The problem of the constant need of being up to date to HODL crypto

[naf]

As I have commented in other posts, I have been retired from crypto since 2017. That was a great year, I did some money I lost some money but what is most important I enjoyed the run. That is to say, I was not a hodler but mainly a trader, for a short time. However, I decided that it was not for me because it required too much attention. I was not going to be a millionaire with the amount of money I could invest, so I decided to spend my free time in other hobbies.

However, a few days ago I received an email from Bittrex Global saying that they were going to close a wallet were I had some balance. Long-story-short I had some 1ST firstblood in my wallet (frezzed by Bittrex back in 2017) and I had somehow lost the automatic 1ST swap 1:1 to DAWN that occurred in Bittrex the 22nd June 2020. Now, my coins are not circulating and have no value.

MY THOUGHT IS:

All these years I have sporadically put attention in the bitcoin/crypto evolution. The bitcoin value have multiplied by three after four years (but it reach $3,000 and was way below $20,000 most of this time). As for altcoins, some that I had back then have multiplied by ten. However, others have dissapeared and others have evolved like 1ST. In fact, BTC itself split in BTC GOLD and BTC CASH back in the 2017. Were you a strong hodler, you had make some money. However, what was the cost?

Because you cannot simply sit and wait... if you had bought BTC in 2017 at $13,000 and you needed some money before 2021 the BTC was $7,000 most of the time... The thing is that your money was frezzed during four years, that was the cost. So, you better be a hodler that just needs the money in a bullish year...

As for altcoins, you better be up to date with the swaps. Because anyday that coin you have may mutate into something better and you may be left with nothing because of a developers/community decission... In this case the cost is that you have to be up to date, constantly.   

I understand this happens with fiat too. Fiat money changes but at a much lower speed, and you only have to worry about the one that is used in your country (in fact in some countries we have to worry about two..).

What I wonder is what expect us as the altcoins become more common and each company you buy something to, each employer you have, and each important person you admire had one? May we expect to spend more and more time in being up to date just to protect our earnings?   

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[maju69]

What I wonder is what expect us as the altcoins become more common and each company you buy something to, each employer you have, and each important person you admire had one? May we expect to spend more and more time in being up to date just to protect our earnings?   

With the number of altcoins that are currently quite a lot. It is difficult to sort out which ones can really give us a long-term profit or sustainable profit. At least 100 altcoin rankings on the Coin Market Cap are also not fully guaranteed. It all relatively depends behind the coin developing with several projects in it.
As for the expectations for altcoins, it is clear that we can only make short trades in search of short-term profits and not expect too much. Use profit taking according to the target you want to take.

[illnino]

It is a real hobby for some people to follow the crypto market. Actually, not all investments require you to be always up to date.

If you invest in bitcoin or in any other mainstream currencies, you don’t need to worry about this as the more you hodl the more you get then. In terms of altcoins it is very important to be aware of all news.

3 years ago there were Litecoin, Ripple, Bitcoin cash at the top, but now this top is completely different.

[jrrsparkles]

It really depends on what altcoins you have chosen to HODL, if its ethereum ,lotecoin or any other old coin which is existing here for longer and shown decent growth then you no need to keep checking everyday about the price change when you intention is to HODL which means long term.

But in general of you are an investor then its bery important to be updated with the news related to your investment or else you will miss the right opportunity to reap bigger. You can make hige money but it can't be done with zero effort.

[carlfebz2]

It is a real hobby for some people to follow the crypto market. Actually, not all investments require you to be always up to date.

If you invest in bitcoin or in any other mainstream currencies, you don’t need to worry about this as the more you hodl the more you get then. In terms of altcoins it is very important to be aware of all news.

3 years ago there were Litecoin, Ripple, Bitcoin cash at the top, but now this top is completely different.

Being not updated with the market do feels like that you are blindfolded and if you've been here on this market for a while then you would really be itching on for you to check with the current condition of the market.

I could really say such thing basing up with my own experience because i had intended not to look for it after i had made out some bitcoin accumulation but its really hard to resist such temptation on not to look into the

price which would most likely you would able to peek off and if you do saw that you are already profiting then you do make out decisions on point whether you do hold more or sell for securing your profits.

[FatFork]

OP, I disagree with a few points: First, Bitcoin didn't split into BTC GOLD and BTC CASH back in 2017. As far as I know, these are forks. They're similar to altcoins except that they use the same algo as Bitcoin. Second, history of Bitcoin has proven that you can really just sit and wait, which is why it remains the most valuable cryptocurrency. Regarding fiat, have you forgotten about inflation? Every fiat currency loses value over time. Some more than others.