What do people think about alt coins? V.1 [discussion]

That’s why I got both and like 15 other coins.

 

Thank you kind sir. Signed up and bought some more VET.

 

The "cool" thing about crypto is that no matter how much you diversify, they go up and crash pretty much together. lol. Well, they take turns going up and then fall apart altogether. Maybe it'll be different this time. Just make sure you can get out if/when you need to. I don't trust most of these exchanges to be able to handle the load in a real sell-off.

 

It sounds like you’ve been in Crypto for a while. I bought my first Doge at the end of January and I didn’t even know there was all these other “shiit” coins until somebody mentioned ‘Cardano’ in a stock thread in late February. I was like what’s a Cardano and who’s Ada? I’ve been hooked since then.

Endless research and trying to find the best projects/coins with most potential etc. I’ve made some nice gains in these 2 months and I know we’re in a bull cycle but damn I get anxiety thinking about the crash and trying to figure out when this next “crypto winter” will hit. I should probably take some profit and pull out but we all know how hard that second part is.

Got any tips? Maybe I’ll take out at least my original investment in a month or two and let the rest ride even if they tank. I don’t mind holding for 4-5 years or longer. Really wish I could’ve started even just 6 months ago.

 

I recommend getting some profits + initial investment out as soon as you can, I'm not against crypto but having played this game before on multiple exchanges (even doing arbitrage trading)... The best thing I did was ~4x my investment in about a day (just a ridiculous trade/timing) and then I took out the initial investment + some profits (this was during the 1st ride to $20k btc). Then when I inevitably got a majority of my coins caught up in an exchange scam it didn't feel as bad since I knew the risks.

The other advice is make sure you stay consistent on the currency being used if you're not trading between crypto coins and using a usd equivalent. I'm not saying you would do this, but I know a lot of new crypto traders sometimes aren't paying attention on the pairing and start trading in/out of an alt coin - then using eth/btc for the pairing - not realizing the values/trends changing at the same time - ie if eth is going down heavily or will be- you wouldn't want to use it for a trade-especially if you're going to hold it there between setting up another trade. Even though the dollar is inflating - everything still goes back to it for measurement so I personally prefer just using a usdt or usd pairing with the coin I'm trading.

The other thing if looking for pumps etc. - I typically tried to follow social media hype on projects for new alts - and less so reading about the project - the reason was that hype was more important than the project. Like usually they'll both line up eventually in hype and good projects, but I've seen good projects collapse and not get the hype. So then I'll see complete junk get pumped up. I'm not saying not to research if you find a project/coin you want to hold long term, I'm just saying that I got to a point where I was trading all kinds of alts and as long as the % was going the right direction their project/paper could say whatever it wanted. I'm definitely not saying there aren't good alts/projects out there though, there are definitely some cool ones, and I actually preferred trading them too.

 

Oh man.... that’s some great advice with tons of useful information. Thanks for taking the time to write the response with examples. I really appreciate it!

 

No problem, happy to help!

 

There are a lot of cryptos that sound great or have great reasons for existing, but in reality, with most alt-coins, it's about the hype or waiting for the next wave of buyers to push it up, and usually most coins get their turn. My only suggestion is that if you've made enough money to take your original/principal investment and maybe a little bit more out, then do so. If you don't rely on the remaining money for living and don't care if it goes to "0", let it ride, gamble with it, do whatever. That way, at least if it goes all goes to "0", you can say you didn't lose any money.

Always know what you're gaining and losing. It's sometimes difficult for people to track what they're actually making or losing in crypto thanks to the cross-currency. Since you can trade pairs denominated in ETH, BTC, USD, USDT, USDC, etc. a lot of times you may not know what you're gaining or losing. You just see stuff go up or down not knowing you may be losing money in the process swapping from coin to coin. Always know what your profit or loss really is (see my cointracking.info suggestion below). Included in this are the fees you incur just moving or exchanging crypto. Also know what the transaction fees are for what you're buying. Some exchanges will have you paying fees for buying, exchanging, etc. coins that you need to watch for.

Don't get suckered into any one coin being the coin that will save the world. Many of these coins have their nice followers and reasons for existing. Some are for "dividends", others are for saving impoverished economies, others are for NFTs, etc, etc. They're pretty much ALL for speculation at the moment. It was that way years ago and, for the most part, still is. Just like Dikembe, I love Cardano, and I'm not letting go of it even if it tanks. It even earns me some additional ADA while staking. lol. I'll probably hang onto most of it just for fun, but I don't think it's the world's answer to everything -- I just like that the way they're open, truly decentralized, and take an academic/scientific approach to developing it. But that's why I like it -- it doesn't mean it'll be successful, so I still have LTC, BTC, etc. I recently sold all my ETH, VET, IOST, etc. that I had held for years. I sold probably 2 or 3 months too early, but oh well, I still made money, and it was "free" money, so I don't care. Don't get too hung up on any one crypto even if you do have a favorite or two.

