Not often that we publish an entire article based on, feedback or messages from a Glitzkoin fan-cum-investor but, this real story is a worthy exception. It narrates how a XLM token investor made a decision to, sell his XLM and invest those funds in Glitzkoin GTN. The story had a pleasant ending but, the real issue is deeper than that.
The incident occurred towards the end of 2021, the Glitzkoin investor was an I.T professional from the U.K. This crypto enthusiast sold all of his XLM tokens in early 2021, the sale netted him a fairly substantial amount of $15,000. The price of XLM at that point was according to him, around $0.20 to $0.25. With no immediate need for the funds and keeping his enthusiasm for cryptocurrency in mind, the young man decided to plough back those funds into the crypto market. He made his first Glitzkoin investment and bought, GTN worth around $15,000. The price of Glitzkoin GTN was around $0.22 in early 2021.
While keeping a close track on GTN all through 2021 it is interesting to note that, even a price that was close to $2 did not tempt him to sell his tokens. It was close to the end of 2021 that, some personal debts came up for settlement. The year end also happens to be the time when crypto investors, generally prefer to liquidate some or all of their holdings and book profits. Glitzkoin GTN saw its price drop to around $1 and that, would be the price that this investor would be selling his GTN tokens at.
Selling all his Glitzkoin GTN tokens which were purchased at around $0.22 to $0.25, at a price that was close to $1 at that point – the investor netted an impressive $60,000. This for an amount of $15,000 that he had invested earlier in the year (2021). No surprise as GTN had appreciated by around, 400% from January 2021 to December 2021. The funds allowed him to pay of a large chunk of his debt. The bottom line was that he would have made almost no profit if, he had decided to continue to keep his funds in XLM through 2021.
This whole episode does make us happy, besides becoming a Glitzkoin GTN investor, this young man had also managed to fulfill his personal financial obligations with little stress. In a much larger sense there are two key points that, we should mention in this report. The first thing to remember is that, all cryptocurrency trades are speculative. While it is true that Glitzkoin GTN does not engage in, loud paid crypto media propaganda – the price of the token does follow market mechanisms. The price of GTN could have been lower or higher at the time when, this investor made the sale. It is good that everything went well but the scenario would be different, had GTN prices followed the rest of the crypto market trend and experienced a steeper drop.
The next point is more relevant to the overall outlook for Altcoins. As we have consistently mentioned, it would take a group of at least 300 to 500 actively trading Altcoins, to create a significant impact in crypto markets. There is a much broader strategy – to reduce the dominance of a single crypto (Bitcoin). Glitzkoin followers would be aware that, we have been suggesting a 30% Bitcoin and 70% Altcoin configuration for crypto markets. These numbers are based on the dollar value of crypto trade. We strongly believe that this ratio would deliver, more resilient crypto markets and boost investor confidence.
Keeping the above objective in mind it would be better for Altcoins to work on building a strategy, where they could pull in more investors to invest in cryptocurrency. Moving funds between Altcoins is fine as it provides healthy competition but, pulling in more investors from all walks of life would be even better. The good news is that, recent trends are moving in the right direction.
Ending this report with a huge thanks to all Glitzkoin supporters and investors. Your support and encouragement has motivated us to keep doing better. Assuring you of our commitment to the project in 2022 and beyond.
GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token. The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.
The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.
The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform. This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.
Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.