Are Your Crypto Investments in Harmony (ONE) With Your Goals

ONE Live Data About Price & Market Cap

What’s particularly telling about this chart is the amount of recent activity. Sure, that could indicate a good deal of sales; however, given that Harmony is one of the top altcoins Ethereum whales are buying, if you buy into that mentality (herd mentality), you should “follow the money.”

Merriam-Webster defines herd mentality as: “the tendency of the people in a group to think and behave in ways that conform with others in the group rather than as individuals.”

Although it is smart to know where the whales are putting their money during the dip, it is also crucial to do the research and buy a coin or token based on its long-term value.

“The live Harmony price today is $0.192432 USD with a 24-hour trading volume of $228,567,050 USD. We update our ONE to USD price in real-time. Harmony is down 1.57% in the last 24 hours. The current CoinMarketCap ranking is #48, with a live market cap of $2,231,496,198 USD. It has a circulating supply of 11,596,265,292 ONE coins and the max. Supply is not available.” —CoinMarketCap.

That last sentence, "Supply is not available" at least to me, is concerning. I don’t particularly appreciate that an altcoin or token will not name an upper limit of coins they will produce. It’s one of the things that make BTC a draw. I know no matter what, there will never be more than 21 million BTC coins on the market.

Suppose you buy a few thousand tokens at a fair price, and then the developers or owners decide to double the number of coins or tokens they will produce. What do you think will happen to your investment? Of course, it could be cut in half or worse.

But, does the fact that the ONE’s price has dropped with the dip concern me? No, it still holds the same value as an altcoin that delivers “both scalability and decentralization,” but now at a lower price.

I mean, sure, if you are looking short-term, I would warn you to stay away, but long-term, it could be an excellent buy-and-hold option. Of course, I am not a financial advisor, nor do I have a crystal ball. So, do the research and only buy when and where you feel comfortable.

You can trade ONE token on Binance, KuCoin, ByBit, etc. Always be sure to use a reputable exchange and move your altcoins or token to a “cold” wallet, like Ledger Nano X Crypto Hardware Wallet or one of these other top five cold wallets, as soon as possible if you cannot stake the coin.

A cold wallet allows you to store cryptocurrency off the internet safely. These are much like a USB flash drive. Some allow you to store up to 200 different coins or tokens. Although there are others, Ledger is the one I use.

“Secure, buy, exchange and grow your crypto assets with our new Bluetooth-enabled hardware wallet. With all your crypto in one place, you’re in total control of your assets.” —Ledger Nano X.

“There have been more than 20 hacks this year where a digital robber stole at least $10 million in digital currencies from a crypto exchange or project. In at least six cases, hackers stole more than $100 million.” —NBC News.

What’s more, some “exchanges” are set up with the sole purpose of stealing your fiat currency with the promise of BTC, ETH, and altcoins.

What is Harmony?

The simple, straightforward answer to that question, according to Crypto News, is:

“Harmony (ONE) is a blockchain-based platform, built to solve the riddle of delivering both scalability and decentralization at no expense of one another.”

However, very few things in life, especially cryptocurrency, are simple and straightforward. Just look at any crypto pair chart, and you’ll see that although many of these altcoins provide a much better hedge against inflation than fiat currencies and, in many cases, even silver and gold.

What’s more, buying and storing crypto is simpler than gold or silver. Besides, using gold or silver to buy items online would require you to find a broker to convert it to fiat, get a fair price, and then spend it before inflation takes out a bite.

The ONE developers have coined it as “decentralization at scale” since their exchange offering (IEO) in May 2019, hoping that buyers would see it as a bridge between decentralization and scalability. They hope the altcoin market will see it as a lower price answer to the costly “gas fees” required to mine other coins such as Ethereum and Bitcoin, along with the promise of rapid transaction speed offered by Fast Byzantine Fault Tolerant protocol (FBFT).

“We present the first protocol that reaches asynchronous Byzantine consensus in two communication steps in the common case. We prove that our protocol is optimal in terms of both number of communication steps, and number of processes for two-step consensus. The protocol can be used to build a replicated state machine that requires only three communication steps per request in the common case.”—Cornell Computer Sciences Department

Cointelegraph’s Jordan Finneseth recently (22 JAN 22) pointed to cross-chain compatibility as a performance indicator for growth, saying:

“Protocols like Fantom, Binance Smart Chain, Avalanche and Harmony developed cross-chain bridges and this led to a noticeable bump in their token price, total value locked and on-chain activity.”

Final thoughts on the ONE

If you are looking for a cross-chain option to “buy on the dip,” the ONE could be a good choice. However, it is good to look at other tokens and altcoins like Polka Dot that held so much promise. That’s not to say that DOT is not a good buy-and-hold token. Do the research and make an informed buy.

DISCLAIMER: This article is for entertainment and informational purposes only. It should not be considered financial or legal advice. Not all information will be accurate. I am not a financial adviser and anything I propose should be considered friendly banter to show you what is possible if you invest your money in these vehicles. However, there are no guarantees. Consult a financial professional before making any significant financial decisions.

#Cryptocurrency #ETH #Bitcoin $ONE #ONE

Stephen Dalton is a retired US Army First Sergeant with a degree in journalism from the University of Maryland and a Certified US English Chicago Manual of Style Editor. Also, a Top Writer in Nutrition, Travel, Fiction, Transportation, VR, NFL, Design, Creativity, and Short Story.

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