So you have a bunch of altcoins, and of course you know some of them will fail. You expect that maybe one day it will fall steeply, and just continue to fall.
That’s not how it happens in most of the cases.
Instead they just gradually become less and less worth, but in a way that you don’t really notice it. Here’s how:
Bitcoin falls 5%. Your altcoin falls 8%…. Not too crazy. Next day Bitcoin recovers 5%. Your altcoin recovers 7%. “You see? My altcoin is doing well!”
This pattern repeats every time bitcoin falls. It keeps losing value, but it’s movements are not extremely different from Bitcoin, so it’s not very obvious, especially since you’re full of hopium. And just when your hopium runs low, It gets a random double digit gain to refuel your hopium. “It’s hanging in there, it will do a comeback soon!”
Except it won’t. Altcoins never come back after going significantly down from their ATH.
No matter how much you want your altcoins to succeed, you need to know that they will all be forgotten and be basically worthless in 3 years. If you’re lucky enough to make a significant gain on an altcoin, remember to take profit and forget about it. Just look at historic top 100, year by year, on coinmarketcap, and you’ll realize that almost all of them are outside top 1000 a few years later.
There’s basically none that have outperformed Bitcoin over a multi year period.
Source: Stopped buying altcoins many years ago, but didn’t sell them, and have watched them very gradually lose value. I expected them all to “fail” and become completely worthless, but that only happened to a few. Most of them still have some value, but compared to bitcoin they are very significantly less worth, and every year they get slightly less worth.
submitted by /u/cryptogeezuzz
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