Failing altcoins turns money into nothing

[heskey]

Most altcoins are basically black holes for fiat money. The price can go from X - 0 in a day. All value is based on demand, if the demand dissappears - so does your money. In the beginning of december there was a sudden interest, newbs like me got in on the market looking for the "future currency", and so the price skyrocketed, making it seem like many coins had a very high value. But the value in itself wasn't based on anything more than the demand. When the demand rises, people hold, when the demand shrinks people sell - which create extreme price fluctuations. I think many people overlook this, thinking that they will at least be able to pull out when the real drop comes.

This many altcoins we currently see are too many to be sustainable imo. Its a complete game, based on marketing and recruiting, for each coin that fail, money will be absorbed and never come back. The only thing that will be left is meaningless digits.

Recommending someone to buy coins, is practically like recommend them to play poker - if they dont have any skill or insight into the game, they will likely lose their money.

[Keyser]

Preach it brother.  I'm there with you, came in about the same time.  And now I am in the hole big time.  Vert was the only legit coin I've seen introduced in this period and I missed out on its launch because I was looking at other coins.  The success rate for new alts is low.  Not to mention there are so many flat out scams to weed through. 

I get tired of hearing "scam" accusations being thrown around so much.  But damn it turns out to be true most of the time.  I am still fascinated by the whole crypto space and am going to continue to do my due diligence.

[heskey]

Yep, I've lost most of my investments as well. The thing with Vert is that is actually has an innovation - a concept that could have a value of its own. But one must remember that it can turn out to be a bad concept in the future.

[BrewCrewFan]

Well the rule of thumb is never invest more than you can afford to lose.

[Zzzack]

Yep, I've lost most of my investments as well. The thing with Vert is that is actually has an innovation - a concept that could have a value of its own. But one must remember that it can turn out to be a bad concept in the future.

Let me guess. You probably started investing in cryptos in 2014? Maybe even late 2013?

Vert has some innovation, but not enough to warrant its market cap this early. Many coins better than it, and many that are simply more innovative even though they were released longer ago.

[heskey]

Well the rule of thumb is never invest more than you can afford to lose.

Yes. That and never recommend anyone to buy in. Good advertising, from my point of view, equals bad coin. A good coin does not need any advertising.

[heskey]

Yep, I've lost most of my investments as well. The thing with Vert is that is actually has an innovation - a concept that could have a value of its own. But one must remember that it can turn out to be a bad concept in the future.

Let me guess. You probably started investing in cryptos in 2014? Maybe even late 2013?

Vert has some innovation, but not enough to warrant its market cap this early. Many coins better than it, and many that are simply more innovative even though they were released longer ago.

You're right on both points. I invested late 2013.

[Zzzack]

Well the rule of thumb is never invest more than you can afford to lose.

Yes. That and never recommend anyone to buy in. Good advertising, from my point of view, equals bad coin. A good coin does not need any advertising.

I disagree. Part of my portfolio is dedicated to coins with good advertising/good foundations.

A couple examples:

https://bitcoinfoundation.org/about/board

http://www.bloomberg.com/news/2014-02-04/jamaican-bobsledders-ride-dogecoin-into-olympics.html
(not investing in Doge until double digit satoshi, but I'll be excited then! Community advertises this all on its own)

[heskey]

I dont mean literally. What I mean is don't let advertising rule your decisions.

[sitefive]

its only true for those who are retards, and buy at peak prices!
I started in december and have turned $20 investment in $13,000 now , but pure luck also had in play since I got on the doge/kitteh/moon trains at the right times.

[CoinManiac]

I nva invsted a single penny yet I had earned around 400 to 500$$ in BTC.  

The good thing was the giveaways, thgh banned now. N yt i turned my BTC into more BTC after investing into VTC (30 BTC i made).
So, its lk a gamble, u nva knw when u wil have luck