First of all let me say that I do trade cloak. I have sold some on spikes and bought some back on dips. Those that say they always sold at the high and buy at the low are being dishonest. I keep a core position because in all honesty you never really know when a run up will happen. Most people are traders that trying to increase their bitcoin positions. My take on this whole bitcoin/cryptocurrency thing is that bitcoin will probably have 60-90% of the crypto market. That will leave 10-20 other alt coins that specialize in different features to fight for the other 10-40%. It is up to you/us to decide what we think these currencies will evolve into. I feel more comfortable trading Cloak than some of these others that have not produced anything but promises. I think the upside is huge if you pick the right one but you will probably lose everything if you are in the wrong one.
And there is nothing wrong with this, it creates volume, and volume attracts investors. This behavior is going to happen, not all will just hold long. But like this guy said cause he seems smarter than average trader, he's not trading his core stash, which is very smart, since you don't want to lose out when this thing goes up. To each his own, but least he sees the long term potential here. I tend to agree with you sir on the 10 -40% alts making up rest of market, but will probalby be used for speciality things. Like this coin, serves real world purpose.
I look for coins to invest in that have promise and real world uses, not hype and glammor.
