Making money with alt coins Making money with alt coins
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  1. #1

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    Default Making money with alt coins

    Thought I'd post a separate thread.

    Here's the bit I don't get about making big money on alt coins.

    Say you do your research on an alt coin. Let's call it tulip coin.

    You want to turn £1000 into £10,000 or even £100,000

    So you need to buy some tulip coin.

    You can't buy tulip coin with ££££, but you can exchange BTC to tulip coin.

    So you buy BTC with ££££ and go to an exchange and buy tulip coin with the BTC.

    You then sit back and wait. Weeks or maybe even months.

    But then one day, you wake up and your tulip coin has gone up 100X.

    Happy days, you have a paper £100,000 in tulip coin

    But you don't want tulip coin, you want a 911 Turbo. In black.

    But Porsche don't accept tulip coin. Or even BTC.

    And you can't sell tulip coin to £££, you have to convert it to BTC, and then sell the BTC to ££££.

    Trouble is, BTC has gone up 100X over the same period.

    So your tulip coin is worth the same amount of BTC as it was when you started it.

    So your back with £1000. And no Porsche. Not even a yellow Porsche.

    We're all Crypto Millionaire's, now Dave...

  2. #2

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    Damn it he's cracked the code.

    The Ponzi scheme is over.

    Quick

    Everyone

    get out get out!!

  3. #3

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    Actually, thinking about, you have still made 100X and can have the Porsche, but only because both tulip coin and BTC have gone up 100X. You end up with the same amount of BTC as you started with, but the BTC is worth 100X what you originally paid.

    In which case you might as well just buy BTC and hold that and hope. Unless you think the tulip coin is going to beat BTC, which seems pretty unlikely?
    We're all Crypto Millionaire's, now Dave...

  4. #4

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    Quote Originally Posted by _V_ View Post
    Here's the bit I don't get about making big money on alt coins.

    Say you do your research on an alt coin. Let's call it tulip coin.

    You want to turn £1000 into £10,000 or even £100,000

    So you need to buy some tulip coin.
    You wanna make big money? You don't buy, you create....


  5. #5

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    Quote Originally Posted by _V_ View Post
    Actually, thinking about, you have still made 100X and can have the Porsche, but only because both tulip coin and BTC have gone up 100X. You end up with the same amount of BTC as you started with, but the BTC is worth 100X what you originally paid.

    In which case you might as well just buy BTC and hold that and hope. Unless you think the tulip coin is going to beat BTC, which seems pretty unlikely?

    Plenty of alt have grown quicker than bitcoin. Buying and holding BTC is probably the "safest" option, bit you can potentially make more on alt.

    I bought dash last week and converted back to BTC today. I now have about 40% more bitcoin.

    Look at the charts on coinmarketcap.com. short term rises in alt beet bitcoin all the time. ADA doubled in price overnight a couple days ago.

  6. #6

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    Quote Originally Posted by FrontEnder View Post
    Plenty of alt have grown quicker than bitcoin. Buying and holding BTC is probably the "safest" option, bit you can potentially make more on alt.

    I bought dash last week and converted back to BTC today. I now have about 40% more bitcoin.

    Look at the charts on coinmarketcap.com. short term rises in alt beet bitcoin all the time. ADA doubled in price overnight a couple days ago.
    Thank you, that's inneresting.
    We're all Crypto Millionaire's, now Dave...

  7. #7

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    Quote Originally Posted by FrontEnder View Post
    Plenty of alt have grown quicker than bitcoin. .
    Indeed they do. My big break was Stellar exploding in May. Bought at 0.0036 sats and 4 week later 0.065 sats - £8k became £144k - I was quaking it.

    As others have pointed out, the challenge is keeping it.
    “We've always defined ourselves by the ability to overcome the impossible. And we count these moments. These moments when we dare to aim higher, to break barriers, to reach for the stars, to make the unknown known. We count these moments as our proudest achievements. But we lost all that. Or perhaps we've just forgotten that we are still pioneers. And we've barely begun. And that our greatest accomplishments cannot be behind us, because our destiny lies above us.”

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    Quote Originally Posted by scooterscot View Post
    Indeed they do. My big break was Stellar exploding in May. Bought at 0.0036 sats and 4 week later 0.065 sats - £8k became £144k - I was quaking it.

    As others have pointed out, the challenge is keeping it.
    Nearly all also exploded around that time. Wish I was in on it then, I only started looking after then. I got into it cos a guy I was working with told me how he bought eth when it was like $3 or something...

    I'm waiting to hit that jackpot. Hopefully zen will do it.

  9. #9

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    Remember buying Dash at £22 and freaking out when it hit £42

    Emotion is so so powerful, trying to remain technical is a challenge and them some.

    Trying to hold US $ right now is painful watching it rally back up..
    “We've always defined ourselves by the ability to overcome the impossible. And we count these moments. These moments when we dare to aim higher, to break barriers, to reach for the stars, to make the unknown known. We count these moments as our proudest achievements. But we lost all that. Or perhaps we've just forgotten that we are still pioneers. And we've barely begun. And that our greatest accomplishments cannot be behind us, because our destiny lies above us.”

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