Bitcoin Forum

I recently shifted some focus from Bitcoin to altcoins. In the beginning, I chased hype and it didn’t go well. The times I did better were when I slowed down, read about the project, and made my own decision instead of following noise.

It feels like patience pays more than hype-chasing in this space.

It seems like you are in the biggening of your crypto journey. And seems like you are sticked with crypto trading. In this basis i advice you to start with major cryptocurrencies like bitcoin and ethereum and solana. As you said, this should require a lot of patience, but this is a garantee.
A short period ago, if you invest a considerable amount in eth for example, you could have a big win shortly since ethereum is performing well and reach ATH many times.

That is what you get when you try to outsmart the market, looking for fast way to make money from cryptocurrency. You are lucky that you did not lose much like people that have made mistakes in the past ending up buying rug pulled projects that took away their capital.
Bitcoin is the only safe project you can invest in and you will not have any problem or whatsoever. Making money from the crypto market is not easy and we must be ready to take discipline and focus on how to make money without being greedy. Invest more on Bitcoin and make adequate research when investing.

I am mostly all Bitcoin but do occasionally wander into the world of Altcoins. It’s a much less uncertain path but if you do enough research, maybe even get lucky & find the right Altcoins you can make more profits than in Bitcoin. Obviously your risk level is much higher but sometimes maybe it’s worth the risk.

what altcoins you have?

Nothing wrong with altcoins, many will make you a lot more money than Bitcoin will now for the rest of this year but there will also be many that you will lose you a lot if you go too far down the risk curve.

If you play it safe and stick to top 100 mainly then you will be fine. If you want to go further down the list and more risky altcoins that's OK, just only invest what you are happy to lose though as they could end up going to zero.

Shifting focus from bitcoin to altcoins is not a perfect idea for me, so i don't know how this suites you, but the best is for you to have bitcoin and then some altcoins that are reputable in addition, not even now that bitcoin has been performing well this season, while others have not been in their season to that extent.


Patience pays, however, you have to be more careful because the market can be more surprising to us in any way we least expect from it to take some while before we can be profitable in whatever we do, once we are able to invest on the right coin, which is the main ultimate challenge.

I don’t hold too many right now. Just a bit of ETH and some smaller altcoins I’m experimenting with. I’m keeping it small because I’m still learning and don’t want to risk more than I can afford.

People mostly says that experience is the best teacher, but in my own perspective, I prefer using people's experiences to learn than to learn the hard way myself.

Investment in alt and meme coin are always dangerous because they are more of gambling since they are not reliable on the longer run, that is more of the reason why like 90% of my portfolio is in Bitcoin, then the remaining 10% is in alt coin, so that if the 10% I allocated to alt and meme coin didn't go as planned, it would not have much effect on my finances.
where the problem most investors usually have is that they place more focus on alt and meme coin, without knowing that these coin falls more than they rise, that's why their are more losses there than in Bitcoin.

When you follow the noise, you'll likely end up regretting it, as it's no different than gambling. Remember that a wise investor/buyer is one who understands what they're investing/buying in. My worst experience following hype was losing $2,000 overnight. While that might not be a bad thing for some, for me, I did something truly stupid. Luckily, all of that $2,000 was profit from aped as well. So I learned from that & won't repeat it :D.

It's wrong for us to always just follow the hype of any coin. As investors or traders, we should learn to do our own research first or study the crypto assets
that we plan to trade or hold for the long term.

It's difficult to just follow the wave and always go where there's a lot of noise. This shouldn't be our style when we're
in the crypto space industry.

It’s good that you didn't lose a considerable amount of money before realizing that hype is like quicksand; every action you take will get you deeper until you can’t get out, as you’ll have to recover your losses.

The market is so volatile that it can shift while you are sleeping or not aware of it. Therefore, having a deep knowledge of how the market moves and a deep understanding of projects or coins that will likely stay and create use cases for the community is crucial.

You cannot just follow whales and influencers; you need to protect your money. To do that, you have to learn how cryptocurrency works so you can navigate the right path.

But there are few times that hype can pay you and that is if you spot it earlier and join those that are hyping it to ride on it. We have had some shit coins today that gave people money before crashing. During Trump inauguration, trump coin that was hosted in Solana Blockchain was all hyped and many people cashed out on it while the late comers got trapped. There have been many like that, uncountable shit coins that got hyped and went away. So it is always a fastest finger thing.

