Cryptocurrency expert Tom Wilson announced in an article he shared on Medium that he recently removed 3 altcoin projects from his portfolio. He also shared the reasons behind his sale. Here are the details…
Expert name sold altcoins
Tom Wilson started his post by explaining what cryptocurrencies he has in his portfolio. The expert’s portfolio consisted of 40 percent Bitcoin, 36 percent Ethereum, and 24 percent other altcoins. “It seems that over the months, my perspective has changed on a few things, with the percentage of Bitcoin in my portfolio increasing sharply. There are some altcoins that have dropped to the point where I have no faith. I don’t want to keep them in my portfolio anymore.” used the phrases.
Wilson’s first altcoin sold: Solana (SOL)
Wilson stated that the first altcoin he sold was Solana. The reason behind his initial interest in Solana was because of the transaction speed it offered and its greater scalability than Ethereum. At the time, he thought Solana was meeting the market’s needs quite well. Wilson used the following statements:
I had agreed to put the bad token economy aside, as half of the tokens were reserved for founders and institutional investors. I told myself it didn’t matter as the technology looked promising. But in the last few months, I’ve noticed a few things.
The first thing the specialist noticed was that Solana’s operation was “technically disastrous”. The expert talks about bugs and attacks in Blockchain. As Cryptokoin.com also reported, Solana has been stopped at least 6-7 times since the beginning of the year due to bots or malicious actors overloading the network. But in addition to that, the validators had to agree to restart the blockchain synchronously each time. The specialist then realized that the multitude of transactions Solana promised would only be performed centrally. He used the following expressions:
Even if there is a way to achieve adequate decentralization, Solana will be limited to 50,000 transactions per second. It sounds like a lot at first, but is it enough to run a platform that will one day be used by hundreds of millions or even billions of people? I do not think so.
Wilson also exited Velas and Algorand investments
After Solana, Wilson announced that he was selling Velas. According to the expert, Velas brought various improvements. It stood out in terms of compatibility and artificial intuition with Ethereum’s virtual machine. But this cryptocurrency is based on Solana. That is, it aims to contribute to Solana. Therefore, the expert states that the reason behind selling Velas is the same as Solana’s. Finally, Wilson announced that he was selling Algorand for different reasons. The expert used the following statements:
I found the technology fascinating and added it to my crypto portfolio until I took the time to learn more about it. While researching further, I noticed two things. First, the Algorand Foundation, which runs the Algorand project, is one of the partners of the World Economic Forum. Second, one of the goals behind the Algorand project is to try to contribute to the creation of a future digital currency of a central bank that will use the Algorand Blockchain as the base layer. In fact, I think central bank currencies are almost the opposite of cryptocurrency. Frankly, investing in Algorand has been like investing in something that goes against my principles.
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