Topic: My Opinion of trading bitcoins ( I think you shouldn't buy alt coins anymore ) (Read 181 times)

Dear Crypto community,

I don't usually take the time to make posts like this but the recent BTC rally has made me think through certain aspects of cryptocurrency which I would like to discuss with the rest of the community.

We are all very excited about our amazing gains and sick BTC profits, yet something does not feel right to me (anymore). While enjoying my BTC profits, I couldn't help but notice that the few alts that I still held (mostly because I truly believe/support the projects) got completely wrecked. A 7% BTC increase overnight made for a drop in alts between 25% and 50%, breaking major support lines across the board. Big players dumped their remaining positions, setting in motion a snowball of stop losses and what not. This quickly results in small BTC gains (%-wise) being offset by major losses in altcoins. This took me, and without a doubt many others, completely off guard (meaning, I never thought the altcoin losses would be this big).

It has come to my attention that people have and are losing faith in altcoins all together, and I don't blame them. Most altcoin purchases made with BTC in the last couple of months have been nothing but a bad investment unless you traded them for more BTC shortly after. Even if your altcoin is still up in dollar value, you're still faced with a massive loss of potential profits in BTC. I can't even imagine how people feel who bought real life stuff with BTC, they basically overpaid their products massively. This makes me question if BTC will ever be able to function as a real world currency. People like to address this issue with pointing out that it will get less volatile when the market matures but I feel once we ever reach that point, every BTC pair out there will have been killed off completely. On top of that, Crypto is creating a market of traders and, people who ever thought of investing in anything else than btc, quickly find themselves becoming traders because the volatility can literally cut your investment in half overnight.
Everything is hyped and whenever good news is released, shit is massively dumped shortly after (typical trader mentality..)

So my questions to you people are:

1) How do you cope with the extreme volatility in BTC when investing (or trading) alts?
2) Is there such a thing as a long term investment when it comes to alts (or even BTC)?
3) Is BTC's volatility productive or counterproductive when it comes to promising altcoins and their development?
4) Do you think BTC will forever be able to play out its first mover advantage (as going by fundamentals, it's actually far from the 'best')
5) Do you think BTC will ever be anything more than a speculative digital asset used by high volatility traders to long or short eachother to dead?
6) For those of you still holding alts, what if BTC goes to 10k end of year?

You can of course choose which question(s) you answer.
As for me, I'm slowly switching my positions to USD and will continue to do so if BTC keeps going up. While I'm certainly enjoying the profits made, I feel like I got fooled into "investing" in altcoins, whereas altcoins should apparently only be traded. The thing is, I never intended to become a trader and stare at my computer 24/7, or opening my Blockfolio every morning being scared what might have happened to my positions. Reflecting on it now, I made money but at the same time I lost sleep, happiness and lost track of the things I like to do in my free time, all due to crypto. Time to take a step back, enjoy life again and my profits! I'll keep an eye on crypto and my remaining BTC but I'm done with trading and if I can't invest without fearing to lose 50% overnight, I will stick to more secure ways of investing.

Cheers!