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

Though I have not been into crypto for too long, first I started crypto by mining from all this telegram bot  I was mining litecoin, dogecoin,zcash,and also Bitcoin cash, I was mining at the range of 0.00001234 then I keep mining till I succeeded in getting 1dogecoin before the site get closed.but as time goes on, that's how I begin to have  more knowledge about cryptocurrency.i know a lot of people have bad experience in altcoins, listening to my own part of the story is obvious that altcoins have not thought me a bad lesson either.

The hard lesson that the OP talks about is different from what you are saying there. What you are saying there is a literal lesson, but that is much better and this is why all are advised to be like that (to stand on our own) so that we won't get fooled by other people who claims to be an expert on the same thing that we want to enter. Other than that, it teaches us to be independent, so that we can trade at all times since there are no guarantees that our source will remain as is.

The last benefit would be is like you said, we can avoid to chase the trend or FOMO, although some indie investors and traders can still discover it but at least they can reduce their risk this time.

Many people have suffered a lot of losses by investing in altcoins.  And has a history of losing everything.  It was a few days ago that FTX and Luna caused many people to lose a lot of money over a period of time.  It is only natural that those who have experienced this loss once investing in Luna will be afraid to invest in altcoins a second time.  Your friend may have been a victim of a scam that now makes him afraid to invest in altcoins even after the price has gone up.  If you search, you will find many people who can't trust altcoin anymore.

Having enough funds, it is best to consider diversification of investment since their is very lesser opportunity of making profits from new Altcoins. Invesing all into Altcoins is not a good idea, the bigger portion should go for purchasing Bitcoin, next going for top Altcoins, some memecoins and new Altcoins. 

Things people needs to be very careful with in crypto are altcoins because they are very much risky. Their are so many altcoins in the market some are good but lot of them are not good to hodl because they have no good value.  If their is anything one needs to be afraid about cryptocurrency should be the altcoins because many of it are not reliable that you can look up to.

Trading mistakes can happen that's not really a big deal, as long as you did not get scammed then trading losses are fine. I feel like there are way too many people who gets scammed during this period and that's the most important part, if you can somehow avoid those then you should be considering the situation to be a lot better.

I believe that we can't make it work any other way, and it seems like we are going to end up with a lot more trouble. I feel like it should be something that will take some time, and we can't make it work any other way. I know that altcoins are risky investments, so if you trade some and you end up losing money to it then that's fine we can just assume that it is what we can do, it's just the way it is.

It is very painful to accept the reality of having to face the rug on an altcoin that was bought in the belief that it would go up, but in fact would be very detrimental. Now you invest most of your money in Bitcoin, it is the best choice, 95% for Bitcoin and 5% maybe for hype altcoins. But haven't you considered ETH or the top altcoins? that would be better than getting into a new altcoin whose development is unclear.

No experience yet but I have learnt a lot and knowing the common mistakes investors made and learning towards such mistakes with experience helps alot. Not all altcoins will serve as a pump and dump scheme but rather few altcoins are beneficial, altcoin investors usually earn profit like no investor will share his/her experience without talk about the risk and win involved except the investor lacks the habit of making research. The common mistakes I heard about worst experience are mostly investing in a ponzi scheme or rather going for the hype, as an investor making research can help in terms of searching for a good coin.

All of us for sure who do have that kind of learning on which on the time that we do able to experience the worst of times on investing on which there's no way that we could really be able to tell
on where prices would be going on which it would really be that normal that whenever you do make out some selection then it would be understandable that you wouldnt really be able to spot out the right
decision yet there would really be different factors on which it would really be affecting someones decisions and this is something you should really be realizing on the time that you do deal up with this market.
You cant really make those precise predictions and choices due to unpredictability and total randomness of this market.

This is why on the time that you do step your foot into this space, then it would really be always best that you should really be that investing on the amount that you can afford to lose.So that on the time
that things turns out to go south then you wont really be finding yourself that getting too stressed just because the amount you have lost is something that you've been saved
up for too long. There would really be significant differences i should say.

In this industry, everyone has got their "Had I known" moment. If you haven't got yours, don't worry you will soon get it (them). It's the baptism you need to gain that experience a lot of us talk about. Some can be very expensive a price to pay while others will be less. In all, we pay for attention and experience.

This is a case of stand for something lest you fall for anything. Your friend should go and learn Technical Analysis (TA) and quit trading on guts feeling. It will continue to burn him until he learns the rudiments of Support & Resistance with Demand and Supply zones.

The lessons aren't from altcoins alone. Bitcoin too has also taught some people hard lessons they may not quickly forget.

It's true some person don't like Bitcoin, I've met someone who don't like Bitcoin but after he understood the entire principle of Bitcoin price movement and the concert of limited supply, he became a lover of Bitcoin. I think most of those persons who don't like Bitcoin is because of what they've been told without them carrying out research on Bitcoin network to know what it truly entails, but if such person are given the opportunity to know more about Bitcoin, they'll definitely pick Bitcoin over any other shitcoin or altcoin. While only few just develop hatred for the project. But Bitcoin remains the best coin ever.