But aside from taking such risk, bitcoin is your sure plug. It has the capacity to over run a previous ATH and that means even when your hodling drops in price, it takes just patient for it to come back up.

You lose so much time and yourself chasing altcoins and letting greed control you. Most people chase them because they have seen a few examples of people making stunning wins. So a very unhealthy dose of envy and greed on a daily basis. Slowly it corrupts you while you bankrupt yourself in the latest FAD like memes.  :D

Patience always pays off and that's also what I've learned in my investing journey. I've got some Bitcoins and then sold them too early but not because I was hyped but because I need it for some things. And then come go with the altcoins for the hypes with the tap projects and lost me money again. But this time, learned all of those from my mistakes and that helped me to grow this time. It took me time before realizing that I am doing it wrongly and I shouldn't go with the herd because that's what others are doing and soon, they'll also realize what we have realized.

Ethereum coin is currently in a very good position, if you want to trade or hold for a short time then it can be the best. But I would like to say that you can invest in a few coins, and divide your money into several parts. Out of that, you keep 30 to 40% of your money in Bitcoin and keep it for a long time, there is a high guarantee of success, and you can invest the remaining 60 percent of your money in coins such as Ethereum, BNP Coin, Solana Coin, etc. You will achieve success in this, but it is definitely important to have your Bitcoin investment.

ETH has been doing well, so if you invested in there, you'd make good return already.
I was investing into many altcoins back then, turns out the profit was abysmal and it's easy to lose capital.
Starting from Q2 of this year I focused more on bitcoin and ethereum since bitcoin has been outperforming altcoins and I got a good results.

Besides patience, I think sticking with high trading volume coin is also the key. I'd hardly go back to investing into random altcoins again nowadays.
Had I kept my investment on various altcoin i'll only see loss.

It's okay to divert your attention to altcoins, as they're also important to learn about in the crypto industry. However, you also need to learn how to manage the risks. Altcoins are riskier their prices can rise suddenly and drop drastically if Bitcoin experiences a slight decline. Recovery is usually difficult if you choose an altcoin that has lost its hype. Always conduct your own research without following others. Don't be easily tempted by the profits of others who have made large investments in altcoins, as not everyone is successful in investing in altcoins.

Hype need not necessarily be the way to go.

Since earlier than 2012 a slowly growing group of players has been working co-operatively on the whole "problem" of how to make a coin successful; we call it the Galactic Milieu (https://MakeMoney.Knotwork.com/).

Originally, back when altcoins were first being invented, a few players approached me and convinced me that ultimately a coin is, like money in general, an I.O.U. ("I owe you").

Their thesis was that if we set up coins such that each coin was the "currency" of a "Civilisation", backed by "the full faith and etcetera of that Civilisation", we ought to be able to build value.

Because spot markets back then were problematic (and in fact have proven so ever since) we set up a "treasuries" system whereby we could compute a "treasury-based value per coin" for each coin simply by dividing the total value of the coin's "treasury" by the total number minted of the coin.

The results, dating back to 2012, can be seen in the various tables and plots maintained online at https://galaxies.mygamesonline.org/digitalisassets.html since that time, when we set it all up using an Open Transactions server (https://bitcointalk.org/index.php?topic=53329.0) that allowed any asset to be trading-paired against any other asset, and in fact even allowed each pair to exist at different scales so we were able to have three scales of market, a one coin at a time market plus a hundred or thousand at a time market and so on, so that coins could be offered at wholesale prices with a discount to enable smaller scale players to buy a batch of coins on a larger market and make a profit selling them in smaller batches or one coin at a time on smaller markets.

At that time, because a powerful command-line (scriptable) interface was provided by the Open Transactions system, we were able to use our calculated Latest Rates (https://galaxies.mygamesonline.org/latestrates.inc), which back then we used to calculate daily, to have each coin submit 24-hour-expiry buy and sell offers at all three scales offering to buy back themselves using each of the others, so that all pairs, at all scales, were always live on the Spot Markets provided on the Open Transactions server.

The various tables and plots are all derived from the Latest Rates include-file each time that file is re-calculated, thus providing history all the way back to the start of the publishing of the Latest Rates file back in 2012.

