I'm gonna be honest with you all , i have been trading/investing since 2017.
I earned about 110.000 by trading and basically lost it all, i decided to sell the rest and just quit. I'm gonna explain why, this cryptocurrency market
is very manipulative and can easily be controlled and it will never stop. The icos/alts will always keep sucking all the btc cash so it will always be hard for btc to grow and
dominate.
This market is made to make money and profit from noobs it's like a bitconnect scheme. Every dollar that is made by someone, someone will lose money. Every dollar that
is made in this system will be sold to fiat and if there is low btc buy power it will mean that btc will only keep going down. This market is basically made to make
money from new users like a scheme. For example can you actually believe that if you would've put 10k usd into bitconnect you would have a monthly return of about 4500
every month by lending? This is unbelievably high which again means for every btc/dollar you lend out into this cryptocurrency system = someone will lose money that's
the main reason this market won't be there for long. Because it's basically a pyramid scheme.
....
If you want another perspective, the best trading strategy for bitcoin over the long term is *debatably* buying and holding. The daily price volatility (in percentage) isn't high enough to make day trading especially viable. There is higher volatility and potential profits to be had day trading penny stocks. Cross platform arbitrage may be the only crypto trading strategy which has a chance of beating long term buy and hold.
I agree many alts like ethreum and bitcoin cash profit at the expense of newer and less experienced demographics who buy those overpriced assets during their dump cycle when the price is wildly falling, mistakenly believing the value will shoot back up again.
Labeling the crypto market a pyramid or ponzi scheme however is going too far. It is true altcoins derive a large portion of their value from bitcoin. That doesn't make it a pyramid scheme. You could make a case for altcoins and crypto currencies, aside from bitcoin, being overvalued in proportion to their growth or fundamental metrics.
But profiting off of consumer lack of knowledge or false media campaigns is a pretty normal and everyday thing in terms of consumerism driving consumption. That aspect of things doesn't imply ponzi scheme/pyramid.