I am mostly invested in Bitcoin, literally over 95% of my cryptocurrency holdings. I have, over the years messed with altcoins though of course. I have been taught many hard lessons with altcoins. They are a far less guaranteed  thing than Bitcoin. I’ve bought the tops of certain coins & been rug pulled.

I had it with meme coins, in particular with DOGE. I quite got thrilled with the hype which made me invest a huge amount in comparison with my other crypto holdings for years. Unfortunately, a crash happened which really made me suffered from huge temporary loss that time. Good thing is that I never had thought of selling early and just continued holding. Right now meme tokens are on the run and I somehow and thanfully recovered from that loss. However, it still left me with a beginner lesson to not invest an amount which will make me question my decision. The market itself is volatile and what goes up surprisingly will eventually fall.  Meme tokens are profitable but more risky in my perspective. As we all know there's no specific usage of most of it and often being manipulated by big investors. If you are into meme coins then that's fine as long as you are able to manage the risk and to avoid not putting a stoploss to safeguard yourself from huge loss.

I also experienced losses on the hyped Metaverse and meme coin projects in 2022 where at that time I bought SAND, MANA, VRA, Shiba and Doge and hoped they could give me profits of up to hundreds of percent. But what I'm holding right now is a token with a loss of -90%. This is an important lesson for me not to be tempted by altcoins if you are not a trader and want to protect your assets. I'm the same as you. I bought ETH in 2022 for $1,100 and I still hold it to this day. It was my hope to get back the money I lost to those damn altcoins.

In life, there are no guarantees as they say and so as in investing or trading a crypto. This is why all are only taking a risk here and it's up to you if you will elevate your risk by continuing to HODL longer. You can still be compensated huge, if in case you are right with your decision. Bearish conditions may only be normal and even the best coins can experience it too.

There are still great altcoins out there, so I won't judge them completely and in fact, they also had a big contribution to Bitcoin and to the overall crypto market. There's just people who don't like Bitcoin for some reasons and sadly their decisions may not ever change no matter how hard we convince them.

Well, that story (if it's true) is a roller coaster kind of experience.
He regretted investing in altcoins at first, then he wants to invest in it again.

As for me, I can't say it is that hard lesson because I believe experienced way harder than what I experienced, but I guess the hard lesson that I learned is "Don't invest, and hold meme coins for a long time." I didn't get scammed with a huge amount of money in my long time being involved in cryptocurrency, and luckily I didn't get hacked either. It's the meme coins that got me when I tried to invest in some meme coins out there. I didn't expect too much on it because, after all, it's a meme coin, but what I didn't expect is how fast that coin went down since I bought some of it. To cut the story short, I lost almost all of my capital on it (I think I lost around 90%).

Well like I always said, we need to learn from every mistake that we are making especially when it comes to investing. Currently, I don't invest in meme coins because I don't want it, but because we are nearing the bull season, I might invest a few bucks just to ride the hype of it.

I think everybody here must have gone through some tragedies in the trading market. Investing in altcoins with high amount of risk and not a deep research is something that almost every newbie does and after having a loss they realise that trading is not that much easy.Then they either quit it or become smarter and wiser with their decisions.

It's not something to be ashamed of but if one doesn't learn from one experience and continues to make mistakes then it's a serious point to ponder. We have to make ourselves realise that we are wrong and then work on ourselves to make the wrongs right.

Even now there's lot of scams keep coming its because some of those scammers know that there are so many people look for new token to invest since they think this can give them big profits that's why we can't see those scams never put at end. Although we can see some of good crypto but there's only few of them and its hard to find to see them. That's why its hard to hold altcoins since we don't know if we can make a profit or we just got break due to uncertain loss that we don't see it to happen.

If you people into altcoins much better for them if they use their brain and common sense to determine on when to sell and accumulate so that they will not join on people got FOMO and can always get a profit once there's a chance to execute our sell orders.

Right. Back in the day, Altcoins were a wild ride with not much clarity on what's legit. Scams were everywhere. Now there are some good ones but yeah it's a risky game. Holding for the long haul might pay off but you gotta tread carefully

Altcoins had a tough time getting started with entering the crypto world. At that time there was very little knowledge of market relations and it was not possible to verify which coins were correct. Altcoins all look good at the beginning after investing it is understood that the scam coins do not rise to the top. Currently there are many good altcoins in the market although they are high risk and give good returns if you keep them for a long time.

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.

When there was also that much hype in altcoins during the ICO days. I bought some of them and did profit and brought that thought until the next years to come. And what happened next is probably all of us were aware of it. That time didn't do any good to the market because it was like a complete shutoff where it's entire bear market has got killed a lot of altcoins during that time. From that lesson, I was no longer investing heavily in alts anymore although until now, I hold some.

