Topic: Newbies ! A wrong (Altcoin) selection would destroy your dream - page 2. (Read 342 times)

Majority of us all made that mistakes, it'll be unwise If the newbies coming into the space today do the same. Altcoins are just there to steal your bitcoin at the end of the day. You'll think you can easily double your investment with them.

Well that's somehow possible if you're lucky to go in and come out without having an attachment to them but that's unlikely. The very moment you leave Bitcoin and start investing in altcoin, it'll be hard for you to come back. You'll keep believing the very next altcoins is the Golden one and keeping drowning in that section of the market.

Just stay focused, keep accumulating Bitcoin, if you just want to feel other aspects of the industry, go in with just the mindset of experimenting and just throw in few bucks that won't affect your investment. At the end Bitcoin is the only true cryptocurrency out there, the rest are just inferior and duplicates of each other. Don't ever use your Bitcoin to buy alts, you'll always regret that action in the long run.

When we invest in altcoins, take a look at the basic situation of the currency, and don't invest because of its high ranking.
You can hold more Bitcoin or Ethereum. If you keep holding altcoins, you may lose more, because altcoins are not suitable for long-term development. Everyone makes frequent transactions through altcoins to make profits of.

• When we fail to invest, we must think about the reasons, control our emotions, and don't invest emotionally. This will make us lose too much.
• While paying attention to altcoins, we must also pay attention to Bitcoin. In many cases, altcoins fluctuate with the fluctuation of Bitcoin.

Lessons we could deduce from this:

1. If you think you could make use of altcoins to increase your Bitcoin holdings, think twice. It is more likely that altcoins would reduce your Bitcoin holdings rather than increase it.

2. A wrong altcoin selection could destroy your portfolio. However, there is only one good in a thousand altcoins. That's like looking for a needle in a haystack. Needless to say, there is much higher probability that you end up choosing the bad one rather than the good one.

3. Altcoins are not for long term. Just like OP's experience, it could happen that the altcoin that you bought could increase in price in terms of BTC after days or a few weeks. Should it happen, grab the opportunity and sell it. There are abundant proofs that altcoins are short-lived. It is better to make a little profit than incur a big loss.

4. If those who made careful research fail in choosing the right altcoin to invest, how much more those who are lazy enough to do research? If you are lazy, just stick to Bitcoin and HODL.

If you've hit a shitcoin and the person doesn't know about the pump and dump scheme, his money will be dead, which would really destroy his/her dream. If being practical, you shouldn't convert any of your assets to something new or "looks" profitable because it's not always a win-win situation in cryptocurrency especially in the altcoins, even ETH or BNB can go down 50% like what happened recently. I've noticed that people are easily FOMOd in an altcoin investment, especially in a shitcoin that's been promoted as an x10 gem; he'll lose a lot if whales dump because x2 is enough for them.

Sometimes you have to think like a whale even if you aren't a whale; altcoins are full of whales; continue dumping if they have already profited from that altcoin. I also have an altcoin investment, but it is separate from my BTC investment; I am still holding ADA, which I purchased at a low price, and I am confident that my research will pay off someday. I don't usually invest in an altcoin that is already undergoing a pump because it is too late and I could lose a lot of money in a single mistake.

Well, a great experience of you that we should also learn but fortunately on my portfolio --the largest amount is in bitcoin and I have altcoin too but only a selective one with the amount that I can afford. The problem is you totally left the bitcoin even though we know that bitcoin is less risky than the altcoin. This is supposedly the allocation amount in your portfolio, ^{[85% for bitcoin and the best altcoins]}. There is nothing wrong if we try to invest in altcoin for the amount we can afford but this is not good for a long-term holding and anytime some of the altcoins will dump and cannot recover.
However, thank you for sharing --as they said, you must learn from your mistake because more experience will lead us to success.

Thank you for sharing your experience with us COOLCRYPTOVATOR.
I am sure most of us here made at least one of those mistakes at one point. The problem isn't always the lack of experience but the inability to control our emotions especially the fear of losing our hard earned money.
At least by now you know that whenever the price of bitcoin start falling you should either stop trading and wait for it to recover (if you can hold for a long time) or to exchange to one of the stable coins. Any one who follow should realize that most altcoins always follow the trend of bitcoin.

There is a right time to invest in an altcoin though. But it might not be good for longterm investment for there will be a bear market to come every now and then and you are left with less valuable tokens. Bitcoin still is the best investment especially for newbies that don't really want to research anything.