What I am suggesting for newbies, and indeed really for anyone in crypto, is to consider getting involved in the "Galactic Milieu" project which afterall from its very conception is a study, experiment, and proof-of-concept of how crypto assets can be made successful by players actually interested in advancing that goal...

Basically rather than hype, how about trying actually building something worthwhile? :)


-MarkM-

You were not doing wrongly at first for chasing hype, it just that you weren't lucky enough to meet the right one. Most of the altcoin that usually takes time to perform well are the layer 1 blockchain based coin, if you focus more on them and be patient with it, you'll definitely make massive profits enough.

Getting lucky  investing in good altcoins projects can fade also which is why we don't have to rely too much on altcoins market because it is very hard to differentiate the good projects from the bad ones due to so many scam projects in the market, ready to crash the price when they have gotten the number of buyers they want.

Investing in Bitcoin is the only safest way to stay profitable even though have been so many speculations investors can make bigger profits in the crypto market without waiting for too long. Op made the mistake to think that there is huge profits waiting for him in the altcoins market which was not.

You did yourself a great deal by observing quickly that following altcoins based on hypes will only leave you broke with tons of dumped and shit coins in your portfolio, but if you do your own research and pick based on your research results and prioritize quality over quantity you be making a good decisions along the way since altcoins is already risky and high volatile, is important to them act in a way that reduces your risks of losing from hypes sold out coin, which eventually becomes shitcoins.

There's nothing wrong with what you went through since you are in a research stage.

Now that you have been able to experience being in different scenarios, you should determine some other ways that might work for you. Shifting gears is normal as there are different trends in a market. Just build experience as you progress.

That's the right path that you are walking now.

It is true that most hypes doesn't last long, unlike Bitcoin and some popular altcoins that are now in their position because of being in the business for a long time. They crawled through ups and downs and remained strong, which is why they are now popular for their reputation and trust.

Keep it up, and you will somehow pick the right Altcoin that will make you profits in the future. Don't believe the hypes, especially if it is a month ago or more.

Hype is what controls the market and we could lose more money when we depend on hype to invest in the market. There are investors that understand how hype works and they will never invest in a project that has been hyped allowing the price to skyrocket so that more newbies can invest in it, indirectly buying at the top.

It is better to invest in an altcoins before the hype so you can buy at a very low price and when the hype commenced, you can start counting your profits while waiting for when the hype will be over so you can  cashout big while the ignorant ones would be stocked at the top.

Those projects owner's I mean the memecoins developers knows about the traffics hypes can generate to their projects, so they spend a lot of money on pushing that hype out to the public, so as to get what their want in the end, most especially memecions market have been based on hype alone even without ecosystem, what the sell to investors is just the hype and once the hype due down, the coin drastically dump is a trend we are already used to.

Making your own decision for cryptocurrency investment especially altcoins is more better than following a somebody's description for cryptocurrency investment, it is better for you to make your findings and understand the kind of altcoin that you want to invest on by making your own research, it will give you courage to invest in altcoin of your choice

But the major thing is that investing in altcoin you have to be very careful and the low very well that is not a wise idea for someone to hold altcoin for long time it will be better for you to have it duration of holding altcoin so that the coin will not die on the process of holding it.

Secondly do not lose focus on bitcoin investment because bitcoin is one of the coins that you will invest on today and the desperate the downfall of Bitcoin at that moment you will still make profit if you continue holding it, so it is obvious that bitcoin is more volatile than any of the altcoins, but the different is that if you luckily invest in altcoin and at the period the altcoin survive, you will make profit altcoin than holding a bitcoin...so in summary hold a coin wisely.

For those that have started in cryptocurrency before now, if we have the privilege of getting across to them, then they are going to share in more to what they have experienced right from time to this days, I have also learnt to be patient in cryptocurrency, not only that, but learning while observing things and how they are being done, so that we don't make mistakes we could have prevented if we had been experience in what we do, that is why we may have to take some time before starting with investment in cryptocurrency.

Whether you have been in the crypto market for so many years or you have invested in so many crypto projects in the market, all these moves are to make more money with our capital and it wouldn't make sense when we try to over do things in a way that will affect us and bring more loses to us. Every Investor must have that patient not to rush and invest in projects that will never be profitable at all..
I normally scrutinize crypto projects before investing in them because of so many scam projects in the market to steal from us.