Get rid of your Altcoin bags

[BlockchainWizard]

Like for every investment, you need to check it frequently and evaluate how to proceed. It is similar for Altcoins and very important.

Crypto currencies are a very fast evolving field of investment because of tech.
Innovation is changing opportunities quickly and we need to select good Altcoins for it.

If our bags are still loaded and we have many of such outdated Altcoins, we sit already at a loss. But we should prevent to get more loss by selling our bags and exchange it to a more reliable (Bitcoin) or innovative (Ethereum, Avalanche, Algorand) coin.

And next time, we should always review coins to prevent a loss. When a coin is reviewed badly by experts, like Tron and EOS have received bad reviews by experts, it is time to sell quickly.
But its even more important right now to sell all outdated Altcoin bags like Tron and EOS.

Why can Altcoins fail?

Altcoins are very volatile and many Altcoins have failed so far. Many ppl have lost money by holding failed coins.
But how can we make sure to avoid such failing Altcoins?

We should have a very close look to such Altcoins and try to find out about very important details:

- Is it a promising coin where new technology is used? For example, Litecoin and Nano are using a very ild technology.
- Are developers very experienced and professional to set up a good Code?
- Is it a coin involved in fraud (like BSV, Ripple or BCH)
- Is it a coin where security has been good or weak (avoid hacked coins)

Because if coins are not interesting, have not good tech or people are not interested in it, such coins will fail.

When we have done our research, we can know why some coins will fail and how to avoid it.

Many coins have been started when Cryptocurrencies were less developed and much less innovative.
And here it is a big problem for many Altcoins: using outdated Blockchain technology.

A good example for such an issue is Tron.
Tron was developed from Justin Sun to compete against Ethereum 1.0.
But Tron was such a badly coded coin, it couldn't even compete against Ethereum and lost many marketcap against Ethereum.
Now, since Ethereum 2.0 is launched, Tron is completely embarrassed because of it's old tech.

Tron is based on an old technology where more innovative coins are outperforming Tron massively.
Tron is losing relevance very quickly compared to such new and more modern coins like Ethereum 2.0, Avalanche or Algorand.

One more old coin is EOS. It could not meet expectations and was even place 5 in market cap until it is now very irrelevant. People still holding EOS are having a big loss.
Lucky, who got out timely, to prevent a loss.

[AbuBhakar]

It depends on what altcoin you are holding right now but I agree on the general message of this thread that Altcoin relevance comes and go pretty quick. I do invest on EOS before when they are still new and hype but luckily I get out earlier when they are still on the top market because they have a very complicated blockchain with ram and fee too fuel every transaction while they have a very low TPS on their blockchain compared to competitors.

I do have Etherum as long term investment though which is an exception to the rules that’s why I said it depends on what altcoin you are holding because Ethereum just like Bitcoin will always have relevance in crypto as first mover in blockchain.

[fenixosup]

There are still good alts in the market. The majority of them are wortheless, yeah. However, main alts like ETH and SOL are here to stay 

[Adbitco]

There are still good alts in the market. The majority of them are wortheless, yeah. However, main alts like ETH and SOL are here to stay 

You know it's important to filter out the altcoin you don't need to the better ones moreover newly listed coin in the space some of them can't be trusted neither are they reliable to hold for long instead I will always encourage people to have bitcoin in your portfolios. Apart from Ethereum and BNB, Polygon and few other coin I didn't think people should hold irrelevant coins in their bags since they aren't worth holdings  and they are also being driven by Bitcoin price and whenever the price goes down it affects all every coin that depends on bitcoin for growth.

[moneystery]

most of the altcoins circulating on the market are trash, so an investor needs to do research and thoroughly check the altcoin they want to invest in. there have been many cases of altcons offering various promises and claiming that their projects are promising, but most altcoins like this end up being scams and very few altcoins actually survive in the market or even if the altcon survives in the market the price could have fallen very deeply.

investors should not need to invest in altcoins whose credibility is unclear, such as meme coins or similar altcoins, and focus more on popular altcoins whose credibility is clear. if you are confused, cmc can be a reference for investors to see what popular altcoins they have the potential to buy.

