Unfortunately, my recent Speculative Portfolio pick Wax has been disappointing (to say the least).
And we just received more bad news. OPSkins (the trading platform operated by the Wax team) lost an important partner – Valve. Valve games were responsible for a good deal of the trading volume on OPSkins.
You can read more about the situation on OPSkins’ official post.
I’ve decided it’s best to exit this position. I recommend you sell your WAX position on Bittrex (where your coins should still be stored). If you want to, keep a small amount of the position and hold it indefinitely, in case it weathers this storm.
Tax-wise, you should be able to write off the loss on this position against any other gains you have this year. But it depends on your country and state of residence, so please consult a tax professional if necessary.
I’m disappointed by this development. But I think it’s better to exit the position now than wait for more insider shares to be unlocked, which may cause a further sell-off.
Good investing,
Adam