$ (DOT) Polkadot

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Oughtism

Oughtism

see ye in the mornin' pal
True & Honest Fan
kiwifarms.net
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Jan 5, 2021
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As somewhat of a newcomer to crypto, I felt like I had missed the Ethereum train (and even more so BTC) when it came to long(ish)-term investments. Polkadot (DOT) seemed like a good opportunity since it is a relatively young token. It was developed by Gavin Wood, one of the people behind Ethereum. Initial crowdfunding was done in 2017 but the token did not open to the market until September 2020.

Website: https://polkadot.network/
Twitter: @polkadotnetwork

The basis and vision of the Polkadot network (what is known as 'Web 3.0') is outlined here:
polkadot white paper (github)

There are several "parachains" in the network, which are independent but use the same underlying software. This is referred to as the DOT ecosystem, with the two most notable tokens currently being Kusama (KSM) and Ren (REN).

As with most cryptos, Polkadot has had a good start of 2021. The price on January 1st was $8.35 and has now soared to $30+. What may be indicative of independent growth is the market share, as it is now ranks fifth on the market with 2%. What are fellow farmers thinking about DOT? I am currently using it as my long-term token while experimenting with much smaller alts. I've assumed it is less likely to be a target of pump-and-dumps but who knows.. Crypto can of course be highly volatile regardless of strategy.
 
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irishAzoth said:
I lost $200 today because of this coin
damn you Gavin
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Lost as in you closed the position? (:_(
I definitely don't want to give any financial advice but I do think it will recover. Granted, it is easy for me to say since I bought in a month ago but.. I did manage to add a smaller amount early this afternoon. I think the main problem facing most alt coins is that the overall market is dominated by BTC and if it takes a plunge, it pulls everything else with it. Smaller tokens may not survive a single such event - even though they had all the other qualities needed to succeed (independently).

The overall market variance has been high in the past couple of weeks, but it is worth noting that just seven days ago, DOT was at $28.
 
KateHikes14 said:
Your first PnD, congratulations! Hopefully now you have a better idea of what to look for.
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I respectfully disagree (but I still love you). I can't see how this would qualify as a PnD for DOT:

(1) The overall market is down significantly more than the individual token (the market cap is down more than 35% of what it was mid-day Saturday and Polkadot is down 18.5% since then).

(2) Until its first growth spur, in mid January, DOT was about 2/10,000th to 3/10,000th of a BTC. Now it is currently sitting at 7/10,000th (i.e., it has about tripled in its relative value to BTC).

Was buying DOT (or any token) a bad idea in hindsight at its peak? Yes, undoubtedly. Was DOT a pump and dump? No, not in any way that I understand things. You could maybe argue that the whole market was a PnD but that is a stretch.
 
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Not much to update on here, DOT reached $42 but dropped during the crash. It has now stabilized around $34-35 and looks to keep its market share.

The reason I write now is that the DOT ecosystem has had a new token introduced on some of the bigger exchanges (earlier today FTX). The token is REEF. I picked up some at 0.035 - I have a feeling we will see quite a bit of upward movement in the next few days. May just be a short-term thing but..
 
What is the saying? "Don't invest money you can't afford to lose"?

Polkadot has had a strong day following news that Chainlink allows their price chains/algorithms to be used by the dot network (source). The token is still racing, currently at an ATH by almost 10% of the previous high in February. Now sitting at $45+, up 20% in the last 24 hours.

Let's hope it will continue to grow, but for now I will turn a few of mine into Kiwi Silvers. Even exchange rate! :cunningpepe:
 
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Polkadot is very interesting, and I think it's currently underrated. The main blockchain explorer is terrible and super unintuitive, but the tech is solid and will lead to very promising projects.
 
DOT is doing very good at the moment, been sitting north of $50 for almost a week.

Looks to do with the start of their auction system. Not 100% sure, but I think how it works is a team starts developing a project to work on dot's system, they go up for an auction/crowdloan. If they meet the threshold, they are allowed to go forward, not everyone is allowed to be on chain like ETH. Those that contributed have their DOT locked up for 96 weeks at the end(or maybe incrementally) they get their DOT back plus a proportional amount of the crypto.

I know there has been a lot of hype over Moonbeam, and it might be something I'm kicking myself for down the line, but I don't think I'm going to participate. As it stands, with Kraken, I'm getting half a DOT a week staking. I'm mostly lazy and just buy and sit on Crypto, going for long term gains. Trading a pretty reliable 48 DOT(probably a bit more, compound interest) for a big question mark of a new project is pretty antithetical to how I've been doing things.

Who knows, maybe I'll break off a piece and at least try with a dozen or so.
 
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