[o48o]

-cut-
Many coins have been started when Cryptocurrencies were less developed and much less innovative.
And here it is a big problem for many Altcoins: using outdated Blockchain technology.

There are so many weird claims in your posts, but i will talk about only 2 of them.

Like tell me more about the Ripple fraud. And by that i mean, give me the link to the fraud case, not some opinion piece where ripple is a corporate coin. I was in crypto when that sale happened, so i must have missed it.

Also you don't even seem to know why EOS failed. You just think it's "outdated" tech.

I can tell you the reason, and it's not because main dev couldn't code or "code" would be bad. In fact he was highly innovative and gifted coder. Reason is that EOS and for example ICT are trying to create these huge all purpose platforms, with an attitude that "build it and they will come".

Problem is that these kind of monster blockchains aren't designed for any real purpose. They just wait that someone invents that purpose, so most of the platform isn't needed. If the blockchain is designed for specific reason, it stays lite and cleaner. And people who want to builld for that, know that they should choose a blockchain build specifically for their purposes.

[batang_bitcoin]

EOS and the other popular ones like 5 years ago and more are dropping their rankings and popularity in the market. ADA despite still at the top rank, I don't think it's also worth it to hold. There are other once popularity altcoins like NEO as well that have been less popular and volume became lesser this time. Some good alts are there but you should limit yourself into holding a few of them because holding everything in altcoin isn't a good strategy IMHO.

[X-ray]

most of the time with alt bags, I just consider it short term holding.

keeping your alt bags for more than 1 cycle of bullrun and bearish just gonna be harmful to your portfolio later on because altcoin easily gets replaced by other coin that gets all the hypes.
can't sweat about coin like EOS and TRON getting replaced by newest more fancy coin and finally fall short both in volume and market cap because, well people tend to just disregard altcoin that's old and have no hypes.

so, aim for holding alts only when you're in very early stage of bullrun, other than that, just buy BTC like what the big guy is doing.

[betswift]

most of the time with alt bags, I just consider it short term holding.

keeping your alt bags for more than 1 cycle of bullrun and bearish just gonna be harmful to your portfolio later on because altcoin easily gets replaced by other coin that gets all the hypes.
can't sweat about coin like EOS and TRON getting replaced by newest more fancy coin and finally fall short both in volume and market cap because, well people tend to just disregard altcoin that's old and have no hypes.

so, aim for holding alts only when you're in very early stage of bullrun, other than that, just buy BTC like what the big guy is doing.

I agree, though I would buy ETH and, just like you, I don't get attached to the memecoins or small or newer alts that much, as I usually don't consider them as a long-term investment.

[bitgolden]

I personally hold only a few coins at high amount, and the rest I do not care about all that much. I personally like ETH, BNB, SOL, LTC, ADA and these are it. Nothing more than that, do I have any money in other things? I do, and they are very small, I just care about these and have most of my money in these and I trust them. This is why I think it is quite important to notice that we are going to end up with something that will definitely profit us. This is why we should consider how we could deal with something that will take some time.

I believe that we could make some money from alts, if we trust them then we are going to see something changing if there is any new ones, like ADA wasn't on my list back in the day, but after 2021 I started to get some of that too.

This is why it is important to know if you see a good new one, and add that to your portfolio as well, that is going to be the most important part, and I believe that is where people miss their most chances. If a project is good, then it's smart to buy it after the hype slows down, because then if it's good it will go up again eventually and that is when you start to make your profit, it should be noted and could be done very well.

