Project 2018 – Update week #11
As you know we’re running a project to hold $2,500 of cryptocurrencies for an entire year. Welcome to our 11th update! If you are new, check out our first post on the project.
Week 11 Introduction
Another rough week for the cryptocurrency market with some big sells during the week and an overall average decline in our portfolio of -16.26% (see our weekly roundup for details)
None of our cryptocurrencies are now ahead in profit since we started. Though we are only 10 weeks into this, there is certainly no need to be worried just yet!
Week 11 Data
Project 2018 - week 11
|Cryptocurrency||Mar 12th Value||Mar 19th Value||Gain / Loss %|
Week 11 Charting
Click the images to view in detail.
Week 11 Summary
In total, our portfolio decreased from $1,376 to $1,152 – which was a $224 (-16.26%) decrease.
If we had invested $2,500 in just Bitcoin it would be now worth: $1,614
Best performer: Bitcoin Cash (BCH) -$4.64 (-6.70%)
Worst performer: Monaco (MCO) -$20.58 (-32.41%)
Coin Profile – SiaCoin (SIA)
Why we picked it? Well, Siacoin is a really interesting project that pretty much anyone can understand. Billed as basically, decentralised storage secured by the blockchain, it allows anyone to literally rent out their spare hard drive space (and bandwidth) in return for payment (in Siacoin) – the idea being that because everyone already has a computer and internet connection (and most people are hobbyists that would love to earn a little on the side) online cloud storage should be cheaper than the big boys (Amazon AWS, Google Cloud, etc). The numbers do the talking for themselves. You can store 1 Terabyte of files for approx $2/month compared to Amazon S3 Simple Storage $23/month. Whilst this is perfect for hobbyists with large, umm.. clipart collections we’re unsure if big companies would be happy keeping their data (encrypted or not) spread across 1000s of home computers, compared to enterprise-level storage at Amazon.
However, the numbers of Siacoin aren’t bad for a growing coin:
- 4.5 Petabyte of storage capacity (equal to 4,500 x 1TB hard drives)
- 895 active hosts (spread mainly between North America and Europe)
- 161 Terabyte of storage in use
- $0.4 Billion market cap
If you want to sign up, we’ll be providing a guide on how to use their technology soon – for now, check out their website: https://sia.tech/
We’ll be back next week – keep following! (Sign up to our weekly newsletter in the header!)
Don’t forget you can catch up with all of our posts in this series by bookmarking: https://coinguide.tv/project2018