Being realistic and open-minded about altcoins can help you succeed!

[Korvane.io]

Not everyone is new and we know that not everyone who's a newbie, is a newbie in real life. As for the altcoins, most of them are not good this time because of the bear market. Just be careful where you invest your money because you might fall to the wrong ones. I hold some altcoins, many of them are in losses and I don't know for how long I need to hold it just to remember. Instead of finding the next hidden gem, I'm putting my spare and the focus of my DCA into Bitcoin.

The “newbie” part is quite funny.

I wouldn’t say altcoins become bad simply because of a bear market. Bear markets are often when serious capital enters and strong projects are built. The real problem is that many altcoins are backed only by hype and depend on new buyers constantly entering.

A token’s price can fall while the underlying project continues producing real value. If it has genuine activity, sound economics and does not survive purely on new purchases, the long-term outlook can still be optimistic.


Best Regards,

The Architect.

[asriloni]

Some people were still hard to accept the existence of alts have been offering opportunities. There have been many people who made miracle from alts when they turned a few bucks to be hundreds thousand of usd or even millions usd. Yet people still judge alts are scam.

in fact, many of alts are also still trading above their launch price too despite the bear market happens now. So people have to open their eyes to see altcoin provides more opportunities these days than bitcoin.

It's impossible to make 10x or 100x from bitcoin while it's possible from alts.

[Opiate32]

One mistake people make is treating being open minded and lowering your standards as if they are the same thing.
Bitcoin itself looked like crazy experiment to many people in it early years and if everyone had dismissed it because it was new, the opportunity would have been missed. Already today’s market is flooded with project that exists only to enrich their creators.

So it’s not about being open minded or closed minded. You need to be skeptical enough to avoid obvious scams and also curious enough to recognise genuine project when it appears.

[cozytrade]

Some other altcoins were never brand new but they still disappointed investors and only caused them to lose their hard earned money even though in some rare cases the project teams still tried to give encouragement words but it never helped investors to gain back their money, over the years, since I got into crypto, I have seen 100s of tokens come and go. If I want to invest in altcoins, I could actually pick BNB, Sol, ETH and coins like that but it will be hard to me to recommend altcoins for anyone, let the person do a due diligence and pick tokens on their own.

Established aged alts do not attract investor who think they've missed the early selling days, buyers prefer the alts that is selling for less than a few cents, so that they could accumulate a lot of the coin hoping for huge profits in the nearest future. Looking at that reaction on strong, reliable alts, the dubious developers use this factors to shill unrealistic alts like the example you gave, and move away with investor's money.

It's essential to be realistic and open minded with regard to altcoins . For long term success in cryptocurrency. The cheap tokens have been appealing to many investors. As they think that trading in large quantities will bring them huge profits. But in the history of cryptocurrencies. Many have vanished and left investors in the red. While some projects like ETH BNB. And SOL have established market presences. They might not be. As exciting as newer tokens. But are more established. And widely adopted investors should not follow. The hype or recommendations blindly. But rather research the projects and make a well informed. Decision before putting in any of their hard-earned cash.

[asriloni]

Already today’s market is flooded with project that exists only to enrich their creators.

So it’s not about being open minded or closed minded. You need to be skeptical enough to avoid obvious scams and also curious enough to recognise genuine project when it appears.

The problem is that alts such as meme is the only thing that give us a chance to get a life changing. Investing in bluechip won't help us to get crazy return like what early bitcoin adopters got when they bought during 2011.

So there will always be the risk when we wanna get profit from the market. Bigger reward, bigger risk.

In the end, the result today totally depend on how smart we are in avoiding the potential scam alts.