Topic: Has AltCoins thought you a hard time lesson before? - page 2. (Read 393 times)

Yelp, and the lesson is - never ever buy at the top or fomo in especially when the market is about to go into the bear season. Altcoins are mostly seasonal investment not long term from the experience i have hard.
We are coming close to another bull circle, there are so many new alts already flooded the market and you can see the attention of investors has mostly shifted from the old alts to new and fresh alts who have not yet had opportunity to pump to a certain price level. Imo, most old alts will not be able to achieve previous ath this bull season. The competition is getting higher. It will be better to focus more on the market trend to make the most of this season, no loyalty to any project.

His not the first neither the last, it has been happening for a long time and we all had painful experience which I don't believe will happen once again to me. When holding Altcoins, what we get as return of investment is never assured even If it flows with hype and trend, we just have to keep holding, it may take a longer time to happen or it may not at all, the risk factors are high so don't expect much till it happens.

Investment in altcoins is a gamble, because you don't know the ones that'll still remain relevant in the long run and have a massive pump to give you returns on investment, or the ones that'll not reach their full potentials and be dead with your investment capital. So to minimize risks I'll always advice any investors to buy top altcoins that have built reputation in the crypto market, even when their prices dips, they won't vanish, only a matter of time and they'll to start pump again, just like Bitcoin. If an investor must take their chances to buy tokens for quick profits on the short term, then it's important for them to diversify their investment capital into the different projects that they've researched, so if one doesn't give profit the other will.

To be fair, not really. I mean there were plenty of things that I have seen people getting scammed or failing, and if I was part of them then I would say it would be a "hard" lesson, but aside from a few gambles here and there with small amounts, I have never invested into anything that looked risky. Which means that I never got scammed, and none of the coins or tokens that I invested dropped more than the bear market levels neither.

So, I have always been a pretty risk-free investor and never regretted any decisions I made. Of course I had periods when my investment fell, but that wasn't really out of ordinary during the bear market, aside from that I have been pretty close with what the market movements has been like.

A few months ago, HOOK really caught at me. I had invested almost $2k in HOOK in the $1.15 to $1.30 range. Then it goes down to $0.75. However, I hold them, and a few months later, I return my money with interest. Fairly, I thought I had lost my funds, but holding paid me off.

Op, the story of your friend is a bit interesting but from what I understand the story is that, your friend is a greedy trader. Though having patience pays alot but when we are not 100% guaranteed that the coin is trust worthy what's the reason to still have faith in the coin when things are going bearish? I don't buy altcoin for holding and that because of instances like this, when I believe in something, I hardly let go and that why I will never cease to adopt Bitcoin more and more. But what I don't get is, after your friend must have left altcoin investment, he should have focused on Bitcoin alone and use all that he has for investment to boost his Bitcoin portfolio, if he had done that, he wouldn't be regretting after seeing the current pump in price of some altcoins, because Bitcoin alone will bring enough profit and satisfaction.

This is very unfortunate, yes, but I think your friend shouldn’t be too cautious. It’s good that he will be now more careful and less impulsive but altcoins are like a pool of coins and you can only find one old gold coin among them all. My point is sometimes the coin increases sometimes it doesn’t.

Take this loss as a lesson and come back stronger. Do not give up and keep on going forward

I think everyone has made bad calls in the past, even with all the prizes going up like crazy I am still in loss on a bunch of altcoins I bought years ago; on some of them I still have -80% (filecoin, the graph,…). Best call I made was probably buying some ETH when it was at 500$.

I learnt an expensive lesson to not hold altcoin for too long because altcoin in general are meant to be hold for short term of course except very few but thats it actually if you can cash out and be making some profit then cash out,
always remember bitcoin and eth will probably never get replaced by your coin that are labeled by the devs as bitcoin or ethereum killer but we all know that is just one big fat lie.

rule of thumbs, you make profit or at least reached the target of your profit then its better to cash out there might be some coin that will increase multiple folds yes but thats just really rare chance to bet on the odd is so low you better off not even bother about finding such coin other than you're buying at bearish when all coin hits the rock bottom and you are willing to wait long enough and become the long term investor.

the thing im seeing from the histories of various coin is that, the position of coin ranked by market cap at around #3 all the way to #20 is dynamically changing just like the coin ranked below them, you know holder eventually cash out, some people will eventually lost interest, if you want safe investment you should invest in ETH or BTC that at least don't have such characteristics since the gap of the market cap is so huge.

Your friend acted foolishly in my opinion, 1500$ would have gotten him quite the amount of bitcoin to actually benefit from the bull run at almost more than 5x in his initial investment but end up losing it all on an alt that he didn't even know their foundation.

To me the lesson here is don't be greedy with gains and invest in trusted projects that have a history of paying off than new projects or unfamiliar projects that just promise it looks like they would give you anything out if it, and more over I feel this story is all made up and OP If it's not then you should be bold enough to provide more details about the coin that was bought and when he did this transaction. Unless it's all just a lie.

I think almost everyone has made mistakes in the past, and that's what makes us who we are today.  I think your friend was wrong in predicting the Altcoin he held.  He should have cut losses when he saw the coin falling further, and stopped hoping it would rise.  Let him accept his loss and use it as a lesson to move further.