Yes it did but i don't want to blame the project for this. I was inexperienced which caused me to have unrealistic expectations. When i could sell off for a decent profit i kept holding until i lost most of my holding value. No matter how good a project is we all should extract our seed money and let the profit claim the ladder. No one knows the future and we can end up holding a sunken ship. I had my lesson, and it was a valuable one. This experience helped me make more profit later on and saved me from taking a loss again.

Investing in altcoins comes with great risk and that too investing in a single coin is highly risky. That is why it is always advised to diversify the portfolio which helps as if one coin fails the other might be a success. Diversifying the portfolio is risky if the coins where the amount is being invested fail. But, the risk is far less than investing in one single coin. If your friend had invested all his $1000 in coins like Ethereum or BNB then he would not have lost all his money. That is why doing research before investing is always recommended and investors should not blindly follow influencers.

Please i needed to know if diversifying as you may say would had bridged the lost that just occurred to my friend or is it that diversifying would only give him courage to withstand a one side lost and gains from the other side.
You made a clear point that probably he maybe new to the AltCoin sphere because he would had sold it when he must had made some values of income instead of keep holding hoping to make more of incomes.

I'm pretty sure that your friend didn't do enough research before making that investment because if he had done that and had analyzed the project thoroughly, he wouldn't have invested his money in a coin that would completely melt down. After all, a good project might lose value but it wouldn't completely melt down even in the bear market when the whole market goes down.
So even though I agree that almost everyone can become a victim of such a thing, one can mitigate the risks greatly if they do enough research about a project before they make their investments if they are investing in altcoins.

Minimize your loss to maximize the profits is one of the strategy that everyone should practice. So, what he can do to avoid losing all his capital if things go south when he decided to invest on altcoins again. He can use the stop loss feature to trigger selling if price drop below certain range which varies according to everyone's risk tolerance. For example if he is not willing to take risk if price dropped 30% then he can set that value and save the 70% of the capital value.

Investing must be far from emotion and there must be an investment plan. Otherwise, investing in Bitcoin may be a loss if you bought near ATH and decided to sell because you are afraid of loss. The only difference between investing in Bitcoin and altcoin is that in the case of Bitcoin, you are guaranteed that the price will not be close to $20,000 and it will rise, so all you have to do is wait, while in the case of altcoin the price may reach $0.0000000000001 and it may not rise.

I once had a difficult time with altcoins, when I first entered the world of crypto, where I didn't have a financial advisor in crypto, but that way I was able to learn to research every coin I was going to invest in, not because of fomo and hype to buy altcoins but how much the great development of altcoins themselves,

It's been a roller coaster ride since I was active in Altcoins; it was a wild journey. I've had my fair share of ups and downs with AltCoins as well. It's a tough lesson to learn, but it's a common one in the world of crypto. Some of them were blessings when I sold them at the right time, reaching my selling price target. However, most of them turned out to be cursed because, since the fall, they haven't recovered, similar to what happened to your friend, whose investment turned into dust. One mistake I see he made is not diversifying, and perhaps he didn't know much because he might be relatively new to this space and got carried away by the promises of that project.

This is very possible. He could have also been lucky if the token pumped by 1000x, but it is quite unfortunate that the token did not pump as he had predicted. Let him just accept his loss, and next time he should be more alert to set a determined price where he needs to stop losing and take his remaining capital. What I mean is that since he noticed that he had lost about 50% when he was left with just $500, he would have just gone off the market by selling the token at that moment. Even when he lost up to 80%, he still took off the remaining $200 he may have been left with. 

There was this coin in 2022; during their IEO, a piece of their coin was sold for $15, but the coin got listed at the price of $8 thereabout, which, as we speak, is trading at $0.03. This coin has caused terrible losses to those who bought it during the IEO and also to those who may have bought it at $5, hoping that it would pump to $15, which was the IEO price. 

So many investors have suffered terrible losses through most altcoin's ICOs, IEOs, IDOs, and even the public sale. 

In the past, there was a token I bought and the price dumped badly, which angered me enough to abandon the token on the exchange where I bought it. The last time I checked, the token had been delisted and the project was dead. From my experience with altcoins, I just decided to only invest in Bitcoin. 

The current increments in the crypto markets got my friend regreted after a hard time he faced last year after investing $1,000 on the AltCoin and he lost it all.
He said he Invested this some of money with his analysis that the AltCoin he invested on would rise but the volatility volume of the coin went south for him where he watched the Coins fluctuating and he felt the situation was one of the volatility potential systems in the crpto currencies.
Like he said, he watches the coins dropped from $1,000 to $8,00-$500 and was expecting it would pump up not til the coin melted to the point of loosing it all.
He said he if he knew it was going to be that way he would had had used the money to buy anything at the rate of $1 for the $1,000 just to make sure he gives achievable account of the coin.
He has decided not to invest on AltCoins again but just of recent he said he wished he had invested in the AltCoins this time due to the attractions of AltCoins as the results of the current bitcoin bull runs.
WHO AMONGST US HAD ALTCOINS THOUGHT A HARD LESSION IN THE PAST.