspiring confidence :D

    I tend to throw €50-€100 into the odd off the wall bets and see what happens. Doing that with Siacoin at the moment, at 0.0045 cents, I get about 10k coins for feck all. If it even goes up to 5c I've made a very very decent return if not then it's nothing more than a decidedly average night out :D

    It inspires confidence in American dental care.


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