Hi Folks,
Ive been a lurker here for a few months and just started trading.
Whilst I have picked up some knowledge I'm still a newbie
so what I say is personal speculation.
Aside from all the various shennanigans that happen around these crypto currencies the one conclusion i have come
to is all alt coins except for Bitcoin are there simply to increase your BTC holdings. Very long-term investment is not
what I should be thinking, but waiting for rises and dips. BTC owners needed something to trade, make and lose
btc, right?
Im just not sure about these many hundreds of alt coins purpose other than that.
Am I wrong?
well, all altcoins including btc are you know, worthless in some sense. A lot of coins were created at first for faster transaction times, then for specific games/causes, then for fun (doge lets say), some for anonymity, etc. Then btc hit its huge bubble and people started trading these altcoins a lot, some went 1000x in value, even more. Seeing this, greedy neckbeards started creating total shit coins and they flooded the market since then with shitcoin, after shitcoin, after shitcoin.
But that's life. I wish the neckbeards didnt do it, but they did. Then they came up with different forms of making coins, POS, hybrids, etc. After that, well, different forms of mining coins, as you can see on coinwarz we are far from sha and scrypt now. (all this is in no particular order of events).
Much evolving in the crypto world, it is a wild west, and I like it like that. Be careful with exchanges, and other than that have fun. research how many coins there are, how many are created, buy low sell high. in the very long term all coins go to zero in my opinion, and innovation replaces them.
My worst >trade<...sortof...was mining Magic Internet Money. that shit was funny as hell. had a lot of fun making it rain on people and giving it out, i mined millions upon millions with 1mh/s scrypt and it is now worth less than zero. meh, had fun, would do it again.
