Topic: Newbies ! A wrong (Altcoin) selection would destroy your dream (Read 316 times)

Upon picking a certain altcoin to invest with, you should think it thoroughly as much as you can because your success will decided by it specially if you will go all out for it. One common mistake that newbies do is biting to the trend right away without even speculating the possible future outcomes for a specific coin. Trends are just a facade and behind lies failures and huge dumps. If you really want to be successful with your investment, spend most of your time doing your own research, it will all be worth it once you find a potential and a close to improving altcoin which you'll benefit from in the future.

Maybe not all altcoins can give you such regret. If you shifted into binance or Ethereum, I think it may not affect you as you complain now. Binance in 2018 was still extremely cheap while Ethereum was still below hundred, you can see the difference in price now and you got big money for investment too which can help to put more profit to your wallet. You actually made a mistake and a lesson to learn.

Thank you dear for sharing your story with us this will help to many people so they can avoid the mistake which you made in the beginning I am also a beginner this will help me a lot to research the crypto coin in whichever I am going to invest and I will also do research before investing.

Please allow me to withdraw some conclusions from your experience and kindly correct me if I'm wrong

1. Before jumping to a decision, it's an obligation for us to do our own research and gather pieces of knowledge about what's we're doing. If we know what is in our front, we can take a sane decision and we can take responsibility for it. From your example, if you know how's BTC working, the nature, the fundamentals, etc you can make a better decision based on your knowledge whether HODL or selling BTC and move to Alt or permanently leave

2. Know when to stop rather than HODL-ing blindly, especially when you invest in Altcoin. Always observe the news, anything that happened with your investment, the growth, and events related to the projects because it can affect the price. The altcoin has more challenges, so prepare your heart and mind.

3. The last conclusion is probably never to invest money that you can't afford to lose. Thank you for sharing and I hope we all can learn from these and you got repaid better.

OP, I think it would've been better to list the names of those shitcoins that cost you that much pain. Is there any illegality in doing so? I won't hesitate to expose and tag any project that causes me pain or scams me.

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The sad reality is that none of them will be bold enough to voice it now, thinking that they may be laughed at. No one is above mistakes or knows it all. I always maintain that every experienced person was once a novice. There's no shame in announcing our inexperience. I was a victim of this altcoins saga and shitcoin happenstance. It happened to the best of veteran investors and traders too. The dude who introduced me to BNB in 2017 when it was newly launched. I bought 270 units at less than $0.04 each but sold off at $3 or so each. Made profit from it but reinvested it in Regalcoin (which sadly turned scam). One day I got talking with the dude, thinking he was in cool cash when BNB got to over $400 only for him to tell me he sold at $16. Despite his vociferous campaigns for BNB that it was a great investment, he too sold early. And I believe he must've reinvested in another token that would've turned sour too. We are all speculators, no one truly knows where the market is headed.

Used by Hype and Fomo seduction can also make us easy to lose funds. 
Have you ever remember the project a few years ago, which was also very popular? Ignis, yes this project. I felt so stupid at that time. 
I bought it because it was really new and complacent with a fairly rapid increase of up to several dollars.
I was provoked to follow in the footsteps of my friend.
And as a result, the coin dropped dramatically and became Shitcoins.
Really sad at that time it was the first to be the first investments done, but yes already, because life must go on, yes forget it and make it a valuable lesson and experience.
That, most of us lose money because we invest in something we don't know and know, especially just following other people (where he understands the market conditions). Of course, this will be different from our condition that has just entered the world of Crypto.

Actually it can be avoided, read the OP again and 90% of what others are saying on the thread. By simply resisting the argue to invest in the trending over hyped projects flooding around the industry. Just by doing that you have avoided similar experience other has expressed here.

The reason it seems the altcoins are been hated on is because 99% aren't worth the market capitalization they have and obviously their price doesn't represent their utility to the market. These coins are just been pumps and soon to be dump then new projects are giving attention in order to shill them to create fomo and pump the coins.

We have some altcoins that have done so well in a very short period of time that could be said to be great investment choices but instead of advocating for projects that their future aren't certain and aren't trusted, it's better you promote what we know can restand all the market throws at it, which is Bitcoin.

When it comes to investments, there are dangers everywhere you turn. Especially in the crypto field where there are lots of vulnerabilities due to the anonymous nature of it and with the fact that, its a growing field, people just take the opportunity to put out anything, pump, take profit, dump it and move out. So uncool and this could be very damaging to a beginner trader or investor.

The fact that, most persons don't see the need for a bitcoin investment as, they tend to believe bitcoin has gone way far beyond reach as per its price, is what has earned many investors a lot of problems. It goes to scare people into investing in altcoins for which they know nothing about and just believe it pumps some day. In the event that it doesn't,  cryptos get termed scam. They ultimately forget the risks that comes with investment and just like that, they are gone..

At times like this, it's better to realise that you failed in one step, pick your axx up and go about tracing and fixing your mistakes because, you must have kept a lot of analysing on the sidelines.

