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You know those stupid hypothetical scenarios involving money people often ask you to answer? Like "would you take 5000 Euro now or go to jail for 5 years and get 5 million"? That's actually the scenario many are in with certain investments they hold, they just don't know it yet. We all know a 1000X profit within 5 years isn't rare with cryptos, but here's the pitfall: Your crypto profits of 5000 Euro today can also do a reverse kinda thing and become 500 Euro in 5 years or even entirely disappear 'a la' Shipchain or Luna. Many people play the "free roll" game, meaning they took back their initial investment and left the remaining profits in as their moon bag aka the 5 million goal so if you think about it, this actually resembles the hypothetical "take 5000 now or 5 million later" scenario to the letter as both the 5000 now or 5 million later were never your (own) money and are basically pure profits once it does become yours. Now how is the "in jail" part relevant? Because sadly enough, that's how a lot of people actually feel. I've seen people still living with their parents or in tiny closet-like rooms and desperately holding on to that moon bag as they can't even afford a proper house or independent living with their daily 9-to-5. To them, taking 5000 now would just mean a little more money saved up in hopes of gathering enough over the years to be able to move up, which essentially comes down to the same thing right? The only difference is you're not risking the monetary value, but instead you are risking longer time "in jail" because let's face it, how are you going to save enough money in a reasonable time span to buy a house with an income that doesn't even allow you a proper living? So if we were to eliminate improbabilities and take all scenarios into account, I guess the question would be something like "would you take 5000 Euro now or risk having nothing for the possibility of having 5 million after 5 years in jail". I haven't field researched this or anything but something tells me the "I'd go to jail" respondents would now decrease drastically. Bottom line is that you should already consider yourself very, very lucky if you can even think of risking 5000 Euro and if having it in your hands today doesn't help you to make serious life improving changes or even significantly help you to achieve your goal, then why else should you take it? Because maybe you don't want to end up with nothing years later and at least mitigate the difficulties in your daily life by e.g. getting a better car, better laptop or phone or pay off any possible debts. Now some are risk takers, they live to the minimum, push their car to work and use their phone as their laptop just so they can scramble enough money to invest in whatever it is they believe in, eagerly awaiting for those ATHs again.
If you're doing the latter, be cautious though that many alts will not see ATHs for years to come or perhaps even never, even the top ranking ones with actual use cases.
And that is exactly why I myself am "buying nothing" but still getting certain alts. How does this magic trick work you ask? I'm just trading and not putting in any additional money which may not be the best strategy for everyone but let me elaborate: Ever since the ATHs of certain alts I was holding, I slowly build down the stacks and moved a large portion of profits to Bitcoin for two separate reasons. 1) Money that you have laying around is more at risk of being wasted on junk you don't really need, so I keep it invested to avoid the temptation and 2) I just don't know when things will top or bottom out and this way my crypto damages and lost opportunities are mitigated in both bull and bear markets. It's very quite possible certain alts I have will not see ATH for years to come or possibly even never again, e.g. just look at where Waves was a few weeks ago and compare that to today. But the truth is it might break past ATH before the year even ends because ultimately no one really knows and the only advice I can give you is to never listen to any random internet goofy who claims he is the exception and somehow does know. You decide for yourself what you believe in and how much you can afford to lose, as a matter of fact before you even invest a single cent first kiss that cent as if it is your last goodbye, not because it actually might very well be but because this is the only way you are protecting yourself from
OK hold on hold on, we have to go off topic here for a second. "Officers also ruled out death from COVID as he tested negative for the virus". Is this for real? I'm not one of those "Corona is a hoax" types, but they seriously tested if he died from COVID after he fell 13 floors? Just the sheer fact that they tested him is mind boggling but even if he did test positive, would his death then still be attributed to the virus? The Corona one I mean, not the Luna virus which also mutated into new variants.
But seriously, just always DYOR and don't believe the hype around every "next big thing" that suddenly pops up. I've seen some of the most well known assfluencers casually promote cryptos like SafeMoon Non Fungible Yearn or share with you their code or link or whatever to come join them on . It's OK to with people what you're doing, but perhaps you want to first make sure that you yourself know exactly what it is you are getting into before you evolve from shilling because you have a responsibility to your community, just keep repeating that "not financial advice" line doesn't cut it, nor morally anyway. Or maybe you just don't care about morals or people that actually support you and are happy enough just getting paid to mention it, I don't know. All I want is that you, the reader does know that such people are out there.
So does ignoring random people online with a camera labeled "influencers" who tell others what to do with their life even though they don't have one themselves, automatically make you always make all the right crypto decisions? Let's measure it up to some real time examples I have had with alts I myself selected based on first hand research i.e. whitepaper, use case, market movement and technical development. Did I time Waves perfectly at 50 Euro per Waves and sell everything? Did every one of my personal picks turn out to be solid projects with success after success to this very day? Of course not. I have this thing I call "base" which is pretty much comparable to what many know as their "moon bag". I did trade away every additional Waves I had gradually between 30-40 Euro and kept solely my Waves base, kept it all the way down to 4 Euro even during that whole Neutrino debacle but that's the whole point of this system. If the "base" of every single crypto I have goes to 0 Euro, so be it. I did precisely that with Shipchain and found that one all by myself when I actively went out looking for supply chain cryptos after the December 2018 crash. So I guess that even if you DYOR and go out to select where you want to put your money, ship still happens.
Here's another risky part on where I do things differently than most: When I say "trade" I rarely use stablecoins, I do take profits from time to time but trade the largest portions back to Bitcoin and have therefore over the last 2 years significantly stacked up on Bitcoin and am now doing a sort of reverse kind of thing. I'm getting back all dem good ol' coins I traded down to the base and am stacking them up again little by little without losing actual Euros, i.e. the profits are still out and Bitcoin is now slowly being traded down to it's base. I did make a few exceptions on some recent cryptos that dumped by buying them with Euros, but that's because I never had these before and like to basically start the cycle al over again when it comes to new investments. I guess it's my own confusing system but it makes sense to me, so leave me alone and don't try this at home?? Now the dilemma for me in this system is when all the additional BTC is gone and the markets keep dumping. I can no longer 'Bitcoin cost average' into these alts anymore because breaking the Bitcoin base is against rule 3 on the first page of crypto: NEVER do it! Seriously, I'm much more likely to just wait it out or eventually even start risking profits before losing my Bitcoin base. I also never broke my Ethereum base and come to think of it, now is actually also a good time to buildup my ETH holdings as I have no additional/extra ETH anymore. Remember not so long ago when I was at awe how if I just put everything in Ethereum instead of taking all that time to research, expand and diversify, my total net value would be higher with just ETH since they had outperformed most in the market? Well, that's definitely no longer the case anymore due to the recent Celsius/ETH debacle. Conclusion: Diversification and patience are absolutely vital.