I also have make mistake. I left my tokens on the market in 2018, and when I returned in 2021, many of my tokens were worthless and several exchanges had died.  I also once invested in a small coin that had a fantastic rise, and I lost everything in a week.  I still hope it will rise again, but in the end the coin is completely dead and worthless.

So we have to be careful when investing in Altcoins.  We have to really do analysis and act quickly when the market is unfriendly.  It is better to turn around and lose a little than to persist then lose everything.  Invest in top coins and choose at least 5 good coins to minimize losses. And hope we don't fall into the same hole twice.

Very hard lesson! But I don’t feel it anymore as I used to because I have seen people who have lost even more money in crypto think of it as consolation idc (><). And if I’d be honest it also happened with my analysis just like your friend, but don’t judge me, it’s speculation we all do (even the experienced traders).

But the lesson I learnt is that when you’re trying to use a short route, you could end up worse than someone who used the longer route. Bitcoin at this current stage would never make your money drop from such large amount to nothing. It’s as simple as investing small when dealing with certain altcoins.

I bought several altcoins in 2021. Unfortunately it was the peak of ATH and many altcoins were at their ATH. I bought some altcoins at the highest prices. At that time I thought the price would pump up again and I could make some profits there. But it turned out that some projects were just short-lived hype and to be honest I lost 90% of my investment. I was very angry at that time.

Actually, I still have those coins in one of the exchangers and I haven't checked them in 3 years because I'm really angry. And a few days ago I checked again and there were several projects that were dead. But I have some coins that can save about 30% of my investment. I'm thinking about saving in BTC for now. But if possible I will try to use 10% for 1 or 2 altcoins only.

OP, There are thousands of alt coins in the market. In altcoins it is very difficult to choose and invest among thousands of coins. I don't know which currency your friend invested in. Current market price of bitcoin is above $60k. As the price of bitcoin rises, a lot of altcoins have pumped. If your friend had invested in the top altcoins in the market, he would have made a profit right now. I think top altcoins like ETH, BNB, SOL are good for investment,investing in these coins will make profit in upcoming bullrun.

I believe I have indeed learned a lesson from an Alternative currency (actually it was a token), a friend of mine invested quite a money on a token called "waifu", it was supposed to be a platform for people to get NTFs of pretty art of anime characters based on cryptocurrencies themselves, there were anime girls of Bitcoin, Monero, Ethereum... There was a little bit of everything really.
As my friend invested on it, I also felt tempted to do the same and out some of my money on it, in the end I did not do it because I wanted to buy Bitcoin and Ether.
The prices fluctuated much with the token and there were days when my friend was in the green numbers, but in the end, it seems the token decreased of value and my friend seems to have lost his money because of it.
Since I was just about a couple of click away from investing on that same token, it would be fair to say I Learnt an important lesson that day, about the importance of investing in projects which focused on NTFs and emulating the movements of other alternative coins/token investors.  

Even to this day, I feel bad for the misfortune of my friend.

This market is crazy, irrational and often unfair, so you can't be too careful, the best thing to do if you have money that you don't want to lose is to keep it in Bitcoin, the time to invest in altcoins is in altseason.

Your friend went through an experience that I don't want for anyone, but we all make mistakes and we often let ourselves be carried away by greed and learn from our mistakes.

I'm seeing a lot of coins rise, but I've already spent everything on BTC and I don't want to expose my bankroll to altcoins at the moment, although it's very tempting.

We all have lost something tangible and worthy to us during our early starts in the crypto space. I know it's not easy but all these past events are thoughts of experience in the system. I've learnt my mistakes and seeing myself improving is certainly something that gives me joy. We tend to take bold steps in the system every single time because there's no way than handling the market during our convenient time. Everyone had a terrible experience in the system, but I'm stick to my principles because that's the specific steps to follow if one still keen on milking from the system.

This topic made me remember the altcoin I started my crypto journey with. The name of the altcoin is Wakanda Inu. This coin was highly hyped. So I keep buying not even with only my spare money but also the money I should use to feed myself. Today, this altcoin has turn to dust with their fake hype.

It's not the fault of the project rather it's the fault of the investor in this case I think. Why did he invest so much money in an  altcoin that he can't afford to lose. It has been a trend that people lose money by investing in altcoins and on the other hand some gained so much profit that their lives changed.

Remember you have to be very careful while investing in crypto. Only invest that much money which on losing neither affects you physically nor mentally.Tye market research is very crucial like In this case he might not have done it up to the mark otherwise losing all of his assets was not possible if he would have made the right choice.

The big lesson I received through altcoins is "high profits come with high risks", I had time to enjoy projects through ICO, lending,... 2017. And indeed it is still exciting. It's worse than gambling, but teasing it fosters greed and makes me depressed when I lose everything. So when I look back, I still feel really happy because I realize the truth that the opportunity we create for ourselves and being able to take advantage of it is also for ourselves.

For me, the current altcoin environment is only a short-term investment process because I am aware that when my capital is larger, I will not prioritize risk, so I will prioritize bitcoin more in my portfolio.