A golden rule for investing is to spread your money around. This is especially true in the world of crypto, where putting all your coins, or eggs, in one box might not always be the smartest thing to do. Yes, experience is important, but so is the ability to change and adapt.
That is not true. There is no need to fuck around with shitcoins.
There could be some newbies to investing that might well start out by only having one investment until they get up to a certain size in which they start to feel a need to diversify.. but diversifying does not necessarily meant to go into shitcoins.
What are the thresholds to diversification might be another question, yet frequently this idea of some kind of need to diversify both distracts people from one of the best investments available (if not the best) and also may well cause them to dilute an already decently small sized budget, and it could take a while merely to establish funds dedicated to bitcoin that might be used to DCA, buy on dip and lump sum..
as well as further funds that may be needed to get cashflows in order (take care of some debt and to make sure to build an emergency fund, which should be basic investment themes that are even more important in the beginning stages than getting distracted by dumb ideas of diversification, as if getting distracted into shitcoins is going to be helpful to anyone, especially newbies... which surely many of them may well get distracted easily into shitcoins based on not really understanding the difference between bitcoin and shitcoins or even understanding with any kind of high level where bitcoin fits as in terms of its investment thesis.. which may not exactly be needed to know all of these things in the beginning even though it does not seems to help to be suggesting that there are needs to know about shitcoins more than just the mere basics of staying away from them, which means, not to diversify for the mere sake of diversifying (until maybe you have some kind of a reason to diversify).
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When one means diversify...this doesn't really mean that it should be done on the same line of investment. For instance, if I am a bitcoin investor and I want to diversify, I am to diversify into stock, gold or bond and not in cryptocurrency anymore, this is because they are all following the price movement of bitcoin. If bitcoin dumps, those altcoins dumps and vice-versa. As long as you have investment in the superior of all cryptocurrency, which is bitcoin, there is no need you think of those altcoins because you will end up losing your funds if you want to hodli for long, and you will not have a rest of mind because they are centralized, and one day the dev can just shut down and move away with your funds. You wouldn't have anyone to blame but yourself. We have seen so many altcoins that have crashed in the past and I believe that these existing ones will still crash because they are have the same features. Investing in altcoins is gambling and I wouldn't advise anyone to spread his funds around different coins, but to stick with bitcoin alone because it is only bitcoin long term investment that is profitable and guaranteed. Especially this thread is encouraging newbies to start investing now, instead of them to learn everything on bitcoin first, which makes it unethical for newbies to think of investing in altcoins when we know that it is not a good start for anyone new in the cryptospace. Newbies and other investors should invest in bitcoin alone, and if you have acquired your target amount of bitcoin, you might invest in altcoins if you feel like to gamble with them. However, we are different and have our own various ways of investing that we think will work for us.
Surely.. similar to what I am trying to say.. but you (Sim_card) said it first in response to Blitzboy... but surely it is a repeating theme, including one that Blitzboy seems to continue to weave into his posts from time to time.
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