Alt coin controversy

[Aanuoluwatofunmi]

This has come to my understanding how people are tracking the price of alt coins of their interest with the value and speculations of bitcoin. He also complained how he had lost about $9,000 at the course of the bitcoin market.

Trading is not a child's play, this is where we have to use various indicators to affirm our speculations, we also must know the difference between different markets and the seasons at which they perform less and much, this is why after bitcoin will can consider any other cryptocurrency as an alternative, but when you are trading you need to consider all of this as part of your speculation in order to know the bearing at which the market is taken

[KingsDen]

This has come to my understanding how people are tracking the price of alt coins of their interest with the value and speculations of bitcoin. He also complained how he had lost about $9,000 at the course of the bitcoin market.

Trading is not a child's play, this is where we have to use various indicators to affirm our speculations, we also must know the difference between different markets and the seasons at which they perform less and much, this is why after bitcoin will can consider any other cryptocurrency as an alternative, but when you are trading you need to consider all of this as part of your speculation in order to know the bearing at which the market is taken

Trading has never been a child's play, but one funny thing about it is that every child in the industry have tested it or would like to test it until they discover that it is not a child's play.

Every newbie had thought that trading is their short cut to getting rich, but when the market test their preparedness, their patience and their financial management ideas, they'll fail. Trading is more of emotional thing than a technical and fundamental thing. If you don't have strong emotions and don't know how to control them, you'll never succeed trading.

In Op that choose holding, it is not also easy there. This industry needs strong minds and strong hands.

[Felicity_Tide]

~snip

This has come to my understanding how people are tracking the price of alt coins of their interest with the value and speculations of bitcoin. He also complained how he had lost about $9,000 at the course of the bitcoin market.

Lol, this is exactly what I was trying to talk about in my very last reply.
The market is filled with too many people with poor decision making. Imagine losing over 9 grand just because you believe there is a strategy that is going to earn you more. Trading is not necessarily bad, but when your overall losses tends to be greater than your profits, then you're definitely making the wrong decisions.

[joniboini]

Imagine losing over 9 grand just because you believe there is a strategy that is going to earn you more. Trading is not necessarily bad, but when your overall losses tends to be greater than your profits, then you're definitely making the wrong decisions.

Unfortunately a lot of people can't stick with the simple rule of only use the money you can afford to lose when trading. If losing $9k was huge for them, they shouldn't bet that much money in the first place. I can understand that if you hit a jackpot the feeling is amazing and you'll be a millionaire overnight, but that's not trading. Asking for advice from close friend and whatnot isn't really a good call either since it's very easy to blame someone else for our own greed.

[Cookdata]

So this my friend was expressing regrettably of him buying a strange alt coin when newly launched and it was doing well not until bitcoin price began to be manipulated or affecting by the price falls on bitcoin.
So he was asking me if will Btc rise at a specific price and at a time and if he can sell And I told him breaking the expected price is posible but having that occurrence with the given specified time frame is what is not imposing.

This has come to my understanding how people are tracking the price of alt coins of their interest with the value and speculations of bitcoin. He also complained how he had lost about $9,000 at the course of the bitcoin market.

Your friend doesn't have altcoins experience but glad he does now. I have followed some layer 1 chain, not because I wanted to invest on them but because I wanted to see how they will turn later. There is a pattern most of them follow at least from what I saw since 2024 with many overhype layer 1 altcoins. They come with noise, with KOLs and Influencers writing gibberish articles to get investors attention and they get paid in the backdoor after the job is done. Once the coin is launched, the pre-sale and Angel investors get their coins unlocked and dumped on innocent investors.

Here is another thing they are very good at. When they claim ten token are locked, it's usually not true, they go behind and send coins to their personal wallet so they can sell on the market, this has been wht many of them have doing for years. The worst of it is if you bought a new launched altcoin and Bitcoin price isn't in good term, you will regret making an altcoin investment. Just avoid alts for sanity.

[Nwada001]

This has come to my understanding how people are tracking the price of alt coins of their interest with the value and speculations of bitcoin. He also complained how he had lost about $9,000 at the course of the bitcoin market.

Lost at the cost of the Bitcoin market, I don't like putting it that way as long as you did not invest and hold Bitcoin before selling the asset; your loss was your loss done by the altcoin, and Bitcoin has nothing to do with it.

Besides, there is no hack on the Bitcoin network, which could be said to have affected the entire altcoin market. Currently, the entire market is facing the bear, and none is exempted. If one is holding a good altcoin and not the pump and dump, give it time, and the price will eventually bounce back when the market begins to recover in general.

[Lida93]

So your friend is indirectly blaming his altcoins trading losses to bitcoin's market performance?! How does that makes sense when these two projects are different with one having utility and another not having same. Many altcoins even after dumping in price following bitcoin, they still don't rise back along with bitcoin when bitcoin price bounces back after a correction.
This why we are advised to buy bitcoin and hold for long term and rather treat altcoins as gamble

[Cryptohygenic]

This has come to my understanding how people are tracking the price of alt coins of their interest with the value and speculations of bitcoin. He also complained how he had lost about $9,000 at the course of the bitcoin market.

Lost at the cost of the Bitcoin market, I don't like putting it that way as long as you did not invest and hold Bitcoin before selling the asset; your loss was your loss done by the altcoin, and Bitcoin has nothing to do with it.

You can tell that you don't putting it that way to him because I already countered him of getting it wrong why he thinks bitcoin price was the result of him loosing his position in the alt market.
In fact let us think it this way, if he think tracking bitcoin market movement was better than the alt coins, why don't him directly trade the bitcoin instead of the alt? So you see were those that merges bitcoin price to that if alt coins get it wrong.
With this sets of mentality I am now not surprised why beginners looses their funds on the pump and pump alt coins and drags bitcoin to the bitcoin of digital currencies being scam.
Indeed lack of knowledge is really a setback instrument to those who tends to grow without having the required resources.

[OsaiEmma]

Trading is more like gambling, he should stop it or only do it with small amount of money which he can afford to lose just like small amount of money that he can use to gamble and lose.

I want to correct this misconception. I have made a topic on this at some point, and I have also done my due diligence (DYOR). Trading is not Gambling.

Yes there are similar risk factors: The potential of burning through all your capital. Yes they can both be unpredictable, but one is more heavily dependent on luck than the other: we all know which one, right?

Someone can trade as though they're gambling though, but that doesn't make trading gambling. This concept is personal and not general. Generally, trading requires deep understanding of the asset you're trading on, proper risk and money management, understanding of the law of demand and supply, etc. So please, correct this misconception.

~snip
This has come to my understanding how people are tracking the price of alt coins of their interest with the value and speculations of bitcoin. He also complained how he had lost about $9,000 at the course of the bitcoin market.

Almost all alts, if not all alts(haven't done a proper research though, just speaking from observation) are pegged to Bitcoin. Their price movements are relative to Bitcoin, not because as there are dumps and buys in Bitcoin so there are in these alts. No, but because their liquidity is often in Bitcoin. That's why we often observe this.