Which leads me to : don't try to always guess the top or bottom -- you'll probably fail. You can do all the technical analysis you want or listen to one of the millions of crypto "experts" that keep popping up, but crypto is basically manipulated by whales (and now celebrities) and they do what they want and affect everybody else's little "5% stop loss" orders accordingly. If you're not prepared to go to bed with $1000 and wake up with $750, then you probably shouldn't be in this. On the other end of the spectrum while the selling is going, you have the "diamond hands" guys that just hold forever. Some of them make money, too. Do whatever you think is right.

But.... always have an out. If you decide you want to dump everything in a panic, and if it's like it's been in the past, Coinbase, Kraken, etc. will all have issues. Like you may have issues even logging in to try and sell while everything is dumping. Either that or you can just sit through another winter if it happens and buy at "the bottom" and sell as it goes up, which is what I generally do. The dilemma here is that, generally speaking, you never leave your coins on an exchange, but if you don't, it may take you an hour just to get them back on the exchange to sell them, assuming you can even log in during a panic.

As an aside, I use cointracking.info for tax purposes, but also to see how much each position really cost me in real dollars. And how much each transaction is costing me. I say this because, as I stated before, even moving crypto, exchanging crypto, etc may incur fees, and if you're not used to looking at non-dollar-denominated transactions, you really have no idea you just paid "$20 to buy and move some damn XYZ coin from one wallet to the other because of transaction fees?!". lol. And like I said, cointracking is also great come tax time (if you're into that). It has a bit of a learning curve, the non-free variety isn't really cheap, but it saved me a ton of time on taxes and I can tell exactly what I owned, my profit/loss, etc. across Binance (when I used it), Kucoin, Coinbase, etc. all at once as well as does things like FBAR accounting, among other things. I love that it has APIs that hook up to wallet/exchanges to download all your trades daily, or if they don't, you can manually import or enter the information. Like I said, it does have somewhat of a learning curve in some cases. For just tracking real dollar gain/loss, I'm sure you can use other tools out there, too -- just know what you're losing and gaining at all times.

 

So much good stuff! I appreciate your input and advice! I’ve done well these 2 months and it wasn’t smooth for the first couple weeks because I literally bought at the top when I got in and just started buying what people were shilling and then everything corrected hardcore the next day go figure. Since then its been great aside from the normal dips but I also know we’re in a bull market and I’m not as smart as I think I am cause basically everything is pumping.

Thank you for the heads up on figuring out an exit strategy, transfers, tax etc. I’m so new I obviously haven’t had to deal with those yet but I’ll definitely be circling back to your post. Cheers!

 

Lol ppl mad about Doge crack me up. Doge gained and then they say oh it will fall. Yes. It will and has. It has reached a new paradigm after breaking through and is up if you compare it to where ppl traded last week. Just hodl bc it has potential to hit much higher than a lot of lesser known coins. Each time it breaks through to a new paradigm it gains supporters and faithful holders. It is like seeing an army win battles. The morale boosts only add holders, just as war efforts gain support when ppl on the sidelines see victories. These are highly visible victories too unlike other alt coins. Doge has a unique advantage of being viral more often bc it is the most interesting alt coin and has a nice entry point for ppl wanting to own thousands of coins early on.

 

Ppl getting on the Vechain train when me and jbasket had the Vechain profile pic since winter 2017.
Discord brehs ahead of the game.

 

Nice call. Why do you think it's growing in popularity?

 

I think I bought in early 2018. If I remember correctly, it was at least partially because of you. Been holding since. Thank you breh.

 

If you want some good Twitter follows for Alt picks, read this thread:

 

I just panic sold my doge for a 476% ROI. Lol

 

Make sure you get a dip... The bleeding will likely stop and settle at a new paradigm... I'm guessing it's gonna hover between around .25 and .3.... more or less... before we get some more significant movement.

Notice how a majority of people hold it, apart from the pump and dump types. This is keeping the value strong and we're going to see more major steps. The next big push break a dollar; esp is coinbase announces accepting it.

 

Im still up but ...
Sell and rebuy?

 

When do you need the 410 by?