Bitcoin Forum

I am a former Forex trader. I still trade stocks also. Im confused about one thing regarding Altcoins. EVERY pair I look at has the same pattern. Starts up and ends at some small price that is a fraction of its starting point. Its like every chart is a copy of another. How can you possibly make money from holding these coins? Every coin I mine from multipool when I get over to cryptsy its at the bottom of the chart. With forex pairs rise and fall. These just fall it seems. And usually about a week before I get them:( What am I not seeing. What am I doing wrong? Or when mining multicoins is it just get what you can as soon as you mine them?

Thanks....and please dont flame the noob ;)

Mine and sell on a daily basis.

The trick is to get in literally within the first 10 minutes.   Mine when there is no difficulty yet.  Or simply purchase a huge chunk.  

Then wait for the first spike... and then Sell.   

And don't look back. 

This is the only method that works with Alt Coins.  And that was 9 months ago.   These days you are lucky if you even get an initial spike.

"Mining and selling daily" is bad advice because you are not going to make enough money on those useless coins to cover your electric bill.

Multipool is a waste of time as well.  Too nonspecific and nonfocused.  You'll be collecting pennies forever there.

I gave up on all this nonsense months ago..  Trying to predict which new scamcoin was going to have an intial spike in value became so time consuming I wasn't doing anything else.

Your only hope is to get in with one of the pump and dump teams out there that put money into certain coins and certain times and tell you when to buy and sell.

Such things used to exist (wolong / dogecoin).  And some dude I know claimed he had some insiders at BTC NYC that were doing this kind of crap.  Pump and dumpers.  Not sure if they do anymore.

All in on Bitcoin and hold for 5+ years.  

-B-

The vast majority aren't going to last and shouldn't be held. They serve no purpose other than enriching the developers and a few choice early investors, then they're strangled and left for dead.

Follow the initial pump and you might come out on top.

The idea is that moment you hear any significant news and having all the forum account talking on the same tone, that is your buy signal. Just check out cann coin and you can see how news announcement have influenced it. You are a forex trader. You should know very well

Lot of differing opinions out there but thank you for all your replies. Honestly it seems like these coins are just for lining the pockets of developers for short periods of time. I was a news trader in Forex. That was a lot different though. You have things like the nonfarm payroll reports that are scheduled and move the market significantly. There are no reports per say in altcoins. Even trying to calculate M1 supply is impossible or so it seems. Seems to me that everyone is chasing the success of Bitcoins....hopelessly. Litecoin MIGHT have a chance as there is some adoption it seems. Without real demand (not from traders and miners etc) no coin can succeed and all will (and should) be worth zero.

How is this for a strategy......

I mine altcoins from multipool or wherever. Using autoswitch, auto payout, autosell. Hold all proceeds in BTC locally on my (air-gapped)computer. Hold the BTC's till after the next halving. Seems like this would be my best/easiest bet. Kind of takes bits and pieces from all the advice you guys have given more or less.

Am I right in my assumption that the upcoming reward halving in the next year/few years will cause significant appreciation in BTC?

Again thanks for all your advice....

why hould altcoin?

You know, altcoin can't to the moon even if the price jumped also rose, but once it down, you will gone.

PoS coins are for profits from holding ;)
HBN PPC EXCL etc

better not hold altcoins. Price go down inevitably...
Check the long term K-line, man.

Dip a toe in Unobtanium. 

https://i.imgur.com/mdxd7Ni.png

http://youtu.be/UM7K0z7AtSc?t=3m52s - Bitcoin Rush Show #23

The OPs observation is more or less spot on.  Most alt coins are born, they rise up, and they die.  It is a very quick lifespan.

But if you look at the coins in the top 10 by market cap, some of them have legs with multiple highs and lows. 

Most coins weren't ever made to last.  99% of them are just copy and paste with no real developer.  they are just trying to get a quick pump and get some easy cash.  then they make another clone and repeat. 

There are basically two kinds of altcoins being created.

1. Those that are claiming they have a new technology that can replace Bitcoin (those are the ones you are seeing that pump & decline pattern on). That is because next week there will be a newer technology.

2. Those that are trying to build a real user community. Their charts will have steady growth with ups & downs like you are used to with Forex.



An example is AppleByte, six months old, created to support artists of all types:

AppleByte (ABY/BTC) is traded on Poloniex (https://poloniex.com/exchange/btc_aby)

https://farm6.staticflickr.com/5605/15601784842_920a41c840_n.jpg


More AppleByte Details:
Announce Thread:  Announce Thread (https://bitcointalk.org/index.php?topic=503131.0)
Website: AppleByte.me (http://AppleByte.me)
Facebook: AppleByteMe FB Page (https://www.facebook.com/applebyteme)
Twitter: AppleByteMe Twitter (https://twitter.com/AppleByteMe)

There are several altcoins peaking 1000%
the difficult decision here is hold or sell immediately in profit

because there are too many, wasn't like that before, in 2013 summer or around that era

I know his problem... he's only trading on Cryptsy, which has a reputation for being "the place coins go to die", meaning there already past there high points and usually get added at the PEAK

one word will change it all............. BITTREX...... welcome to the jungle :)

I DO trade on Cryptsy. I will try the one you suggested...and others. I didn't realize it made that much of a difference other then for arbitrage plays(Which I also don't see how that can be done but that's a whole nother story!).

Behold! Before you go, Bonkers, you might want to read this

A lot of good advice in this thread and aspects I never considered.

In my opinion, the problem for alts in general is that 90% of them have no plans for real-world integration and are simply developed to attract speculators. (You'd think the speculators would care about real-world integration but they do not. They only care about getting out before the next guy.) Since only so much BTC is being put into in altcoins, its the same BTC that gets recycled from coin to coin, leaving behind ever-diminishing trails of dust for prices.

I'm not going to offer any examples but as someone who has watched the prices of 15-20 coins every day for the past 6 months, I would definitely recommend pursuit of substance over style, especially if you are looking to do any medium to long-term investing. Substance meaning what potential application does it have to everyday life that will grow its user base and become accepted by a significant portion of society? Style meaning everything else.

Money was created to facilitate trade between goods and services, with cryptos we are creating money without goods and services. 99% of all altcoins will be dead in a year

Try to find coins that offer genuine enhancements, such as Dark coin, or CPU only coins perhaps because they can be mined by larger number of people, these are not suggestions by the way, what I mean is look out for coins that humanity as whole might find useful.
for example, if a coin is particularly suited to Privacy, lots of people might start to use it in the future.
There is a Possibilty that altcoins might well end up as the crypto equivalent of local currencies etc.
Bitcoin as a general coin etc, 'Dark' coins for Shady deals etc, CPU coins as pocket money used by kids to mine on their PC in the bedroom.
If a coin is suited to mining on a PC, lots of people might find that attractive, better still if the CPU coin has other advantages too, like Privacy.
If a coin has genuinely useful properties, then it might be worth buying into in the hope that humanity as a whole sees that advantage and buys into it.
Some of the Ethical Coins are possible candidates, eg the coins that reward you for letting out your PC hashing power to fold proteins etc.  
I would imagine that as humanity wakes up to Cryptos, coins like this with an ethical basis could become very popular with the general population.