It's a lesson that almost all newbies will learn or experience one way or the other, the first dream of a newbie is wanting to become a future whale, having 1000 BTC in your wallet in the future, yeah I was there as well, the point here is OP got in at the time of existing, you don't buy coins when they are high in value, I lost 3500$ this way in 2018 too

I also had same experience most especially during February/March this year when Bitcoin fell from $60k to almost $30k lossing almost half of my investment, then foolishly swapped my bitcoin to one shitcoin, which never
did I know that coin will follow suit for the great fall, making me to lose almost 60percent of my investment, and I went.
Thou, actually that was my first time investing in bitcoin, and I got the worst experience ever. But currently now I guess I have known a little

A wrong (Altcoin) selection would destroy your dream

In my opinion, this is a situation that maybe can/not avoided by new investors
depending on risk -taking factors and investment selection.
which I believe, is an important point that they may pay attention or ignore.

from what i have seen, when crypto projects are equipped with big deals
like high returns through defi programs, PoS and etc,
it really gives hope in improving their finances.
but they only get what they harvest,
the larger the size of the investment then the greater the yield or not get anything.

but, we cannot anticipate what will happen in reality.
such as in some cases where a crypto project that initially received high response
but ended up not meeting market demand
or fails to meet investor requirements
or legal disputes or the inability of the developer
and other situations that could affect the reputation of the coin/token .

this situation presents a high risk to the investor
where it can bring the coin / token into a high level of the depressed market price & liquidity crisis
before resulting in loss of value and eventually being listed as a shitcoin.

but we also can't anticipate if there is a situation where shitcoins start to gain influence and come out of their black circle. but this situation may be 1 in 100k.

So if the choice is between losing your money quickly with shitcoins or losing slowly with less shitty coins, then why choose at all and not go 100% Bitcoin? Almost every newbie nowadays knows to stay away from "shitcoins", but because they are newbies they lack fundamental skills like determining if a coin is shitcoin or not, or the basics of trading like having a strategy, taking profits, cutting losses. If they just buy and hold Bitcoin, they will have a guarantee that they are investing in honest project not created for pump and dump.

I feel you COOLCRYPTOVATOR , i did nearly the same as you some years ago when Bitcoin was crashing down.
Invested in some Altcoins and into some shares of an exchange , the Altcoin crashed more and the Exchange was going into Liquidation.
Got my BTC out there before but the Altcoins still there and waiting for it to get it back.
Maybe i have luck and they are something worth when i get it .

I pretty much agree with you, well said. But the situation will be more worst if we choose shit of shitcoin. I am not saying all are shitcoin like Ethereum isn't shit coin at all. I am not a big fan of any altcoin though and the major part of my portfolio is in Bitcoin. Sometimes just shorting Bitcoin and hold USDT. I know comparing price in Bitcoin of altcoins are just dumping as you said. The altcoin is just to increase your portfolio by trading or short time holding. It's not much useful holing for a long time.

All selections of altcoins are wrong, there's no good altcoins that will bring reliable profits. Go to coinmarketcap, pick as much altcoins as you want, look at their price and switch to displaying price in BTC - in pretty much every case the price goes down over time. If it didn't, it means it's still a very young shitcoin that will eventually, and likely sooner than later, go down. Altcoins exist for short-lived pump and dumps, and you can't outtrade manipulators who orchestrate them, so better just stay away, don't be greedy and enjoy the massive gains of Bitcoin.

Honestly, I don't want to discourage anyone from trading or holding altcoin. As I said in the title, a wrong selection. This means if your selection is right and bought the potential best altcoin by researching yourself then it would multiply your portfolio. If that altcoin eats your portfolio means your selection was wrong. That's the concept of my post. The newly released token would double within an hour, and it has been happening. But what is the percentage? Have you seen a few newly released tokens dumped 4x? Hope that is a lesson for you. Best of luck.

Yes, but the risk also doubled. Also, In terms of volatility, it's wilder.
The point is, the cryptocurrencies spaces are already crowded. There is indeed some revolutionary ideas in this space, but most altcoin being made only a rehashed version of what has already been done. And that is the risk when the newcomer come to this space with a get rich quick mindset. Lack of experience also contributes to what mitigate them to find the "right" token.

From the first time I knew bitcoin 2017, until the end of 2019, more than 94% of my cryptocurrencies saving were in bitcoin but the problem was not invested using DCA.

Hodling bitcoin is not the fastest way to achieve crazy profits, but the problem of altcoins is difficult for them to return to ATH if its price fail and therefore Bitcoin is the only one who does.
Betting on the historical data of altcoins will lead you to the loss of your money.

I am a newbie, but I want to emphasize that the "wrong" altcoin will make you regret it. if you choose the "right" altcoin, you will get more profit than Bitcoin

The price of Bitcoin is now 40,000 usdt. You can imagine how difficult it is for Bitcoin to double to 80,000 usdt. But many newly released tokens will easily double.

So what a novice has to do is to find the right token, just like you found Bitcoin a long time ago.

Of course, Bitcoin is always in my investment choices, .But I only have 50% of my assets in btc. I use the other money to find new tokens.

This is something a lot of newcomers have done at some point mostly because when they come into this world they are usually bombarded by a lot of advertisement that is telling them to buy shitcoins promising to perform like bitcoin. They usually believe it after looking at bitcoin price (being high) and compare it with the shitcoin price (being low).
The hundreds of topics telling people to "be patient" (translation: baghold the dumping shitcoin) during the dumps like 2018 were also the reason why so many newcomers lost a lot of money.