My problem is there are too many new coins being invented and confused me with those new functions.
And, I find it's hard to analyze the forecast the market trend for lack of collected information.
What I am doing is read as much as possible, and try to piece together the information.
It's the opposite, there's too little. I'd say out of the total number you see here, 95% coins are trivial scams, and it's even worse for ICOs, where I'd say the number is about 99%. Exchanges being on it doesn't help, either.
The market is more or less the same like any other penny stock market. Folks taunt bottom barrel alt crypto speculating like something new, but schemes like this were around for a long time.
Thank you explaining!! What I'm doing is keep an eye on some ICOs, and try to figure out how they work.
But I'm quite new on this topic, sometimes it's hard to tell the scams cuz some of them still have clear projects.
Could you give me some advice on how to carry out investigation about these ICOs or I just need to dig out more information
from those long-living exchange in terms of learning?
The key thing to recognize is that
it doesn't matter if it's a get-rich-quick scam in and itself. If you're daytrader in bottom barrel altcoins, what you really care about is how the pump is executed exactly.
If you want short term returns, you have to pay attention to short term sentiment trends, fundamentals play next to no role in here.
In addition, with bull market we're in now, there isn't much else to put money into. Speculation is a zero sum game, and it's absolutely crucial to be positioned in a place where the most fools are, while being a lesser fool than the median.
Or you can play it long term, so called "smart money". You wait until trust in CCs hits all time low - like post mtgox hack, or governments cracking down on CCs in the near future. Once that happens, you dip buy long established coins when they drop like a rock during that period.
And cash out 4 years later when they're up again.
It's completely up to you which strategy you prefer. Majority of users on this forum are daytraders, but that doesn't necessarily mean that's where the money is. While quick speculation can yield high profits, it's also far more risky as the trends are fickle. Long term speculation is far more dependable, but most people simply don't have the patience for it.
