Yeah, it happened to me too. I was a shitcoiner in the beginning.
Not a really bad one, and not for very long. I always had the most in Bitcoin. But still, I really thought it was a good idea to ‘diversify’ into other cryptos. Why it happened? It was greed combined with noobness, I bet the situation has been similar for most.
It all started when Segwit 2X went bottoms up and Bitcoin dot con started selling bcash as the default Bitcoin combined with the miner attack on Bitcoin. I was luckily out of town on the countryside and couldn’t easily access my Bitcoin during this drama. It was the first real price crash during my Bitcoin journey and it was truly horrifying to watch the value of my holdings drop -40% (along with the hashrate) while ‘another Bitcoin’ was gaining +100% and more. Had I picked the ‘wrong Bitcoin’? I was a complete noob, roughly 1 month into Bitcoin when this happened, and there’s a high probability I might have sold the Bitcoin bottom and bought the bcash top if I would have been at home during that time. Thank god I was forced to hold on that one. This was the first ‘crash’ out of many and it prepared me mentally for the next ones.
However, it also made me greedy as my take away from the price action was that it would have been ‘easy’ to get more Bitcoin. If only I had bought bcash early when it was cheap and switched over to Bitcoin again at the BTC price bottom (like a casual crystal ball owner).
So, I started looking for similar opportunities. I took a smallish percentage of my Bitcoin and bought some alts, etherium classic and stellar to be precise. Why these? I don’t fucking know =D on the other hand, does it really matter? All shitcoins smell the same.
Anyway, immediately I got burned. Bitcoin had a huge price action during this time (November 2017) and these alts stayed still. But I didn’t learn my lessons yet. I tried some other coins. I bought a shitcoin called modum and another one called coss. For a noob, these sounded like legit projects: ‘blockchain for medical deliveries’ and a crypto exchange that pays fees to token holders. In reality they were either really dumb ideas or outright scams designed to sound clever and attract noobs for their money. That last sentence applies to 100% of altcoins out there:
A dumb idea or a scam.
You can decide which one it is. Just remember, the moment you buy any of these tokens you have made a ‘moon’ for someone else, the creator. They have already achieved what they wanted and now its you against the other noobs who are hopefully dumber than you. People ask ‘when moon’? with altcoins they hold. Too bad, the moon was you buying that shit. Let’s have a case example in ripple. Co-founder has sold roughly $500k worth of XRP **daily** since 2016. El fucking-O-El. When moon? you ask =D
You probably know but let’s just mention this guy also created a copy-paste clone stellar (XLM). So he actually has billions of more tokens to sell (which were created with zero cost) when he is done dumping his XRP. And don’t forget, these are the legit, top20 matketcap altcoin projects. Can you even imagine the amount of scamming that goes on on your random altcoin project? Do yourself a favour and stay away. There’s no get rich quick.
Got excited, let’s go back a bit. Modum actually went on to increase 200%+ and coss at the top was 40x (!!) the price I paid for it (these are fiat returns on the top of my head). However, I didn’t realise the pump and dump nature of altcoins in general and thought they were actual longterm projects with real use cases for ‘blockchain technology’ and I just happened to be early and even though I got these returns I should hold for when the projects go mainstream (lol) and further increase in price.
Retarded, I know.
But you gotta understand this was a time when every shitcoin out there was outperforming Bitcoin. When you’re in the middle of it as a 2 month old noob, seeing these returns, reading page after page on Reddit about vechain, buying it and actually making really nice profits – can you really blame a man for falling for the hype.
Come the bear market. And its slaughter. In hindsight beautiful, beautiful slaughter. But me as a ‘successful’ shitcoiner was in disbelief and certainly not selling now, since I didn’t manage to sell the top and the coins are already down -40% or so. I would wait until the coins are back up because surely they will continue to be worthwhile projects and increase in price, just a matter of time.
Time goes on and there’s less and less left of the profits I made (on paper). I think at the top I had +300% in BTC terms. I watched that slowly fade away and ‘capitulated’ when I only got the principle left. Sold all the alts and never looked back. Didn’t lose any BTC but didn’t make any gains either. I wish I could have avoided that shit but ‘get rich quick’ is a hell of a temptation. I also didn’t have any resources that would have warned me about any of this. I only had the r/cryptocurrency as my advisor (lol). So, I guess it could have been a lot worse. If you follow that subreddit for some reason, you should have the counterweight of Bitcoin twitter on the other side. And from time to time, stop and think. For yourself.
The learning curve on Bitcoin is steep. As a human being I’m not that much older now as I was during that time. But as a Bitcoiner I was a fucking child being tossed around by bright lights and bullshit. Now I’m a full grown Bitcoinman. I can imagine how hard it’s gonna be for every newcomer in this space during the next few years. There’s gonna be ruthless wolves that have been waiting for fresh blood the last 4 years. There’s gonna be hand waiving, the buzzwords are gonna be amazing, there’s gonna be a promise of a brave new shitcoin future and a ‘proof’ of a failed ancient Bitcoin tech.
Time to end this rant.
You will not find an altcoin creator who hasn’t cashed out (sold majority of their tokens for BTC). You will not find an altcoin investor who is not planning to sell their bags to noobs (hopefully near some local top). BTC is the polar opposite. You have dedicated holders adopting a new kind of money, forever. Theres no top to be sold, we are the first living in a new financial system. It is the same as trying to sell your early gold stash for maximum amount of seashells. There is no top. This is the new money. Altcoins are a distraction and everyone is a scammer.
–BMM
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