[Yaunfitda]

Oh well, there are really investors who loves to take that risk and go with shitcoins and meme coins instead of solid coins that the OP mentioned. OG investors prefer the route that is easy for us, let's say Bitcoin and Ethereum and just buy on it and be a bagholder, accumulate over time, and then wait for the right time to sell, easy as that. And then we can sleep as night without thinking that the next day, the price will not go literally to 0. Nevertheless, there could be a new set of investors or generations that prefer new coins but then again, the risk is too high, but they are willing to take that for higher rewards. So we can't really say what to do with them, it's their money anyways. But for us, yeah, I do agree, I would go with Bitcoin and Ethereum any time of the day, regardless of what cycle we are in. And with that, to each it's own, and we can only hope that at the end of the day, everyone will make money specially that we are now in a bull run.

[evichi]

Utility is the key concept that every altcoin holder should consider. Crypto enthusiasts should ask questions like - why am I holding xx quantity of ETH, SOL,TON, Monero, USDT?  In my opinion, you should have reasons for holding some sort of altcoins. Obviously, technology is rendering some coins outdated as there relevance becomes outdated due to old technology. Same goes with gadgets like phones, cars, etc. New coins have the capacity to replace old coins when there is preference in utility. This means that project team members, from the onset, have to map out innovative strategies for growth and relevance in the crypto space. If there are no strategy for growth/relevance, then, the coin or token will fizzle out over time and probably become worthless. Ethereum is a good example of an altcoin that have maintained its utility/relevance to the crypto community till date.

[mich]

Well I do say most of my crypto is in Bitcoin and not alt coins. But I would never want to sell all of my alt coins and only hodl Bitcoin.

It is something that us investors must do if we want the most profits. We can not only invest in my coin so it is better to diversify our crypto portfolios with other alts we think will have big gains.

[betswift]

Well I do say most of my crypto is in Bitcoin and not alt coins. But I would never want to sell all of my alt coins and only hodl Bitcoin.

It is something that us investors must do if we want the most profits. We can not only invest in my coin so it is better to diversify our crypto portfolios with other alts we think will have big gains.

I agree! Analysis and diversification for lesser risks are keys to gaining profit. That way, if one coin isn't going the way we intended it to, others might bring us good news.

[d5000]

I miss the most important criterion: How fair are the tokenomics? The more coins were reserved for "devs" and often even for a "Foundation", the less sustainable the coin is, because devs will lose interest once they dumped their premine.

Another important criterion is: what's the target demographic? Does the coin solve a problem? Is an interesting ecosystem existing (tokens, services) or at least a plan to attract services (in the case of new coins)?

The other criteria listed in the OP are "so-so":

- Is it a promising coin where new technology is used?

Almost irrelevant. "New technologies" since 2015 or so are mostly technobabble. Almost all coins are based on 1999 tech (PBFT), including Ethereum. And if a new breakthrough is made, most coins can adopt it.

- Are developers very experienced and professional to set up a good Code?

Somewhat relevant, but they can be both "professional" and scammers.

- Is it a coin involved in fraud

If a coin is directly a scam (e.g. Zoe Cash, OneCoin, Bitconnect, ZKsats) then it is a scam and will die very fastly. The coins you listed are not very interesting coins but also not really fraudulent ones.

- Is it a coin where security has been good or weak (avoid hacked coins)

Depends. Grin is quite good even if it has been 51% attacked.

[Reatim]

If our bags are still loaded and we have many of such outdated Altcoins, we sit already at a loss. But we should prevent to get more loss by selling our bags and exchange it to a more reliable (Bitcoin) or innovative (Ethereum, Avalanche, Algorand) coin.

You are right we shouldn’t have too much on our plate. Having so many altcoins does not increase the chances of you getting profit especially if you just mindlessly picked them out.

I also agree that we should leave outdated altcoins behind however we shouldn’t confuse old with outdated. Some altcoins have been in the scene for a long time but are still actively developing and improving.

And next time, we should always review coins to prevent a loss. When a coin is reviewed badly by experts, like Tron and EOS have received bad reviews by experts, it is time to sell quickly.

Sometimes experts would have clashing opinions so it’s best to understand why a coin is good or bad so you can make your own conclusions and not just rely on what other people is saying.