There are exceptional tokens but it will take years before you could really see its growth. The top altcoins are somehow exceptional these days like the BNB, Polkadot, and UNI but this is because they got a good use case.

this is the obvious reason why most altcoins are called shitcoin.
You as campaign manager probably know what altcoin teams ask from you, usually bumps, spreading a nice word about projects etc... often and without cover and the actual product behind.
to be honest, I myself had a lot of failures while believing in altcoin projects.
at one point I had altcoin worth 7-9 in BTC, now that I would try to turn that same amount of altcoin into BTC, it wouldn't be enough for either 0.1Bitcoin. Plus, many of these projects are dead now even if they sound very perspective and they had great support.
I think only the top 10 ^{maybe 20 from} on CMC are worth being considered as trustable and to hold.

I can imagine almost everyone with hands of steel at one point or the other sold their Bitcoins too early or traded them for a shitcoin which they expected would increase in value far more than Bitcoin and ended up losing out in the long run. Almost all the altcoins which I have ever held are not trading on ay exchange at this point, with zero value.
Holding Bitcoin is risky, but altcoins are pretty much gambles or wild guesses on which could rise within the short term as almost all become valueless in the long run

When I started, I like some altcoins, the ones with high marketcap, I remembered the time I have my 50% on bitcoin while my 50% on altcoins, I have ethereum, litecoin, digibyte and doge, but I later removed the coins and put it on an exchange to trade, it was all in tether on the exchange, I would have gained now, but I used all to trade and lost all. Trading has been my major set back, altcoins I kept all moved up like bitcoin. But there are shitcoins, these are the coins that are most risky which OP is talking about, they are low marketcap coins of no value that people can think will have value but remain valueless or even reduce more in price.

Someone somewhere told that altcoins are a way to steal your bitcoin. This is possibly true, you are one proof. However, altcoins are also good way to accumulate more BTC. I have been in a good position for the last few months unless I were not giving shit to coinbase listing. I lost around 50% of my peak but still I'm in profit. You need to be careful, have to pick the best but yeah, it’s pretty hard for newbie.

It is really a sad experience, you didn't mention the alt-coin so may I think you bought the alt-coin due to hype, am logically thinking that no one would move their Bitcoin into any alt-coin without there first being a hype about that alt-coin, I have seen such hype on social media, even heard their are groups that pay interested participants to hype their alt-coins or project all over the internet, so I think -Newbies- should not make the mistake of panicking to buy an alt-coin because of hypes.

No one can say that cryptocurrency will be profitable. But what you have said is not correct. In my opinion, it is better to trade Altcoin for a limited time. Not to keep it. But you can keep BTC or top coins. If you compare it with the previous years, you can hold the top coins. It can be profitable.

I did this with a small amount of my balance when bitcoin wasn't moving much, I think I bought eth at around 0.03 and then it halved and I managed to sell the bottom because I didn't care enough to keep it open (it was just a bit of a test anyway). If I'd have kept holding it until now, it'd have doubled but at an extreme risk - so I can sort of appreciate how risky trades like yours were when you decided to hold alts instead of btc - I imagine they were up in terms of btc too (pre crash) unless you only bought them recently?

Just came to my mind and wonder to share with the community especially for newbies.

A wrong (Altcoin) selection would destroy your dream.
You may order how? I will share my experience then you would realize the concept. I can't recall the exact date but most probably it's the beginning of 2018 when Bitcoin started dumping. I was a newbie in trading and holding. Somehow it's come to mind since I am not a good trader I should hold the coin for a long time. So that I can multiply my (Bitcoin) portfolio. I did the same as what was in my mind. Rather than holding Bitcoin, I moved to altcoin. I select two altcoins for investment and holding. And almost 1.5 BTC has invested. It was my first mistake.

However, a few days it was good for me. But when happen massive Bitcoin dump all altcoin start dumping. The dumping speed was more than Bitcoin. So I didn't bother to sell due to the huge dump. It was my second mistake what I realize now. Then suddenly Exchange announced delist for one of my holds altcoin. Means I lost too much here. Then I sold that shitcoin and add a few more QTY to my other holding. That was my 3rd mistake. As a result that shitcoin value is less than $1K. I don't bother to sell this shitcoin still now, just leave it as it is.

So my wrong (Altcoin) selection lead me to break my dreams. If I were just left Bitcoin rather than move into altcoin then I should be in a good position today. Now 1.5 BTC is worth too much especially when it was above $60K.

I hope newbies can take a lesson from this story. It's not just a story, it's giving me pain sometimes when remembering it. So when you think something similar, please select the best altcoin otherwise just stick with Bitcoin. Research the market as much as possible you can during the selection of altcoin investments. And don't repeat the previous mistakes that I have done.

Best of luck to all of you guys.