Is trading cryptocurrency on Cryptsy profitable?

[jontstaz]

Hello. I have been wondering if it would be possible to view the alt coin market as some sort of a stock exchange and actually manage to turn a very nice and stable profit through smart trades of various crypto coins. What are your, the community's, thoughts on this? Do any of you trade alt coins and if so, what sort of profits are you turning?

I am interested in the prospect of this, thank you kindly for any input.

[aaron-lebo]

It is certainly possible, but it comes with all the inherent risks of day trading.

If you don't know what you are doing you could get screwed.

[jontstaz]

It is certainly possible, but it comes with all the inherent risks of day trading.

If you don't know what you are doing you could get screwed.

Yes I see. Interesting. Would you say that as a beginner would stocks or cryptocurrency investments be more profitable in a short-mid term basis?

I'd also love to hear the input of any current crypto-currency traders.

[aaron-lebo]

Well, cryptocurrencies can go up 1000% in a day. You aren't likely to see that kind of movement on the stock market. But again, that comes with risk...you won't see the -1000% drops on the stock market like you do in cryptos, either.

[dailyarsenal]

Fuck no it's not. Cryptsy is a joke. The devs of this site are the only people making profits. They hold coins for hostage and shut down wallets constantly without allowing people to withdraw.

[SgtSpike]

For each trade, there is a winner and a loser.  Every once in a while, two losers.  Just remember that.