Bitcoin Forum

Unless you have been sleeping you can notice all of the little alts on Poloniex are getting some huge attention. Many of the little Alt's for some reason have started going ballistic with gains between %50 and %700!

What is driving this insanity?

Im searching through the list of cheap ones now and trying to find the next potential rocket. None of them seem to have anything special, somebody starts buying and then chaos kicks in for everyone to jump in.

My noob strategy of buying all the smaller alts has started to pay off but I dont want to get greedy. Probably most of you will laugh and say only invest in trusted projects like ethereum, lisk and nxt but that hasnt always been the best idea.

I bought small amounts of piggy, pink, sc, sia, silk, btm and a few more. Its not a huge amount but enough to enjoy the action and have some fun amongst the whales.

What do you think will be the next superstar?

Edit: I got some CGA too for the sole reason its the cheapest coin on poloni. One user said only go for coins with some volume or they get delisted? Sounds likely but what got me into it was the fact that for a coin thats only worth $23 thousand dollars it traded over $31 thousand dollars in volume and then $12 thousand days later.

If it fizzles out you can all laugh at me as a noob but my other coins already did something.

Last note, where can we go to get to hang out with other traders?

It's really gambling and luck unless you have inside info. This usually happens after a BTC rally, the top alts have pumped, then the little alts get pumped. More alt pumps that can last weeks or months then another BTC rally. The cycle just repeats  :D

So is it worth just buying every alt there is and holding on?

Trying to guess which will be next is a fool's errand.

If I were you, I wouldn't unless you are okay with the possibility of losing the money, since low volume coins have higher chance of being delisted if it's not earning the exchange money. Research on coins that have development and unique features and buy those that aren't in a bubble and are in capitulation (search google images for ' market bubble psychology'). Usually I stick to high volume (top alts), then pick a few low volume alts (little alts) for high risk high rewards after BTC rallies

That is really hard to say because price rises like Ethereum come only once in maybe 5 - 6 years. Ask again after 5 years and maybe someone can give you an answer. ;D

Well I guess the good thing is that even a fool can make money. So far I have done alright and if anything just sold 2 of my coins too early. Its true that you cant lose selling at profit  :D

Do you realize how easy it would be to forge the order books ?
NO i do not trust Poloniex.

Haha your penguin with a gun is hilarious and your FUD line is a classic. Whats the current going rate for premium FUD right now? Can we pay in your favourite alt?

But in seriousness what do you mean "forge the books"?

If you cant trade at Poloniex where do you recommend? 

Hard to believe I am quoting you however this holds weight.  Who say's whales are manipulating the prices of alts?  Do people forget Gox that quickly?  People love the transparency of a blockchain and yet they support a 3rd party exchange with zero transparency?

No idea where.. maybe don't ?
Why do you HAVE to trade shitcoins for profit ?

All they are.. are web sites.

You can make a web site do what ever you want.

Need to dabble in shitcoinery ?

Think about it..

Exactly..
And when a fishy thing is going on like every altcoin being pumped to hell & back i stop and get suspicious !
When others scream.. Take my money now !

These exchanges are centralized and non transparent and have almost all been hacked etc.
I made a list and i lost count.. around 12 or so have cried they were hacked.
Yet you all just hope the next one will be different.

Do you know how much Cryptsy boasted about the impenetrable cold storage methods ?
I seen a guy quote them saying it a while back.. it was funny LOL
Then later..
Vern simply cries "I wuz hacked" as i predicted.
Blames some weak IRC related code that was even posted on Github..
And even though they said they never ran precompiled wallets..
They said they did for Lucky7coin.. after they got hacked.

What does all that mean ?
Shit talkers ! TALKING SHIT GALORE.
Feeding you BULLSHIT NON STOP then doing the compete opposite day in & day out.
ALL OF THEM DO IT !

I said years go they will rob someone on the way out the door as this shit implodes.
And that is exactly what has played out all over crypto..
For example the trusted escrow guy here Master-P
He collected up your money then wandered off with it.. then got caught lying his ass off after.

I have been warning you guys and you all have said ahhh bahhh so what.
Well when the scene gets that bad it may be YOUR money on the exchange or the escrow etc.
The environment decays to the point where trading just is far too risky..
Which is why i quit trading long ago.
I got tired of sending coins over then being lied to with massive delays etc.
The reliability of sending coins from exchange to exchange was horrendous.
And all these exchanges have to do is lie to you.. Cryptsy did it to me many times.
AND even admitted it to us all with users being lied to then their info handed off to US fed's for investigation !

If you can't see how corrupt it has become then YOU are the corrupt one LOL
Smart people got out looooong ago guys.  ::)

Don't be low hanging crypto-fruit  :D

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EDIT:

@NUFCrichard
Good point and me too LOL

The answer today was Piggy!

You might get lucky trying to pick out a coin before it gets pumped, but the liquidity on these coins is really low, so if you try to buy a bitcoin of 2 of them, you will be sat on a paper loss of quite a lot immediately.  If it gets pumped, then good for you, but if not, you will lose out.  How many alts are you happy to hol, and for how long?  I have sold coins that have been pumped hours later (e.g. quark, xcp) a few times, it really annoying!

You don't keep up with the news, do you? There are many good reasons for some alts to go up.
50% in one night and keeping the new territory is a healthy comeback for some undervalued alts ;)
700% in one night is a pump.

i'm watching lisk closely right now. lisk might have a shot at moon just like bitcoin and vaporware super scam like eth.

i dont think lisk will moonshot for any reason, the coins that are actually geting pumped up by massive percentages are all just small shitcoins that no noe in the right mind would invest in. Purely because lisk is one of the more recognised and stable alt coins at the moment its not going to see the same amount of pumping. Its a lot easier for someone with less capital to pump the smaller coins as well because they cost much less. If you want to take a gamble then but some of the lesser known shit coins and you might get lucky and hit a pump but its just like playing the lottery. Your better off just holding some of the more well known and trusted coins.

yup,  I wouldn't buy in to steem at the moment, especially right upon listing @ Polo...price will be dumped as soon as possible.  Better to buy in various alts when their price drops, then all you need is patience...usually they all follow a similar rise/dump/rise/dump...only hard part is waiting.

i did the same at yobit, buying small amounts like 10~50k sats from coins at 1 sats and putting ordes to sell at 10~20 sats.
a month later 0.01bitcoin became 0.03 and i still have tons of orders to trigger. maybe next month some bot pump some shitcoin and buy more of my orders.

but it's like gambling, i dont recomend do that.

Though the two are soon parted. Good luck to you, but for every pump there is another coin like ARCHcoin that gets dumped to the ground. How do you avoid that?