In the online bet funding realm, there’s not a whole lot to talk about right now.
At least, not in re new betting banking options.
A few weeks ago, MyBookie and Xbet rolled out support for six new cryptocurrencies, and we don’t expect BetOnline or Sportsbetting.AG or Bovada or BetUS to introduce any new options anytime in the next few weeks. Especially with the so-called “crypto winter” thing going on.
So instead, let’s talk about this so-called crypto winter thing.
Because as we’ve said so many times, these are the times that can make or break you. Crypto – like sports betting – is nothing if not a gamble, and the dip is a great time to go all in on the “underdog.”
Which is exactly what I did.
Now, to be 100% clear, I’m not a particularly attentive crypto guy. I’m by no means a crypto bro, and I’m not balling. I put a few dollars into various coins here and there, and then I forget about them. I’m lazy. I’m even still sitting on some undelegated Cardano and Solana.
TL;DR: I am the target demographic for the cryptocurrency market. I am the layman, and I have zero interest in being anything more than that. The basics need to be enough to get by if this whole crypto idea is going to have real legs long-term, and I don’t have the time or energy to get more involved than that.
“Just the facts, ma’am.” Etc.
What I Bought Then
After not buying any crypto since ADA was a buck back in 2021 (and, before that, having not bought much of anything since 2017-2018ish) – I finally dropped $5000* on some coins in an effort to diversify my portfolio a bit.
Importantly, I didn’t buy these coins to use at offshore sportsbooks – I have a few small stacks reserved just for that already sitting in my accounts. The entirety of this gamble is in the growth potential of the coins themselves.
Here’s what I bought, all of which was purchased near the bottom of the current nadir:
- $700 – 1358 Cardano (ADA)
- $600 – 1170 Polygon (MATIC)
- $600 – 143 Uniswap (UNI)
- $600 – 33 Avalanche (AVAX)
- $600 – 18 Solana (SOL)
- $600 – 0.41 Ethereum (ETH)
- $600 – 0.022 Bitcoin (BTC)
- $700 – US Dollar (USD, remaining unallocated balance)
The above numbers are rounded to the nearest whole number or decimal point that makes sense.
What I Have Now
So with the above gamble, which was undertaken in its entirety sometime around mid-June, here’s how things have played out so far:
- 1358 Cardano – Current Value: $695
- 1170 Polygon – Current Value: $1032
- 143 Uniswap – Current Value: $1174
- 33 Avalanche – Current Value: $906
- 18 Solana – Current Value: $725
- 0.41 Ethereum – Current Value: $693
- 0.022 Bitcoin – Current Value: $508
- $700 US Dollar – Current Value: ~$500
The total value of the above is currently $6233 for a total risk of $5000. If you don’t include USD (since I didn’t actually convert any of that into crypto), the haul is $5733 on a risk of $4300.
Of course, the first thing that occurs to me is that I shouldn’t have left that $700 in cash just sitting in my exchange wallet. Instead, I should have simply purchased some other coin (excepting BTC, ironically) and then traded said coin for whatever other dip I was apparently waiting on.
That’s bad strategy, so learn from my mistake! The dollar is, as it were (and ever shall be), in the toilet.
Including those waning dollars, my gains have been $1233, or about 25%. Not including them, my gains have been $1433, or a bit over 33%.
So, then, what now?
Well, the conventional wisdom is to cash out the principal and ride the house money all the way to retirement. But then, if all goes according to plan, you’d be kicking yourself eternally for not having an extra $5000 worth of coins at these 2022 crypto prices sitting in your fat account 10 or 20 years from now.
So, as I’ve done before and continue to insufferably advocate ad infinitum to everyone unfortunate enough to find themselves within earshot, I’m going to take Ronco’s advice and check back in a few months.
Oh, and I’m going to delegate all the stakeable coins I haven’t delegated yet.
As for what you should do, keep in mind that my gains have been minimal. Crypto is still at the bottom, slight rebound notwithstanding. If you haven’t already bought in, get in now. The sooner the better.
*Not really. I don’t own any cryptocurrency whatsoever and would never challenge the supremacy of the US dollar or attempt to skirt IRS reporting requirements in any way.**
**Everything about this is parody. Please follow all applicable laws when buying, selling, or trading cryptocurrency.